I’ve learned that some firms pay bonuses regardless of hours. Even though most associates still end up billing 2,000–2,200 hours, at least there’s enough work to support that, and bonuses are effectively guaranteed. By contrast, my firm offers discretionary bonuses and will not pay them unless we hit our targets—and there simply isn’t enough billable work going around.
This isn’t something I ever considered as a law student, but it clearly makes a significant difference in practice. Curious to hear others’ thoughts.