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I previously worked at a firm like this. It was completely arbitrary. Some years saw a good bonus and decent raise (but I typically had to ask for the raise in order to get one). The last bonus period we had I was asked how much I thought my assistant’s bonus should be. So, I gave that input and assumed a bonus was given to that person.
But, there was no peep about a bonus for me or the other “management members” (some attorneys, some not) other than saying “when this big case settles we’ll pay out bonuses.” The case settled in the second quarter. I inquired about a bonus about a month later and was told the firm hadn’t been profitable, so there would be no bonuses - zero. Not even a “hey, I know this isn’t enough, but here’s $100. Thanks for your hard work. I hope we can give you something more mid-year,” or “look, you’re not getting a bonus this year because your work was crap (it wasn’t), but if you improve x, y, and z then you’ll be inline for getting a bonus next year.” “Profitable” is a very subjective term.
If you have billable hour requirements then there should be a written policy which ties in some bonus structure to meeting your billables. There can be subjective bonus opportunities on top of that which may or may not happen, but meeting your billable goal should be rewarded rather than a stick only of “if you don’t meet your billable requirement then you might be fired.” Rewards for good behavior versus sticks only speak a lot about the culture of a firm.
Plus, if you work your tail off for a year, bring money into the firm, create goodwill for the company, do great work, and then are told there is no bonus because the firm as a whole was not profitable, then that is crushingly demoralizing unless you are a partner and had a hand in the decisions which directly impacted the profitability - budget for staff, marketing, etc. and actions taken throughout the year to bring in money and retain funds (or to spend them).
You may be at a great firm and there won’t be issues, but take the steps to record your achievements and how you have helped the firm so you come armed to the teeth to fight for your bonus if you need to.