Associate Compensation and Benefits-U.S. Offices. Quality Matters

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1 Associate Compensation and Benefits-U.S. Offices Quality Matters

2 We believe our benefits program should be flexible and responsive to the evolving needs of our staff and attorneys. We are determined not to become complacent about our compensation programs or to lose touch with the needs of those upon whom we depend the talented staff and attorneys who make up our Hunton & Williams team. Walfrido J. Martinez Hunton & Williams Managing Partner 1

3 Associate Compensation and Benefits - U.S. Offices Recruiting and retaining talented attorneys depends not only on competitive compensation, but also on a benefits package that rivals and often exceeds those of peer firms. Accordingly, Hunton & Williams offers the following general summary information regarding its current compensation and evaluation program, as well as information about firm benefits. For more detailed information about eligibility, coverage, and terms and conditions, please refer to the full policies which are available upon request. Compensation and Evaluation Annual Evaluation Program Associates at the firm receive regular feedback from the partners and senior associates with whom they work. In addition, they take part in a formal evaluation process each spring after the firm s fiscal year is complete. An important part of each associate s professional development, this evaluation process provides constructive feedback on past performance and guidance for continued professional growth. Compensation decisions are part of this discussion. Associate Salaries Hunton & Williams offers total compensation to associates that is competitive. The firm pays a single standard salary, determined by class and office location, to each associate who meets the firm s performance expectations in terms of quality of work, productivity, and overall contribution to the firm. Salaries are set each spring in conjunction with the firm s annual evaluation process. Associates are paid on the 15 th and the last work day of each month. Annual Performance Bonuses Discretionary performance bonuses are awarded each spring in conjunction with the annual evaluation program based on overall individual performance and market considerations. Recognition for Clerkships and Advanced Degrees Incoming entry level attorneys who have clerked for a federal district or appellate judge, or a U.S. Supreme Court justice, receive competitive judicial clerkship bonuses, and may be considered for up to two years of seniority credit for purposes of partnership consideration and compensation. Former State Supreme Court clerks, as well as students with MBAs or other advanced degrees that contribute to the area of practice, also may be considered for seniority and salary credit, as well as bonuses, on a case-by-case basis. Associate Cash Advance The firm may provide a cash advance to associates coming directly to the firm from law school, as well as to those coming directly to the firm after successfully completing an MBA, ABA-accredited LLM program or a judicial clerkship, any of which must have been immediately following graduation from law school. The amount of the advance is competitive and varies by office. It is an advance against annual compensation and it is payroll deducted in equal amounts over the first year of employment. If an associate resigns before completing 12 months of employment with the firm, the unearned portion of the advance must be repaid by the associate and will be deducted from the last paycheck to the extent allowed by law or agreement. 2

4 Basic Benefits* Insurance The firm provides associates in benefits-eligible job classifications who are expected to work at least 1,000 hours per year ( Associates ) a comprehensive package of insurance benefits: Accidental Death and Dismemberment Insurance: The firm offers Associates the ability to elect up to $500,000 of accidental death and dismemberment coverage, including identity theft and travel insurance benefits, for themselves, as well as their eligible spouses or domestic partners and children. Basic Life Insurance: The firm provides $100,000 of life insurance coverage for all Associates. Business Travel Accident Insurance: All Associates receive accidental death and dismemberment coverage, fully paid by the firm, for accidents occurring while traveling on firm business. Dental Insurance: The firm provides access to dental plan options for Associates, as well as their dependents, spouses or domestic partners. Dependent Life Insurance: Hunton & Williams offers Associates the ability to elect up to $100,000 in life insurance on their eligible spouses or domestic partners and up to $20,000 on their eligible children. Long-Term Disability Insurance: The firm provides Associates longterm disability insurance with options of 60 percent or 70 percent income replacement. Medical Insurance: Four firm-subsidized medical plans, including three PPO options and an HSA-Qualified plan, are available to Associates, their dependents, and their spouses or domestic partners. Short-Term Disability Leave: Hunton & Williams provides shortterm disability leave for Associates with the first 50 work days paid at 100 percent of salary and the remaining days, up to a maximum of 130 work days, at 70 percent. Supplemental Life Insurance: The firm offers Associates the ability to elect additional life insurance up to five times their salary with a maximum of $650,000. Vision Insurance: The firm offers access to vision coverage to Associates, their dependents, and their spouses or domestic partners, designed to defray the cost of preventive eye exams and corrective lenses. In addition to the above, Associates may elect to participate in dependent care and healthcare spending accounts that offer a tax-free way to pay for certain day care and healthrelated expenses. More detailed information about basic benefits, including the cost of coverage where applicable, is available upon request. Retirement Benefits The firm provides a Retirement Savings Plan that gives our Associates the opportunity to make 100% vested tax-deferred or Roth 401(k) contributions. The plan allows participants to diversify their contributions among a broad range of equity and fixed income investments. All Associates are eligible to make contributions after receipt of their first paychecks. Administered by Fidelity Institutional Retirement Services, the plan provides access to account information and the ability to make changes via an easily accessible internet site. Vacation and Holidays All full-time attorneys are entitled to up to 20 days of vacation per fiscal year. Vacation time is earned at the rate of 1.67 days for each calendar month worked. Salaried attorneys working a reduced-hour schedule will receive prorated vacation. In addition, each of the firm s offices traditionally observes the major U.S. holidays, including but not limited to New Year s Day, Martin 3

