Wake Up Call: Kirkland Joins the Associate Bonus Parade

In today’s column, Big Law firms this year aim to continue the billing practices that helped them bring in strong revenues last year despite the pandemic; King & Spalding said it plans to close its Moscow office; K&L Gates took on the United States Cannabis Council as a lobbying client.

• Leading off, Kirkland & Ellis and Shearman & Sterling are the latest Big Law firms to tell associates they’ll get special bonuses this year totaling up to $64,000, depending on year of seniority. After Cravath Swaine & Moore this week matched the bonus scale recently set by Davis Polk & Wardwell, a flurry of firms have followed, and to date over two dozen firms have matched. Some firms attach billable hour requirements to get the money. Kirkland’s payouts will come in two installments in April and September, with most of the money in September. Kirkland’s twist is that the highest amount, $64,000, goes to non-equity partners. (Above the Law)
• Linklaters is the second elite U.K. law firm, after Clifford Chance , to offer a bonus—5% of annual salary—to thank non-partners for their work during the pandemic. The firm earlier this month offered voluntary severance packages to all its 225 legal secretaries and business team personal assistants in London. It reportedly said those who choose to take the severance will still be eligible for the 5% bonus. (City A.M.)
• Big Law firms’ increased efforts on recording time and billing promptly last year helped the industry achieve 6.3% revenue growth overall, despite the pandemic. (American Lawyer)
• Of the five biggest law firms with headquarters in Minneapolis/St. Paul, Faegre Drinker plans to keep most of its staff working remotely until at least Sept. 6, while Dorsey & Whitney hasn’t made plans yet on when to bring its employees back. Robins Kaplan reportedly still has most of its employees working remotely but plans to start formally returning to in-office work in early summer. (Minneapolis/St. Paul Business Journal)

Lawyers, Law Firms

• Munger, Tolles & Olson’s gross revenues contracted 4.1% to $283.3 million in 2020, as pandemic-related court closures and hearing delays hit the firm’s mainstay trial and appellate work. That was still the firm’s second-highest revenue mark after a record 2019. The Los Angeles-based’s firm’s profits per equity partner shrank 4.3% to $1.78 million, according to a report based on early data. (The Recorder)
• Indianapolis-based Ice Miller’s gross revenues grew 6.3% in 2020, compared with 2019, to $217.1 million. Transaction, private equity, public finance, and real estate work powered the growth. The firm’s profits per equity partner increased 23.8% to $821,000, thanks to cost cuts and a 3.6% decline in the equity partner head count. The firm made some layoffs during the year. (American Lawyer)
• King & Spalding said it plans to shutter its Moscow office this summer, citing shifts in the global energy market and other commercial considerations. It’s the latest of several global firms to decide to exit the Russian capital. (Law.com International)
• K&L Gates added its second cannabis lobbying client, the new United States Cannabis Council. (National Law Journal)

Laterals, Moves, In-house

• Morrison & Foerster recruited veteran capital markets and corporate transactions lawyer Larry Medvinsky as a partner in New York. He arrives after nearly 28 years at Clifford Chance, where he started his career; Barnes & Thornburg added former Cravath funds and investment lawyer Catherine Turgeon as a partner in New York. She arrives most recently from Kibbe & Orbe. (BTLaw.com)
• Akerman added five litigators in New York from Robins Kaplan, led by partners Craig Weiner and Lisa Coyle; Seyfarth Shaw added veteran workplace law attorney Mandana Massoumi as a partner in Los Angeles from Manatt, Phelps & Phillips, where she was co-chair of the retail & consumer goods industry group. (Seyfarth)