Law firms are known for offering referral bonuses to employees who refer associates to their firms for placement. Typically, these bonuses range from $20,000 to $40,000, as stated by Matt Schwartz, a recruiting partner at legal recruiting company Garrison. However, some firms are going above and beyond this range.
A spokesperson from A&O Shearman, the firm resulting from a merger between Allen & Overy and Shearman & Sterling, confirmed that they are offering a generous $50,000 referral bonus. The spokesperson explained that the program aims to reward employees for recommending individuals who align with the firm’s needs and culture.
Another firm, Kirkland & Ellis, is also reportedly offering a $50,000 referral bonus, although this has not been officially confirmed. The possibility of other firms following suit in offering higher referral bonuses is suggested by Howard Rosenberg, who leads the talent intelligence and acquisitions group at Baretz+Brunelle.
The increase in demand for associates is attributed to a rise in deal activity, according to sources cited in the reports. This trend may lead more firms to consider offering substantial referral bonuses to attract top talent.
Overall, the competition among law firms to secure skilled associates is driving the trend of higher referral bonuses. It will be interesting to see how other firms respond to this development and whether they will also increase their referral bonus amounts to stay competitive in the market.