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Ed. observe: Welcome to our day by day function, Quote of the Day.
You might have somebody who wasn’t a associate earlier than and used to getting cash regularly … so the agency seems at giving them a forgivable mortgage. That’s the place the agency is making an attempt to handle the challenges of a transition.
However there are additionally forgivable loans once they’re making an attempt to retain any individual and you need to give some again if you happen to don’t keep for a sure period of time.
— Alisa Levin, principal at Greene-Levin-Snyder Authorized Search Group in New York, in feedback given to the American Lawyer on bonuses structured as forgivable loans which were used as associate retention instruments. Companies like Kirkland & Ellis and DLA Piper have reportedly used forgivable loans to maintain companions from exiting to rivals, and Shearman & Sterling did the identical simply previous to its merger with Allen & Overy as a option to “incentivize” companions to remain.
Staci Zaretsky is a senior editor at Above the Regulation, the place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to email her with any suggestions, questions, feedback, or critiques. You may comply with her on Twitter and Threads or join together with her on LinkedIn.
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