McKool Smith, a prominent litigation firm, is rewarding its associates with substantial mid-year bonuses, recognizing their hard work and dedication through the first half of the year.
Details of the Bonus Structure
On June 30, McKool Smith will distribute bonuses to principals, associates, and senior counsel. The bonuses, ranging from $2,500 to $30,000, are based on billable hours accumulated from October 1, 2023, to May 31, 2024, and annualized for the fiscal year ending September 30. The firm’s managing principal and chairman, David Sochia, detailed this in a memo obtained by Bloomberg Law.
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Bonus Tiers Based on Billable Hours
The bonus amounts vary depending on the number of hours billed:
- Lawyers billing less than 1,900 hours will receive a bonus of $2,500.
- Those billing between 1,900 and 2,199 hours will get $7,500.
- For hours billed between 2,200 and 2,599, the bonuses range from $10,000 to $20,000.
- Lawyers exceeding 2,600 hours will be awarded the maximum bonus of $30,000.
Acknowledging a Busy Year
“We know it’s been a busy 2024 and want to show our appreciation for your contribution to the firm’s continued success and the success of our clients,” Sochia’s memo stated. This gesture underscores the firm’s recognition of the extraordinary efforts put in by its legal team during a demanding period.
Comparisons to Other Firms
McKool Smith’s announcement follows a similar move by Southern California boutique firm Hueston Hennigan. Earlier this month, Hueston Hennigan revealed it would provide summer bonuses ranging from $10,000 to $25,000 to associates and counsel meeting specific billing requirements.
Conclusion
These mid-year bonuses highlight McKool Smith’s commitment to rewarding hard work and ensuring that their associates feel valued for their contributions. As the legal industry continues to navigate a busy 2024, such incentives are becoming increasingly important for maintaining morale and motivation among top legal talent.
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