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US firm Quinn Emanuel Urqhart & Sullivan has announced its associate bonus payouts for 2010 with awards ranging from $8,438 (£5,449) through to $82,500 (£53,256).
The bonus will be split into two instalments for the first time, with the first tranche to be paid this month and the remainder in June 2011.
However, to be eligible for this associates must be on track by the end of June to work at least 2,000 hours between December 2010 and November 2011.
Managing partner John Quinn said: “Our associates contributed immeasurably to the good year we had. It’s important that they know we appreciate their excellent work for our clients and the firm.”
The size of the bonus is based on the number of billable hours clocked up by associates and on their class level. The billable hours-based payouts are split into six tiers up to 3,000 hours and above.
Every associate that billed at least 2,000 hours is eligible for some bonus, and those who worked more will receive additional bonus increments.
Elsewhere, the US litigation firm elected a London associate to its partnership this week in the firm’s first City promotion since the office was launched two years ago (15 December 2010). Matthew Bunting was among the first new recruits for the City office when he joined as a senior associate from Slaughter and May.