On Friday afternoon, the law firm of Kaye Scholer announced its bonuses for the end of the year, according to The Am Law Daily. The associates at the firm were informed that they will be receiving extra compensation at the end of the year based on the bonus scale created by the firm of Cravath, Swaine & Moore. The associates who tally at least 2,200 billable hours for 2012 will be receiving a bonus to go along with their bonus.
Michael Solow, a managing partner with Kaye Scholer, said the following in a statement:
“A law firm is only as strong as its people, and bonuses are designed to recognize those who not only meet, but regularly exceed expectations,” Solow said. “Every year there are some associates whose performance is truly outstanding, sacrificing from their personal lives to serve Kaye Scholer and our clients. We therefore only think it appropriate that those associates deserve a little extra at bonus time.”
A spokeswoman from Kaye Scholer did not elaborate on the number of associates at the firm who would be hitting the 2,200 hour threshold for 2012.
Any associate who surpasses the 2,200 hour goal will be receiving bonuses beginning at $10,000 (first year lawyers) and will end at $20,000 (eight-year lawyers). Those bonuses will be added to the regular bonuses ranging from $10,000-$60,000 from the scale set by Cravath.