The Dallas-based law firm McKool Smith, famed for tackling high-stakes patent and litigation cases, has announced it will reward its lawyers with mid-year bonuses of up to $30,000.
In a memo circulated on Thursday, David Sochia, managing principal and chairman of the 130-attorney firm, detailed that bonuses for principals, associates, and senior counsel would range from $2,500 to $30,000, depending on their billing pace.
“We recognize the immense effort you’ve put in throughout this busy year and want to express our gratitude for your contributions to the firm’s ongoing success and our clients’ victories,” Sochia stated in the memo. The bonuses are set to be distributed by June 30 and are in addition to potential year-end bonuses.
Historically, U.S. law firms have primarily issued bonuses at the year’s end. However, the surge in mergers and acquisitions in 2021 led many firms to introduce mid-year or special discretionary bonuses to attract and retain talent. This trend has continued, particularly as litigation remains a bright spot amidst a slowdown in corporate deal work. According to the Thomson Reuters Institute’s Law Firm Financial Index, the demand for legal services saw a rise at the start of 2024 following a tepid 2023.
Last week, another litigation firm, Hueston Hennigan, announced bonuses between $10,000 and $25,000 for associates and counsel who meet specific billable hour targets. The California-based firm did not provide further comments.
McKool Smith has recently celebrated significant victories, including a $445 million patent infringement verdict for Netlist against Micron Technology in May and a $142 million patent damages verdict for G+ Communications against Samsung in April, with co-counsel from Irell & Manella.
