Page 1 of 1
Just Lateralled - Will I be eligible for a bonus?
Posted: Tue Mar 08, 2022 5:29 pm
by Anonymous User
Hello, I just lateralled into biglaw from a non-biglaw firm, so forgive my ignorance. I am starting a few months into the firm's fiscal year. Thus, it seems unlikely that I will be able to bill 2000+ hours for the fiscal year in light of my start date.
I'm sure it will vary from firm to firm, but should I still be able to get a prorated bonus if my hours are on track? FWIW, I'm at a v30 firm.
Edited to add: I should have clarified in my original post/post title that my offer letter does state I will be eligible for a bonus, but does not specify whether it will be a full bonus or prorated. Not coming from biglaw, I did not even realize this was something that is typically negotiated.
Re: Just Lateralled - Will I be eligible for a bonus?
Posted: Tue Mar 08, 2022 5:41 pm
by trebekismyhero
It should have stated in your offer letter, but yes at a minimum you should be eligible for a pro-rated bonus. Some friends who lateralled worked it out so they were eligible for full bonus. I would confirm with your firm though.
Re: Just Lateralled - Will I be eligible for a bonus?
Posted: Tue Mar 08, 2022 5:55 pm
by BrowsingTLS
trebekismyhero wrote: ↑Tue Mar 08, 2022 5:41 pm
It should have stated in your offer letter, but yes at a minimum you should be eligible for a pro-rated bonus. Some friends who lateralled worked it out so they were eligible for full bonus. I would confirm with your firm though.
See bold. A million times. You're a lawyer, OP.
You should negotiate stuff like that. Would never lateral without either a guaranteed bonus or sign-on bonus sizable enough to make up for no guarantee.
Re: Just Lateralled - Will I be eligible for a bonus?
Posted: Tue Mar 08, 2022 6:12 pm
by Anonymous User
OP here:
my offer letter does state I am eligible for a bonus this year, but I never thought about how the bonus would be calculated as I came from a small firm.
I more than doubled my salary with this move and would do it all over again even if I don't get a bonus. In hindsight, obviously I should have gotten more clarity on that, though.
Re: Just Lateralled - Will I be eligible for a bonus?
Posted: Tue Mar 08, 2022 6:13 pm
by Anonymous User
In this market, a mid-year lateral should be able to guarantee a full bonus their first year regardless of hours, or at worst, if they hit the firm's bonus requirement with annualized prorated hours. You should not accept a prorated bonus itself or a requirement to hit the full bonus target in less than 12 months of billing. Too late for OP but all the would-be laterals should take notice.