Five Texas-based law firms and a half-dozen national law firms with offices in Texas have announced that they are awarding their associates with year-end or holiday bonuses and special achievements ranging from $15,000 to $140,000.
Three large Texas corporate law firms — Akin, Baker Botts and Vinson & Elkins — and two litigation boutiques — Ahmad, Zavitsanos & Mensing and Vartabedian Hester & Haynes — confirmed Monday that they are matching the so-called Cravath annual bonus, which starts at $15,000 for first-year associates, jumps to $75,000 for fifth-years and $115,000 for eighth-year associates.
Other law firms with operations in Texas, including O’Melveny, A&O Shearman, Hogan Lovells, McDermott, Paul Hastings, Skadden Arps and White & Case, have confirmed that their associates will receive those same year-end bonuses.
In addition, most of the law firms are awarding special bonuses based on certain achievements that start at $6,000 and go as high as $25,000.
Annual base compensation for rookie lawyers is now $225,000 and it increases to $425,000 for associates in their eighth year of legal practice.
The Texas Lawbook will update the list as more law firms report their year-end bonuses.