{"id":432334,"date":"2022-04-15T23:29:23","date_gmt":"2022-04-15T20:29:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/lawyers-are-cashing-in-on-a-bonus-bonanza\/"},"modified":"2022-04-15T23:29:23","modified_gmt":"2022-04-15T20:29:23","slug":"lawyers-are-cashing-in-on-a-bonus-bonanza","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/lawyers-are-cashing-in-on-a-bonus-bonanza\/","title":{"rendered":"#Lawyers are cashing in on a bonus bonanza"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407035cb02f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407035cb02f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/lawyers-are-cashing-in-on-a-bonus-bonanza\/#%E2%80%9CLawyers_are_cashing_in_on_a_bonus_bonanza%E2%80%9D\" >&#8220;Lawyers are cashing in on a bonus bonanza&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CLawyers_are_cashing_in_on_a_bonus_bonanza%E2%80%9D\"><\/span>&#8220;Lawyers are cashing in on a bonus bonanza&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Lawyers can expect to cash in on the bonus bonanza that\u2019s been raining down on Wall Street, The Post has learned. <\/p>\n<p>Signing bonuses for lawyers are at a record high \u2014 with some junior partners nabbing as much as $1 million to sign on at a new firm, according to legal recruiters. And younger lawyers at the rank of senior associate can rake in as much as $100,000 hiring bonuses.<\/p>\n<p>\u201cOne-time bonuses to get people in the door are ramping up,\u201d president and founder of legal recruiting firm The Artemis Group\u00a0Nancy\u00a0Zehner told The Post. \u201cSigning bonuses are now prevalent \u2014 and in some cases, huge.\u201d<\/p>\n<p>The bonus gusher comes as the amount of work at some law firms has exploded, especially at outfits that work with Wall Street, which saw a record number of mergers and acquisitions in the wake of the pandemic. \u201cFirms were\u00a0pleasantly surprised to see their workflow escalate\u00a0during COVID \u2014\u00a0and\u00a0they desperately need people to do the\u00a0work,\u201d Zehner said.<\/p>\n<p>The sign-on bonus is a relatively new phenomenon in the legal field, said Ru Bhatt, a partner at legal-recruiting firm Major, Lindsey &amp; Africa. \u201cThen in 2020 law firms had to start turning down projects since they didn\u2019t have the bandwidth\u00a0to get all their work done,\u201d so they had to start paying up to attract new recruits.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"506\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-01-1.jpg?w=1024\" alt=\"lawyers\" class=\"wp-image-21901810\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-01-1.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-01-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-01-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Junior partners are getting as much as $1 million to move firms.<\/figcaption><figcaption><span class=\"credit\">Universal Images Group via Getty<\/span><\/figcaption><\/figure>\n<p>When it comes to total compensation, a junior partner at a white-shoe firm can expect to make as much as $1 million, sources told The Post. So, an extra $1 million signing bonus \u2014 on top of the seven-figure base \u2014 can be quite the lure.<\/p>\n<p>Meanwhile, first-year associates at a top firm like Davis Polk &amp; Wardwell can expect to pull in $215,000 as a base salary \u2014 with a possible $20,000 end-of-year bonus, sources add. And senior associates \u2014 typically someone with five years of experience \u2014 can expect as much as $345,000 in base salary, with the possibility of a $90,000 end-of-year bonus. <\/p>\n<p>The payout to lawyers comes after bankers in 2021 raked in their biggest bonuses ever \u2014 as much as 35% higher than the previous year. The dizzying workload bankers have faced \u2014 thanks to the spike in deals \u2014 has also kept lawyers working on those deals unusually busy.<\/p>\n<p>But it\u2019s not just incoming lawyers and bankers raking in record amounts of cash. It\u2019s also the recruiters. Recruiters typically make a 25%-30% commission on a lawyer\u2019s first-year salary, according to industry experts. In recent months, some law firms have started offering recruiters 50% commission on a lawyer\u2019s salary in an effort to find enough qualified attorneys.<\/p>\n<p>Most firms, recruiters told The Post, provide some kind of signing bonus for top candidates. But others are going a step further and offering across-the-board payouts for anyone who comes on board. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-04-.jpg?w=1024\" alt=\"kirkland\" class=\"wp-image-21901828\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-04-.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-04-.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/lawyers-get-in-on-bonus-bonanza-04-.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Unlike top banks, some of the most prestigious law firms are offering employees flexible hybrid schedules.<\/figcaption><figcaption><span class=\"credit\">LightRocket via Getty Images<\/span><\/figcaption><\/figure>\n<p>Even smaller firms are shelling out big bucks. One midsize firm is offering $50,000 to any new signing associate who agrees to join for at least nine months, a source said.<\/p>\n<p>Corporate finance and other areas of corporate law are in particular demand, industry insiders said. \u201cThe legal market follows the business market by\u00a0about\u00a0six months \u2026\u00a0so deal lawyers and others are still very busy,\u201d Zehner said. \u201cAnd\u00a0New York\u00a0courts\u00a0have fully reopened which\u00a0is\u00a0keeping litigators hopping, too.\u201d<\/p>\n<p>Given the pressing need for help, law firms are also seeing new hires make their moves quickly: One source said she\u2019ll see partners start at a new firm the day after they share <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> they\u2019re leaving their old one.<\/p>\n<p>Of course it\u2019s not just about the money. Some lawyers are increasingly focused on flexibility \u2014 and banks are offering it as a way to compete for workers. And unlike big banks like Goldman Sachs that demand workers at their desks five days a week, top firms like Kirkland\u00a0&amp; Ellis\u00a0and Simpson Thacher\u00a0&amp; Bartlett\u00a0allow hybrid working. <\/p>\n<p>One big law firm, Quinn Emanuel Urquhart &amp; Sullivan, allows fully remote work.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/15\/its-not-just-wall-street-lawyers-are-cashing-in-on-a-bonus-bonanza\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Lawyers are cashing in on a bonus bonanza&#8221; Lawyers can expect to cash in on the bonus bonanza that\u2019s been raining down on Wall Street, The Post has learned. Signing bonuses for lawyers are at a record high \u2014 with some junior partners nabbing as much as $1 million to sign on at a new&#8230;<\/p>\n","protected":false},"author":1,"featured_media":432335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/feat-lawyers-get-in-on-bonus-bonanza.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[128047,77583,71756,106544,70360],"class_list":["post-432334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-15-22","tag-bonuses","tag-lawyers","tag-on-the-money","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/432334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=432334"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/432334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/432335"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=432334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=432334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=432334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}