Akin Gump announces big bonuses for London lawyers
Up to £104k in year-end and one-time special rewards
Lawyers in the London office of US firm Akin Gump are about to reap big sums of money ahead of the holiday season.
The firm is awarding associates with a year-end bonus as well as a one-time special bonus for their “extraordinary efforts during this very challenging year”.
They’ll receive between $15,000 (£11,300) and $115,000 (£86,800), depending on experience, by way of a year-end bonus, and an additional bonus, ranging from $4,000 (£3,000) to $23,000 (£17,400). Taken together, a 2014 qualifier will receive $138,000 (£104,200) and a 2020 qualifier $24,000 (£18,000).
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Each individual bonus will be assessed based on an associate’s overall performance, according to a memo sent by the firm on Friday and seen by Legal Cheek. This includes work quality, practice area contributions, pro bono efforts and productivity, which, according to the memo, is expected to be at or above 1,950 hours. The memo adds that up to 100 hours spent on recruitment, diversity and inclusion and/or innovation activities will be considered for productivity purposes.
“As this challenging year comes to a conclusion, we thank each of you for your hard work, dedication, and commitment to our firm, our clients, our communities and each other,” said Melissa Schwartz, Akin Gump’s professional development partner, in the memo.
In March, Akin Gump announced special spring bonuses of up to $64,000 (£48,300) for associates in the US, London and Hong Kong. These were paid in two instalments in May and October 2021.
Akin Gump’s London lawyers earn upwards of $202,500, which works out at approximately £153,000 according to today’s exchange rate, making it one of the highest paying firms in the City.