McKool Smith PC has announced midyear bonuses of up to $30,000 for its principals, associates, and senior counsel, according to an internal email sent Thursday by Chairman David Sochia.
McKool Smith awarding Midyear Bonuses Up To $30K : Details of the Bonus Distribution
In the memo obtained by Law360 Pulse on Friday, Sochia outlined that the firm will distribute between $2,500 and $30,000 in extra pay to attorneys based on their billable hours from October to May. This decision underscores McKool Smith’s dedication to rewarding the hard work and commitment of its legal team.
Commitment to Excellence
“Our commitment to our people is fundamental to the firm’s success. We’re at the forefront of complex and cutting-edge disputes, and our attorneys constantly rise to the occasion to deliver outstanding results for our clients,” Sochia stated in a message to Law360 Pulse.
“We wanted to thank our attorneys for their hard work and dedication,” Sochia continued. “The ability to award midyear and annual bonuses is just one factor in attracting and retaining the amazing level of experienced talent in our firm.”
Bonus Tiers Based on Billable Hours
According to the memo, attorneys who bill fewer than 1,900 hours will receive a $2,500 bonus. Those billing between 1,900 and 2,199 hours will receive $7,500; between 2,200 and 2,299 hours, $10,000; between 2,300 and 2,399 hours, $15,000; between 2,400 and 2,599 hours, $20,000; and those billing 2,600 hours and above will receive $30,000.
McKool Smith awarding Midyear Bonuses Up To $30K : Future Adjustments
These hours will be annualized for the firm’s fiscal year, which ends on Sept. 30. Additionally, the memo noted that the firm would review attorneys’ hours again at the end of the fiscal year and adjust bonuses upward if necessary, should attorneys cross into a higher bonus tier. This adjustment will be reflected in the attorneys’ year-end bonuses.
Industry Trends
McKool Smith’s announcement closely follows a recent report of bonuses offered by California’s Hueston Hennigan LLP, ranging from $10,000 to $25,000 to associates and counsel meeting specific billing requirements.
