The bonuses, designed to attract and retain talent, come on top of the firm’s regular bonuses for associates
The firm will roll out a new bonus pool for second- through sixth-year associates as the firm intensifies its drive to attract and retain talent. John Quinn, the firm’s chair, announced the new scheme in a memo earlier this week, according to The American Lawyer.
Quinn Emanuel will be announcing the first awards of the bonus pool, which will be funded from the firm’s profits, by March next year. The bonuses will vest after three years.
This means that associates who qualify need to stay with the firm for three years. For second-year associates of 2017 who qualify, however, they could potentially receive payments every year from 2021 to 2025.
Those payments will be on top of the bonuses already in place for second- through sixth-year associates of the firm. In addition to attracting and retaining associates, the scheme will link associate compensation to firm performance to some degree, Quinn said in the memo.
Quinn Emanuel was ranked 21st on The American Lawyer’s “Am Law 200” list this year, after grossing more than US$1bn in revenues last year. Profits per equity partner broke the US$5m mark in 2016.
Litigation giants butt heads over major merger rumour
Global firm to file class action in Australia over airbags