Global law firm Baker McKenzie is to pay its US associates end-of-year bonuses of up to $115,000 (£96,530) depending on seniority.
The bonuses will start at $20,000 (£16,788) for those in the class of 2021 and increase up to $115,000 for its most senior associates. This is in line matches its range last year, and is a higher starting bonus than the prevailing market scale in 2021, in which the lowest amount awarded was $15,000 (£12,591).
Associate bonuses and discretionary payments for other eligible attorneys, economists and analysts will be paid on 10 February 2023.
Base salaries for associates at the firm range from $215,000 (£180,505) to $415,000 (£348,417).
Colin H Murray, North America chief executive officer at Baker McKenzie, said in a memo send to employees: “As 2022 is coming to a close, we would like to take this opportunity to thank you for your hard work and dedication on behalf of our clients and the firm. You are mission-critical to the outstanding service we provide our clients every day, and we are grateful for your contributions to our collective success.
“We are also pleased to confirm that we will award bonuses to all US associates who meet the eligibility and minimum billable hour expectations outlined in the US associate compensation policy, which includes billable credit for 125 approved pro bono hours.”
In July, Baker McKenzie increased the starting pay for newly qualified UK lawyers from £105,000 to £110,000. Trainee salaries remained at their current rates, with first year trainees eligible for £50,000 and second years receiving £55,000. All fee earners are also eligible to receive a discretionary bonus.