Law firms are gearing up for a hot bonus summer, as more and more firms are expected to follow suit in offering summer bonuses to associates. Elizabeth Soderberg, senior director of a Los Angeles-based legal recruitment firm, believes that the trend of law firms increasing bonuses is driven by the desire to retain and attract top talent.
Hueston Hennigan, an elite boutique firm, recently announced that they would be rewarding their associates with summer bonuses ranging from $10,000 to $25,000 based on hours worked. Soderberg commented that this move is likely aimed at retention and recruiting efforts, as it portrays the firm in a positive light by being generous with compensation.
This news comes as no surprise to industry insiders, as law firms have been increasing bonuses and salaries in response to the booming legal market. The competition for top legal talent is fierce, and firms are willing to invest in their associates to ensure they stay on board.
Staci Zaretsky, a senior editor at Above the Law, has been following these developments closely. She encourages readers to reach out with any tips, questions, comments, or critiques. You can connect with her on social media or sign up for bonus and salary increase alerts to stay informed about the latest developments in the legal industry.