We reported on Dallas-based litigation boutique McKool Smith hitting one of the top spots in the ‘big law salary scale’ even though the firm is yet to hit the ‘big firm’ ranking with its 130 lawyer-strong team.
But McKool Smith, billing itself as a ‘Powerhouse Litigation Firm’, which specializes in high-stakes patent cases and other complex intellectual property battles, has been a top payer for some time, announcing its mid-year bonuses for its legal staff.
Amid a property downturn, litigation has been a high point for many firms.
The firm’s managing principal and chairman, David Sochia, disclosed in an internal memo that bonuses ranging from $2,500 to $30,000 will be distributed to principals, associates, and senior counsel based on their billing performance.
Sochia’s memo, reported by Reuters, expressed appreciation for the lawyers’ contributions to the firm’s ongoing success and that of its clients during a busy 2024. The bonuses, set to be paid by June 30, are separate from potential year-end bonuses.
The Thomson Reuters Institute’s Law Firm Financial Index reported growth in demand for legal services at the start of 2024, following a subdued 2023.
The firm is ranked #2 among the Most Active Law Firms Representing Plaintiffs and is recognized as one of the top patent litigation firms in the 2024 Patexia Patent Litigation Report
Known for its innovative contingency fee arrangements in patent litigation, McKool Smith has expanded beyond its Texas roots to establish offices in New York, Washington D.C., Los Angeles, and other major cities.
The firm has consistently ranked among the top patent litigation firms in the United States and has been recognized for its expertise in intellectual property, commercial litigation, and white-collar defense.
Several McKool Smith principals have also been recognized in various legal rankings and awards, including “IP Stars,” “40 & Under” honorees, and “Elite Women of the Plaintiff Bar” and Law360 ‘Legal Lions’, all of which has helped the firm attract top talent at a time when the law talent wars rage.
While mid-year bonuses were common among large corporate law firms during the 2021 M&A boom, they have become less frequent. However, some litigation-focused firms are maintaining this practice.
For instance, the 75-lawyer firm Hueston Hennigan recently announced bonuses of $10,000 to $25,000 for associates and counsel meeting specific billable hour targets.
McKool Smith’s bonus structure and recent litigation successes underscore its position as a leading player in the high-stakes litigation arena, particularly in intellectual property matters.
