Vinson & Elkins will pay spring bonuses to associates and counsel who received year-end bonuses for 2010. Managing partner Joe Dilg says the bonuses, to be paid May 15, meet a market set by large New York City firms that have announced spring bonuses over the last few weeks. Dilg says V&E is committed to keeping associate and counsel compensation in the market range. Dilg, who is in his final year as managing partner of V&E, says he cannot recall the firm ever paying spring bonuses in the past. In a written statement detailing terms of the bonuses, Dilg writes that associates in the classes of 2007 and those who are more senior who received a merit bonus for 2010 will receive an additional bonus of 25 percent of the amount paid in January 2011. Associates from the classes of 2008 and 2009 who received a lock-step bonus will received an additional bonus equaling the amount they received for 2010. Associates in the class of 2010 will be paid a $2,500 bonus, Dilg writes in the statement. Also, he writes, counsel will be paid 25 percent of the year-end bonus, up to an additional $20,000. “Vinson & Elkins is committed to paying a level of associate and counsel compensation that will continue to enable the firm to attract and retain the best lawyers,” Dilg writes. The bonuses are in appreciation of the “valuable contributions” of associates and counsel and to “remain a market leader,” he writes. According to information provided by V&E, Texas associates from the class of 2007 and those who are more senior received bonuses for 2010 ranging up to $45,000. The spring bonus brings that maximum up to $56,250.
-- Brenda Sapino Jeffreys