McDermott launches new bonus scheme

McDermott Will & Emery has announced associate bonuses for the first time since overhauling its bonus structure in February.

The US firm amended its associate bonus structure earlier this year to be in line with partner bonuses. The scheme is now set on a calendar year instead of the traditional October time table.

McDermott associates will receive a portion of their annual bonuses in December and the remaining amount in January.

Associates in the class of 2006 and 2007 will receive a bonus advance of $10,000 while 2004 and 2005 associates will get a $15,000 bonus and $20,000 for all other associates.

London-based McDermott partner, Scott Megregian, said: “From an accounting perspective it made sense to change when we give associates bonuses. So associates have not had to wait for 15 months for their next bonus we have decided to stagger it and give them a portion of the bonus in December.”

Megregian added that as of January next year all bonuses firm wide will be provided on a calendar year basis with no advances earlier in the year.

For more on US bonus season read our bonus feature.