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The Akin Gump chair says, 'Let it rain.'


Akin Gump is paying "special" bonuses to its lawyers to reward them for their commitment during the pandemic.

The bonuses will be paid to associates and counsel in London, the US and Hong Kong, as long as the solicitors are deemed to be "in good standing".

Solicitors who qualified in 2019 will receive $7,500 (£5,880), 2PQEs will get $10,000 ($7,630), and 3PQEs will receive $20,000 (£15,260).

7PQEs and above will receive a whopping $40,000 (£30,517). 

The bonuses will be paid on 30 November. Akin Gump's lawyers were informed of the surprise windfalls in an email from Kim Koopersmith, the US firm's chairperson, on Wednesday.

"We are extremely grateful for all you have contributed to the firm and our clients this year", wrote Koopersmith. The "level of commitment has been intense" in "the most challenging of circumstances”, and "in recognition of your dedication and contribution to our firm, we will be paying a special fall bonus to our associates and counsel in good standing", she said.

Using the US classifications, she set out the bonus scale:
 
•    Class of 2019                    $ 7,500
•    Class of 2018                    $10,000
•    Class of 2017                    $20,000
•    Class of 2016                    $27,500
•    Class of 2015                    $32,500
•    Class of 2014                    $37,000
•    Class of 2013 & senior    $40,000

Koopersmith reassured her lawyers that Akin Gump's year-end bonus process would not be affected by the "special bonus", and that the firm expected to pay those bonuses out as well, and at the market scale.

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Comments

Inhouse 23 October 20 10:16

I raised the possibility of something like this to our management in terms of how positive it would be for morale and they looked at me like I had 2 heads.

Freedom 23 October 20 15:49

Kirkland & Ellis is NOT doing it!! Surprise, surprise...guess not even the stealth layoffs have helped in reducing their costs.

roving_blade 23 October 20 15:52

Sitting here in New York waiting with baited breath for my Magic Circle firm to announce some appreciation for my Dedication During These Trying Times

Vragtes 23 October 20 18:19

You mean there really is a firm called Akin Gump? Jeez, I'd spend some of that lucre used for bonus payments on PR consultants. 

Charge out rates 23 October 20 21:18

The comment about charge out rates is stupid, the money would otherwise go to partners, makes zero difference to charge out rates at a client end

Anon 25 October 20 12:02

@ Charge out rates - if they can afford 40k bonuses in these times, clearly there is scope for fee reduction given my company has seen a 40% decline in revenues...

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