Recently joined a firm with no official billable hours requirement. Do these firms with “no target hours” typically have an unofficial minimum hours that associates are expected to hit for a full bonus? Not at a black-box compensation firm.

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Undoubtedly, however, it may not be a firm number. Hours is how they make money so when they say "bonus is discretionary based on performance" this is what they mean. (Granted work quality plays a role too, but the time you are able to bill undoubtedly is connected to the value you bring the firm)

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Yes. I work at a firm with no billable hours requirement and lockstep bonuses. But as I’ve gotten more senior I have learned that there are unspoken targets and that firm leadership is aware of who is billing above and below that invisible line

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