Latham & Watkins launched a $1m programme on Wednesday to reward associates who contribute to artificial intelligence initiatives.
- Global law firm Latham & Watkins generated $8.3bn in revenue last year.
- The firm established a $1m fund representing one per cent of its global revenue.
- Associates worldwide are eligible for individual awards determined by contribution impact next spring.
The legal giant generated $8.3bn (£6.3bn) last year. The newly announced programme allocates one per cent of this global revenue to reward legal staff.
Awards will vary based on the significance, impact, and scalability of each contribution. “to recognise associates who lead or materially contribute to AI initiatives that create value for clients, practice groups, matter teams or the firm as a whole,” Latham & Watkins said.
NEWS: Big Law firm Latham & Watkins is setting aside a bonus pool to reward associates for their contributions to AI
Initiatives must create value for clients, practice groups, matter teams, or the firm as a whole. Michael Rubin, chair of Latham’s AI strategy committee, detailed the mechanics of the project.
“Our associates bring firsthand insight into where AI can make a meaningful difference, and this award is designed to foster that ingenuity and help identify and scale the ideas that can create the greatest value for our clients and our firm.”
The firm plans to run a nomination process next spring to select award recipients from its worldwide pool of associates.
Other law firms have implemented similar financial incentives for technology adoption. Shoosmiths, whose annual revenue was £221.4m—roughly 96 per cent less than Latham’s annual revenue—became the first major law firm to link a firmwide bonus to AI usage in April last year, City AM reported.
That firm set an annual target of one million Microsoft Copilot prompts to unlock a £1m bonus pot for staff. It subsequently set aside a second £1m bonus pot after hitting the initial target four months early.
| Law Firm | Annual Revenue | AI Incentive Value |
|---|---|---|
| Latham & Watkins | $8.3bn (£6.3bn) | $1m (£760,000) |
| Shoosmiths | £221.4m | £1m (Multiple pots) |
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
