Boies Schiller improves bonuses and rebuilds City base
Law firm Boies Schiller Flexner is offering a more generous compensation package as part of an effort to attract and retain top-tier lawyers as it struggles to rebuild its London office.
The U.S. law firm co-founded by prominent New York trial attorney David Boyes hit a blow when London-based litigator Natasha Harrison was expected to take over from Boyes in 2021. received. quit and start my own company And poached many colleagues.
Harrison left the company in 2020 and 2021 after his reputation was tarnished by his association with disgraced movie mogul Harvey Weinstein and fraudulent blood-testing startup Theranos. was one of the
Boies Schiller has recently hired partners such as former Allen & Overy arbitrator Tim Foden and litigator Michael Jacobs to vie to strengthen their operations at Citi. The 17 attorneys and his 15 administrative staff are still down by more than half since Harrison left.
London-based partner Prateek Swaika said the company has launched a more generous compensation deal that will bring bonuses similar to those offered in the United States for attracting new employees.
The London partner also said Boies Schiller wants its lawyers to offer more responsibility and freedom than other law firms.
Foden said working long hours at her previous company “almost ruined my marriage” and added, “I don’t want to mess with what happened to anyone else… We do not believe in giving them the discretionary power to demand their full loyalty.”
He said that Boies Schiller wants to give lawyers “a voice and business development opportunity,” noting that associates are often “not taught how to build a business’s books.”
London Associates (lawyers below partner level) can now choose to receive a bonus that takes into account the revenue they generate for the company or continue to receive a flat bonus based on a threshold of hours worked. rice field.
The new bonus system, first revealed by Lawyer magazine, was introduced late last year and is based on a formula that includes, among other metrics, an individual’s hourly billing rate, hours worked, and typical salary. This model, similar to the payment method for Citi, already existed for U.S.-based Boisehiller attorneys, but was previously unavailable to Citi staff.
“Integrating our London office with our US office was an important aspect to ensure that our associates were treated equally and that the interests of our clients, firms and associates were aligned,” Suwaika said. .
US law firm associates are typically paid bonuses based on seniority and are paid upon reaching a certain threshold of hours worked.
Boies Schiller paid year-end bonuses of $30,000 to $165,000 to its 2022 employees.
Those who take advantage of the new salary structure will receive much higher amounts.
Top bonuses under the model can run into the hundreds of thousands of dollars if lawyers bring in a good amount of work, but those who want to work less hours can qualify.
Boyz Schiller’s recent US lawsuits include representing Virginia Giuffre in a lawsuit alleging Prince Andrew’s sexual abuse.
Current lawsuits in London include defamation claims against the Telegraph, Open Democracy and the Bureau of Investigative Journalism.
When Harrison founded Pallas Partners last year, she had a string of big clients and lawsuits, including a lawsuit against Credit Suisse over Mozambique’s $2 billion ‘tuna bond’ scandal.
https://www.ft.com/content/a150b8a2-5901-401e-a5ce-fb8f89540f49 Boies Schiller improves bonuses and rebuilds City base