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Boutique firms continue to strut their stuff when it comes to compensation, oftentimes blowing the already hefty bonus scales that are offered by Biglaw firms out of the water.
Gjerset & Lorenz, a healthcare boutique located in Austin, Texas, is offering up some big-time bonus bucks that are sure to make associates’ hearts skip a beat.
The firm is offering base bonuses on the Cravath scale for 1900 hours billed, and for every hundred hours billed above that, even more money is added. On top of that, the firm awards associates with individualized merit bonuses based on “intellectual contribution to our firm’s innovation, availability, support of others, timeliness of work, contribution to training other professionals in our firm, recruiting, and maintenance and cultivation of client relationships.” Check out the firm’s bonus grid, which details maximum bonus potential of up to $310K.
But that’s not all! The firm also has a profit sharing and cash balance plan that will put even more cash into associates’ bank accounts this holiday season. A source tells us that thanks to Gjerset & Lorenz’s extreme generosity, several associates were able to make above $700,000 in total compensation this year.
Of course, we can’t forget the fact that the firm is also matching the Cravath salary scale, meaning these are the salaries associates at the firm will see, as of January 1, 2024:
- Class of 2023 – $225,000
- Class of 2022 – $235,000
- Class of 2021 – $260,000
- Class of 2020 – $310,000
- Class of 2019 – $365,000
- Class of 2018 – $390,000
- Class of 2017 – $420,000
- Class of 2016 – $435,000
Congratulations to everyone at Gjerset & Lorenz!
(Flip to the next page to read the full memo from the firm.)
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
