Boies Schiller Flexner’s year-end associate bonuses will match or exceed the market this year and will include a $20,000 bonus for incoming associates, a source close to the firm confirmed on Thursday.
The Boies Schiller bonuses, first reported by Above The Law, come amid heightened scrutiny of the firm, which received $10 million earlier this year in federal Paycheck Protection Program loans it likely won’t have to repay. The firm, founded by David Boies and Jonathan Schiller in 1997, has seen dozens of partners head for the exit since the start of 2020.
The healthy bonuses will likely push back against narratives that the firm is short on cash.
Boies Schiller will provide $20,000 bonuses to incoming first-year lawyers who are slated to start at the firm next month. Like many Big Law firms, Boies Schiller pushed its new associate start date beyond the typical fall period.
Boies Schiller provided current associates with an option to choose between bonuses that match the market rates set earlier, including the special bonuses doled out during the pandemic, and the firm’s “formula” bonus system.
The formula system has in the past exceeded market rates for some lawyers, and this year has led to bonuses for some that doubled the market scale.
Natasha Harrison, slated to become the firm’s deputy chair, said last week she was committed to growing the firm’s institutional client base, pursuing contingency fee cases, and pursuing select lateral hires while developing the firm’s lawyers internally.