2008 Associate Bonuses Strong

These days everyone is tightening their belts- whether we need to or have the perception that we need to. In the current economic downturn, with firms and corporations cutting staff, companies filing bankruptcy, law firms dissolving and new job opportunities few and far between, it gets difficult to see the silver lining. But lawyers at large law firms throughout the state have something to smile about.

Bonus reports are in and associate bonuses for 2008 in Texas were strong, nearing levels of bonuses given in 2007. That is welcome news for many who were holding their breaths, hoping not to be the victims of the next round of layoffs. There is much to celebrate. Many firms here in Texas were not greatly affected by the economic downturn because of the types of cases and deals the firms take on and the types of clients they have. As a result, firm profits were strong and the partners graciously shared the wealth. Interestingly, the firms that saw drops in associate bonuses tend to be the New York based law firms, the same firms that historically gave bonuses and have base salaries well above the Texas market. No one knows what 2009 has in store, but let’s hope that it follows the trend of 2008.