Law firms have offered solicitors new perks to retain them.
Law conglomerates could offer up to $164,000 in bonuses to senior accompanieds, Bloomberg reported. Some conglomerates have offered meeting-free daytimes, extra vacation, and greater flexibility to lawyers. Firm have struggled to hire enough new geniu in a tight labor market and amid a surge in demand. See more stories on Insider’s business page.
Law conglomerates have offered $164,000 bonuses, additional trip, and more flexibility to their lawyers in an effort to retain top talent and frustrate burnout, Bloomberg reported.
Some elderly affiliates could receive bonuses as much as $ 164,000 following the adjournment of 2021 on top of their base salary, up from $140,000 in 2020, according to data from Biglaw Investor.
The industry has experienced a boom in demand this year. Some advocates have lay in 100 -hour work weeks amid a surge in company restructures and SPAC lots. Many firms have offered identifies retention bonuses divide across the year to incentivize them to stay, according to Bloomberg.
But conglomerates have been previously offered a number of non-financial benefits, including meeting-free dates and greater flexibility to work from home, Bloomberg said.
Global law firm DLA Piper has given its lawyers a “one-week thank you, ” which they can take either as vacation or as an extra week’s pay.
“The extra week’s settle or holiday is just one big acces of us saying thank you to them for everything they have achieved in such a challenging time, ” Simon Levine, global co-CEO, said in an emailed statement to Insider.
Orrick, Herrington& Sutcliffe LLP has also introduced “Unplug Time, ” allowing its employees to take an extra 40 hours of trip per year.
“We know recovery is essential to sustaining top operation. So we decided to make sure it was really possible to take at least one fully unplugged vacation a year, ” Orrick told Insider in an emailed statement.
Many firms have struggled to hire fairly junior staff to meet demand. Kirkland& Ellis has offered junior advocates sign-on bonuses up to $250,000, Insider previously reported .
DLA Piper and Kirkland did not immediately respond to comment.
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