The Genius of Special Kinds of Bonuses - Paul, Weiss and Baker McKenzie

Salary upticks and bonuses in law firms are no longer the story. The news cycle moves along fast.

But what still provide traction, including on the influential professional anonymous networks, are the customized bonuses from two law firms: Paul, Weiss and Baker McKenzie.

At Paul Weiss, the format is the discretionary bonus, which is in addition to the announced one. For Baker McKenzie it a premium version of the announced bonus. Both, according to my understanding, will be computed on the basis of hours billed. 

Some put the knock on this additional funding. They decry, with a LOL, that no amount of money is worth putting in more hours than is necessary to remain employed.

However, an ongoing issue among midlevels is what happens when they exceed quota. Usually the response is cynical such as it won't get you anything. There are even harsh assessments: You could be reprimanded for putting too much firm time on billing and not enough on other roles such as mentoring and pitching in on administrative tasks.

Well, the genius of the special approaches to bonuses is that it neutralizes those complaints. What's signaled is that the leadership is aware of the extra effort and is rewarding it. That's great for recruiting/retention branding. The extra money tends to be very important to those in professional services. 

Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 203-468-8579, janegenova374@gmail.com).


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