Goodwin is to pay special bonuses to its US, European and Asian associates, joining a throng of firms that are reaching deep into their wallets to reward their junior lawyers for their hard work during the pandemic.
The US firm will pay the extra sum to associates based in its offices across the US, UK, Luxembourg and Hong Kong. Associates that have have put in the equivalent or more than a threshold of 1,850 billable hours will be eligible for a two-fold payments; the first will happen in July for hours up to May, while the second will occur in October for billable time up until August.
An internal memo read: “We recognize how hard you are working and that this is a challenging period on many levels. This special bonus is important and necessary, but it will not ameliorate all of the competing demands on your time. We also appreciate your efforts to help us recruit additional talented lawyers across the firm to ensure that we continue to provide the highest levels of service while affording all of you the opportunity to take substantive vacation time to relax and recharge. We hope that you can put these special bonuses to good use to further your wellness.”
The move follows that of, among others, Paul Hastings. The US firm is also paying out special bonuses to associates in recognition of an especially strong start to the year, with the most senior set to receive a total of $64,000 across two payments. The special bonuses are intended to be distinct from any year-end bonus for 2021, with the first instalment set to be paid out on 28 May. The second will be made on 29 October, with levels of payment dependent on associate experience.
The decision comes off the back of recent financial success for Goodwin. The Lawyer recently reported that the firm had raised its NQ salaries in London by 10 per cent, upping its NQ pay from £125,000 to £137,500.
It is understood that PQE salaries have also risen but the amounts vary depending on multiple performance and experience factors.
Goodwin Procter’s London revenue soared by 34 per cent in the last financial year, as its headcount too increased by nearly a third. The US firm’s London outpost saw turnover rise from $74m to $99m. Meanwhile, global revenue at the US firm increased by 11.7 per cent to $1.49bn, while profits per equity partner rose 10.6 per cent from $2.6m to $2.8m.
The bonus levels by class year
|Class Year||July 1 Payment||October 1 Payment|