Associates at Simpson Thacher and Akin Gump rewarded as much as £31,000 for lockdown endeavours
UK attorneys at two US legislation corporations have been handed substantial bonuses.
Simpson Thacher & Bartlett’s London lot will obtain the identical money rewards as their US colleagues — $7,500 (£5,800) for 2019 qualifiers, by to $40,000 (£31,000) for 2012 qualifiers — in recognition of their laborious work through the COVID-19 pandemic.
“We’re immensely grateful on your laborious work and perseverance below these attempting circumstances,” the agency’s chairman, Invoice Dougherty, wrote in a memo to employees. And it seems the particular windfalls gained’t have an effect on year-end bonuses on the agency. “We don’t anticipate this particular bonus will impression year-end bonus ranges, which we anticipate to be at the least in step with final 12 months’s quantities,” Dougherty continued.
Fellow US outfit Akin Gump is splashing the money, too, with attorneys in London, the US and Hong Kong receiving bonuses on the identical scale as these dished out by Simpson Thacher. The rewards shall be paid subsequent month and gained’t impression year-end bonuses.
The agency’s chair, Kim Koopersmith, mentioned: “We’re extraordinarily grateful for all you’ve gotten contributed to the agency and our purchasers this 12 months. The extent of dedication has been intense as we work to satisfy the wants of our purchasers each day. You’ve been making extraordinary contributions in essentially the most difficult of circumstances.”
Last month Authorized Cheek reported that Milbank associates throughout London, the US, Asia and São Paul, had been set to obtain “particular one-time bonuses” of between $7,500 and $40,000, in appreciation of their efforts throughout lockdown. Davis Polk, in the meantime, chucked the identical money bonuses at its US associates, though rewards for non-US attorneys shall be decided individually. Cooley has additionally dished out additional money in recognition of its attorneys’ efforts, together with for these in its worldwide places of work.
Information of the COVID bonuses come simply days after two senior legislation agency companions criticised the soaring salaries earned by some junior lawyers in the City.
“My coronary heart drops after I see newly certified attorneys in US corporations incomes greater than a few of our companions,” mentioned Michael Chissick, managing accomplice of Fieldfisher. “They don’t must pay that. It’s not a market charge. They’re creating a brand new market.” In the meantime, Richard Foley, senior accomplice at Pinsent Masons, branded the extent of pay at some legislation corporations “utterly unsustainable”.