Wilson Sonsini lawyers' bonuses slashed by half
Wilson Sonsini, the giant law firm which grew fat in the '90s tech boom, has struggled ever since. Its involvement with many companies implicated in stock-options backdating scandals has tarnished its image, even as the faltering market for tech IPOs shrank a once-lucrative business for the firm. So who's paying the price? Wilson Sonsini associates. Above The Law reports that the firm has instituted a new bonus plan. Bonuses awarded for hours billed, the traditional measure, have been cut by half; the rest of the "bonus opportunity," as Wilson Sonsini management puts it, will come from "qualitative performance factors." By "qualitative performance factors," read "subjective judgments one's boss can make at a whim." The Valley has yet to go through an economic downturn, but some of its lawyers are already feeling the pinch.