what is the size of a "market" bonus?

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Anonymous User
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what is the size of a "market" bonus?

Postby Anonymous User » Mon Sep 13, 2010 7:44 pm

Can't find this info anywhere...but what is the size of a biglaw bonus? Obviously it depends but can you ballpark it?

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Re: what is the size of a "market" bonus?

Postby Anonymous User » Mon Sep 13, 2010 7:53 pm

Anonymous User wrote:Can't find this info anywhere...but what is the size of a biglaw bonus? Obviously it depends but can you ballpark it?


$7500 for first years in 2009. It'll probably be somewhat higher in 2010.

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deneuve39
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Re: what is the size of a "market" bonus?

Postby deneuve39 » Mon Sep 13, 2010 7:57 pm

7K (1st year) --> 10K --> 15K --> 25K --> 30K --> 30K
This is what it currently is at Cravath (on the Above the Law Career Guide thing), which generally leads the market in terms of setting bonuses for big NY firms.

NYAssociate
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Re: what is the size of a "market" bonus?

Postby NYAssociate » Mon Sep 13, 2010 8:00 pm

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Last edited by NYAssociate on Tue Oct 05, 2010 7:43 pm, edited 1 time in total.

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Re: what is the size of a "market" bonus?

Postby Anonymous User » Mon Sep 13, 2010 8:05 pm

NYAssociate wrote:
deneuve39 wrote:7K (1st year) --> 10K --> 15K --> 25K --> 30K --> 30K
This is what it currently is at Cravath (on the Above the Law Career Guide thing), which generally leads the market in terms of setting bonuses for big NY firms.


S&C went a bit higher on the senior side.

If things stay the way they are (I'm not sure they will), market will definitely be higher this year.



Why won't things stay the same?

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Re: what is the size of a "market" bonus?

Postby Anonymous User » Mon Sep 13, 2010 8:05 pm

7K? 7 lousy K? You have got to be fucking me.

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bgdddymtty
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Re: what is the size of a "market" bonus?

Postby bgdddymtty » Mon Sep 13, 2010 8:31 pm

deneuve39 wrote:7K (1st year) --> 10K --> 15K --> 25K --> 30K --> 30K
This is what it currently is at Cravath (on the Above the Law Career Guide thing), which generally leads the market in terms of setting bonuses for big NY firms.

What are the lockstep raises like that go along with these?

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Re: what is the size of a "market" bonus?

Postby Anonymous User » Mon Sep 13, 2010 8:34 pm

You spent the summer studying for the bar, you don't start until September at the earliest, you don't pass the bar until November and they are still paying you at a 165k rate. Plus they subsidized the bar and maybe threw in a stipend and moving expenses. In short- you're useless to them and still paid and get a bonus. Suck it up dude. (or were you being so snarky that I missed it?)

Oh yeah and you get a 5k raise after year 1 (yeah that sucks)

lovelaw27
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Re: what is the size of a "market" bonus?

Postby lovelaw27 » Mon Sep 13, 2010 8:47 pm

Year Salary (US$)
First 160,000
Second 170,000
Third 185,000
Fourth 210,000
Fifth 230,000
Sixth 250,000
Seventh 270,000
Eighth 280,000

http://en.wikipedia.org/wiki/Law_firm

Class of 2008 — $7,500
Class of 2007 — $10,000
Class of 2006 — $15,000
Class of 2005 — $20,000
Class of 2004 — $25,000
Class of 2003 — $30,000
Class of 2002 — $30,000

http://blogs.wsj.com/law/2009/11/02/tis ... us-period/

More Bonus info at:

http://lawshucks.com/bonus-tracker/

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Re: what is the size of a "market" bonus?

Postby NYAssociate » Mon Sep 13, 2010 8:54 pm

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Last edited by NYAssociate on Tue Oct 05, 2010 7:43 pm, edited 1 time in total.

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Re: what is the size of a "market" bonus?

Postby Anonymous User » Mon Sep 13, 2010 9:02 pm

Anonymous User wrote:You spent the summer studying for the bar, you don't start until September at the earliest, you don't pass the bar until November and they are still paying you at a 165k rate. Plus they subsidized the bar and maybe threw in a stipend and moving expenses. In short- you're useless to them and still paid and get a bonus. Suck it up dude. (or were you being so snarky that I missed it?)

Oh yeah and you get a 5k raise after year 1 (yeah that sucks)



I don't know about you, but I didn't get $200,000+ into debt to make a lousy 5K-7K bonus. Wachtell or bust, motherfucker.

shmoo597
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Re: what is the size of a "market" bonus?

Postby shmoo597 » Mon Sep 13, 2010 9:03 pm

What were bonus numbers like in 2006-2007?

And whats this 5k stub year thing?

lovelaw27
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Re: what is the size of a "market" bonus?

Postby lovelaw27 » Mon Sep 13, 2010 9:09 pm

shmoo597 wrote:What were bonus numbers like in 2006-2007?

And whats this 5k stub year thing?



NYC bonuses (the highest in the U.S.) in 2007 were as follows:

Year Bonus (US$)
First 45,000 (35,000 + 10,000 special bonus)
Second 55,000 (40,000 + 15,000)
Third 65,000 (45,000 + 20,000)
Fourth 80,000 (50,000 + 30,000)
Fifth 95,000 (55,000 + 40,000)
Sixth 110,000 (60,000 + 50,000)
Seventh 115,000 (65,000 + 50,000)

http://en.wikipedia.org/wiki/Law_firm#cite_note-39

NYAssociate
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Re: what is the size of a "market" bonus?

Postby NYAssociate » Mon Sep 13, 2010 9:11 pm

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Last edited by NYAssociate on Tue Oct 05, 2010 7:42 pm, edited 1 time in total.

shmoo597
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Re: what is the size of a "market" bonus?

Postby shmoo597 » Mon Sep 13, 2010 9:49 pm

Along similar lines, given that you generally start mid year, when does the lockstep raise kick in? Exactly one year later? Jan 1?

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Re: what is the size of a "market" bonus?

Postby Anonymous User » Tue Sep 14, 2010 12:15 am

on a slightly related note, do firms give signing bonuses?

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sundance95
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Re: what is the size of a "market" bonus?

Postby sundance95 » Tue Sep 14, 2010 12:18 am

lovelaw27 wrote:
shmoo597 wrote:What were bonus numbers like in 2006-2007?

And whats this 5k stub year thing?



NYC bonuses (the highest in the U.S.) in 2007 were as follows:

Year Bonus (US$)
First 45,000 (35,000 + 10,000 special bonus)
Second 55,000 (40,000 + 15,000)
Third 65,000 (45,000 + 20,000)
Fourth 80,000 (50,000 + 30,000)
Fifth 95,000 (55,000 + 40,000)
Sixth 110,000 (60,000 + 50,000)
Seventh 115,000 (65,000 + 50,000)

http://en.wikipedia.org/wiki/Law_firm#cite_note-39


And a Snickers was a nickel in 1950, but no one gives a shit about that either.

NYAssociate
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Re: what is the size of a "market" bonus?

Postby NYAssociate » Tue Sep 14, 2010 4:49 am

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