Litigation boutique Pallas Partners is handing out bonuses to its associates and counsel that beat the “Cravath scale” for its top performers.
The transatlantic firm will award base and special bonuses of up to $140k based on seniority, matching the amount set by Cravath Swaine & Moore last month and followed by many Big Law firms, with up to $92k extra for top billers, creating a maximum possible bonus of $232k.
The amount is a slight increase on the maximum of $230k handed out last year by Pallas, which has 21 associates and counsel across its offices in New York and London.
Their relatively small number of junior lawyers means that top-tier litigation boutiques like Pallas can push past the bonuses set by their larger rivals, with Wilkinson Stekloff and Dunn Isaacson Rhee handing out bonuses of up to $172.5k and $175k, respectively, according to Bloomberg Law.
Above the Law reported yesterday that Washington DC litigation boutique Kellogg Hansen is handing out a maximum year-end bonus of $300k plus a special bonus of $55k for its most senior associates.
Many firms tie bonuses to hours targets, with Pallas requiring lawyers to hit 2,000 hours to be eligible for the base bonus, which runs from $20k to $115k for its most senior associates and counsel. The special bonus ranges from $6k to $25k, while those who bill at least 2,500 hours will be eligible for between $16k and $92k extra, depending on their seniority.
Pallas was founded in 2022 in London by former Boies Schiller Flexner deputy chair Natasha Harrison, who took virtually the entire London office with her to form the firm.
Just a few months later, Pallas set up shop in New York. It has since grown to 14 partners across the two offices. The firm has acted for clients including Blackstone, Lloyds Bank and a group of Credit Suisse bondholders.
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