Vinson & Elkins announced Wednesday that it is giving its associates and counsel “special bonuses” ranging from $12,000 for the firm’s newest associates to $64,000 for its most senior associates and counsel.
Akin Gump, which has joint headquarters in Dallas and Washington, D.C., announced similar bonuses Tuesday.
“Our lawyers have been working very hard, and we want to show them our appreciation,” V&E Chairman Mark Kelly told The Texas Lawbook in an interview Wednesday. “Personally and professionally, our associates and counsel have had a lot to endure during the past year.”
Kelly said the bonuses – 35% will be paid at the end of May and 65% in October – are in addition to the bonuses the firm already pays its non-partners. He said it is “a reflection of the record profits” V&E achieved this past year.
The starting salary for a first year associate is $190,000.
Several law firms operating in Texas – DLA Piper, Kirkland & Ellis, Latham & Watkins, Morgan Lewis, Paul Hastings, Pillsbury, Shearman & Sterling, Sidley Austin, Simpson Thacher, Skadden Arps, Weil Gotshal, White & Case and Willkie Farr – have already announced similar bonuses for their associates and counsel.
The wave of “special bonuses” for associates started at Milbank in New York and Davis Polk soon followed suit. Other firms followed.
Kelly said V&E’s client demands have increased so significantly this year that the firm is “actively recruiting associates because the current workload is unsustainable.”
In addition, V&E announced that it will start its 10-week summer associate program in May by having its 90-plus law students start virtually with the hope that “there can be some face-to-face programs” as the summer clerks get their Covid-19 vaccinations.