How Can Law Firms Thank Associates Without ‘Throwing Money at Them’?

Coronavirus-Stock-Market-Article-202009241834

A lot of associates at top firms are ecstatic to see that they will receive thousands of dollars in the form of special fall bonuses. However, given the precariousness of the COVID-19 economy, and the damage it has caused, are there ways firms can show appreciation for their associates when they are unable to give out bonuses?

Big law firms constantly turned to money as their way to recognize good performance. This trend may be perhaps best evidenced by the annual year-end bonus wars, where Big Law firms attempt to one-up one another in who can dole out bigger bonuses to their associates—even when experts denounce the practice as short-sighted and fiscally irresponsible.

Despite dire forecasts in March this year, a lot of firms have been surprised by how busy they have remained, and a few firms may even see double digit revenue increases in 2020 despite the coronavirus pandemic.

Are you interested in learning more about how law firms can thank their associates without ‘throwing money at them?’ Read more in this law.com article.

Author:
Victoria Ostrander
Assistant Editor
The American Lawyer | National Law Journal | Corporate Counsel
Email: vostrander@alm.com
ALM Media Properties LLC







More Posts