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Latham Finally Announces Its Bonuses, With Median Bonuses That Beat The Market

Latham Finally Announces Its Bonuses, With Median Bonuses That Beat The Market
Written by publisher team

downloading the prize money truckBiglaw is buzzing with excitement over the new market salary scale that was announced by Milbank just yesterday, but let’s not forget that some firms still haven’t announced their bonuses yet.

Latham & Watkins — a firm that brought in $4,333,763,000 gross revenue in 2020, placing it at No. 2 in the most recent Am Law 100 ranking — is known for announcing its year-end bonuses in January (and they usually beat the going market rate). Today, the firm finally announced its bonuses, and even though associates had to wait for the cash, they’re probably pretty happy about what’s getting deposited into their bank accounts.

Bonuses at Latham come with a billable requirement of 1900 hours, but they also give extra money for those who are billing above that threshold. And, from the looks of it, Latham associates have been pretty busy. The base bonuses are at market levels, but the median bonuses for every class year beat the market rate. And the top bonuses are way, way over what the market gives out.

The firm circulated the below chart internally, and you can get a sense of just how generous bonuses are at Latham (full memo on the next page):

Latham 2021 Bonus Scale

(It’s worth mentioning that while Latham handed out special bonuses to its stub year associates in the Class of 2021, year-end bonuses for stub years are nowhere to be found in this memo, and that’s off-market.)

Bonus-eligible associates at the firm will receive their payouts on January 31. Congratulations to everyone at the firm!

*** Wondering if the grass is greener on the in-house side? Click here for a look inside the black box of corporate counsel pay in our 2021 In-House Compensation Report. ***

Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.

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Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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