Akin Gump scraps NY/non-NY distinction for bonuses
Akin Gump has announced it’s annual bonuses, introducing a new scheme that gets rid of a previous distinction between New York and the rest. Last year the firm paid according to the standard set by Cravath Swaine & Moore in New York and less elsewhere.
A memo sent by hiring partner David Botter revealed not only that the NY/non-NY distinction had been scrapped, but also that the average bonus across all US offices is at least 105% of the market scale. The memo further revealed that 75% of US associates and counsel received a 2013 bonus, 36% received a bonus greater than the market scale, 55% received a bonus at the market scale and less than 10% received a bonus of less than the market scale.