Cali firm Irell & Manella pushes ahead of the game with mid year bonuses
Irell & Manella has announced that it will be paying mid-year bonuses to associates.
After being awarded bonuses that doubled the market standard at the end of 2010, associates were disappointed to be left out of the spring bonus frenzy - led by Sullivan & Cromwell and Cravath Swaine & Moore, and mirrored by most top firms.
And now the firm has announced a bonus scale that is once again higher than the Cravath standard. First year lawyers will receive a $10K bonus, second year lawyers will take home an extra $17.5k, third years will get $22.5k and lawyers with between four and eight years experience will be awarded $27.5k. The bonuses are tied to the lockstep system, and are not dependent upon hours billed.