Paul, Weiss, Rifkind, Wharton & Garrison will be paying its associates summer and fall bonuses in 2021, following several other Big Law firms that have made similar announcements over the last week.
The Wall Street firm will pay associates at a range from $4,500 for the most junior cohort to $24,000 for the most senior on June 30 and between $7,500 and $40,000 on Sept. 30, according to a Paul Weiss memo viewed by Bloomberg Law.
Big Law firms have moved to hand out bonuses outside of just traditional end-of-year associate payouts as competition for talent heats up and firms seek ways of retaining attorneys during a challenging time.
In the memo, Paul Weiss chairman Brad Karp wrote that the firm has “continued to exceed all expectations in both our client work and our pro bono efforts” in spite of the difficulties posed by Covid-19.
“On behalf of my partners, I could not be more proud of and grateful for your extraordinary talents, dedication and generosity,” he told associates.
The Paul Weiss memo also said the firm will pay out its “regular year-end bonuses” in December.