I lateraled to my current firm less than a year ago, 2 months into the firm’s billable year. But I’m going to hit the yearly billable target regardless. What should I expect to receive as a bonus? Just regular bonus for hitting the billable target? Extra because I hit it in less than a full year? How does this work? Would appreciate any insight!

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Your firm will have a policy for this. Mine prorates for the time employed. Join half way through the year? Your target is halved as well and if you exceed it, your bonus is based on the halved target

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Prorated for each step unless you negotiated something different. Assuming this is major market. You should contact your HR/PD person; the longer you wait the longer they have leave to do whatever. Are you in lit/regulatory?

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Ah, that’s quite clear, thank you. My firm does not announce bonus steps beyond the market/ Milbank scale bonus. So I’m not sure if they have any. But will be good to look out for this.

Completely, completely different for each firm. No way the folks here can tell you. Ask HR, hiring partner, colleagues or wait and see because some firms make merit based adjustments-so if you’ve been nice while working crazy hours and had “quality billables” , you may get a nice bump up. It may not be as rigid.

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They should annualize, but I think it depends on the firm

Thanks everyone. I get that this is different for each firm but I just wanted to get an idea of how it’s been dealt with at different firms.

My firm has a proration policy for laterals and reduced hours. The bonus is prorated consistent with the prorated target, unless you hit the full time or full year target. Those folks get the full bonus (and reduced hours folks get back pay).

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