5 Associate Compensation and Benefits - U.S. Offices Luther King Jr. Day, President s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, the day after Thanksgiving, Christmas Eve (1/2 day), and Christmas Day. Beyond the Basics Benefits* Bar Expenses The firm expects every lawyer to be licensed in the jurisdiction where his or her office is located within one year of beginning employment with the firm. The firm will pay for reasonable study and bar exam expenses for first-year Associates and lateral Associates as necessary to satisfy this requirement. These expenses include the fee for a comprehensive multi-state and state-specific review course such as the BarBri Review Course and a Multistate Bar Examination preparation course such as the three- or six-day PMBR Review Course, study materials, examination fees (including laptop fees), costs for out-of-town travel to the examination (including mileage, hotel and reasonable meals), and admission fees for one bar exam. Payment for additional courses and exams will be made at the firm s discretion. Additional expenses require pre-approval; as a general matter, costs for self-study course materials are not covered, absent extenuating circumstances. The firm also will pay expenses associated with admission to the bar by waiver. Payments for bar expenses may be made through either reimbursement or direct bill. Payments are treated as additional income for the attorney. If an associate resigns before completing 12 months of employment with the firm, the unearned portion of any bar expense payments must be repaid by the associate and will be deducted from the last paycheck to the extent allowed by law or agreement. Bereavement Leave The firm provides Associates with reasonable time off upon the death of an immediate family member or any individual whose close association with the employee is the equivalent of an immediate family relationship. Business Casual Attire Hunton & Williams observes a yearround optional business casual dress policy. Child and Adult Care Benefits Emergency back-up care for children and adults, either in-home or in a center-based setting, is offered to Associates in partnership with Bright Horizons Family Solutions. The benefit is underwritten in full by the firm and provides 20 days of emergency care each year per dependent. Concierge Program The firm provides a subsidized concierge program to Associates designed to provide assistance with personal errands. Employee Assistance Program The firm sponsors an Employee Assistance Program for Associates that provides up to six confidential counseling visits and referral services in areas such as child and elder care, marital and family problems, and work/life balance. Legal Fee Reimbursement Legal services are reimbursed at set rates for our attorneys. Associates are eligible to receive reimbursement for will preparation, estate administration services, and real estate settlement services. Child Care and Adoption Leave The firm provides Associates who have primary responsibility for a child s care up to six weeks of paid leave in conjunction with a birth or adoption. This leave is in addition to short-term disability leave (generally six weeks) granted in connection with the birth of a child. Associates should also refer to the firm s FMLA policy and any leave policy offered in their local offices in compliance with any locally applicable laws. 4

6 Military Leave Hunton & Williams provides a military leave program during time of war that exceeds the USERRA requirements by supplementing military pay to ensure all Associates receive their full compensation while on active duty. Reservists who are required to report for training will receive full pay for the first week of training. For the remainder of the training period, the lawyer has the option to use available vacation or take unpaid leave. Moving Expenses Hunton & Williams reimburses reasonable moving expenses for newly and laterally hired Associates including: transporting furniture and personal items more than 50 miles to the office location using one of the firm s recommended moving companies or any other moving company that has been pre-approved by the firm; mileage reimbursement or out-ofpocket gasoline for one personal automobile; pre-approved car rental (including gasoline) or airline ticket when use of a personal automobile is not an option; shipment of one automobile when ownership of more than one vehicle or cross-country travel is involved; and meals and lodging expenses necessitated by long-distance travel incurred while en route to the new office location for the associate and the Associate s immediate family. Additional moving costs such as packing, house-hunting trips, broker fees, deposits, expenses incurred to sell an existing home, and extraordinary expenses are considered a personal expense for the Associate. If an Associate resigns before completing 12 months of employment with the firm, the unearned portion of any moving expense payments must be repaid by the Associate and will be deducted from the last paycheck to the extent allowed by law or agreement. Technology Support Hunton & Williams supplies its attorneys with the technology needed to support their work whether the attorney is working in his or her office, in an airport lounge, or at home. Blackberries and laptops are available to all attorneys and, if needed, scanners, printers and notebook computers also may be provided. Support is available at all times. Litigation Support The firm has a Litigation Support Center that offers state-of-the-art technical support to attorneys both inside and outside the courtroom. Wellness Screenings Each fall, the firm provides annual health risk assessments, wellness screenings, and flu shots at no cost to all Associates and their spouses or domestic partners. The wellness screenings include blood pressure, cholesterol, glucose, and body mass index measurements. Participants in the wellness screenings and health risk assessments receive Healthy Rewards dollars. *The descriptions in this document provide summaries of currently available benefits and are not complete. Complete details about the plans may be found in the official plan documents and Summary Plan Descriptions that define and govern the actual benefits. If there is any conflict between this summary and the SPD, plan document or insurance contract, the SPD, plan document or insurance contract will always control. Benefit policies are subject to amendment or termination in the firm s discretion at any time. Should any applicable state, federal, or local laws require different or additional benefits or terms and conditions for any benefits, the firm will administer and provide such benefits in compliance with such applicable laws. 5

7 Hunton & Williams LLP The firm recruits, hires and promotes qualified individuals without regard to race, color, religion, national origin, gender, age, marital or veteran status, disability, sexual orientation, gender identity or expression, or other legally protected status.