"Merit based" compensation at Wilmerhale

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BruceWayne
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"Merit based" compensation at Wilmerhale

Postby BruceWayne » Sun Oct 03, 2010 6:50 pm

To those who've recently gone through the 2L recruiting process: has the initiation of Wilmerhale's new "merit based" compensation system instead of lock step affected student interest in the firm? Has their reputation declined? Would you work for a firm that didn't do lockstep?

http://abovethelaw.com/2010/07/wilmerha ... n-program/

rcb5142
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Re: "Merit based" compensation at Wilmerhale

Postby rcb5142 » Sun Oct 03, 2010 7:07 pm

no, no, and yes.

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rayiner
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Re: "Merit based" compensation at Wilmerhale

Postby rayiner » Sun Oct 03, 2010 7:16 pm

It's a decent way to handle merit-based bonuses. Especially how they seem to really only phase it in after the third year.

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BruceWayne
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Re: "Merit based" compensation at Wilmerhale

Postby BruceWayne » Sun Oct 03, 2010 8:37 pm

rcb5142 wrote:no, no, and yes.


So basically it hasn't changed their image or desirability in any way?

NYAssociate
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Re: "Merit based" compensation at Wilmerhale

Postby NYAssociate » Sun Oct 03, 2010 8:42 pm

.
Last edited by NYAssociate on Tue Oct 05, 2010 9:29 pm, edited 1 time in total.

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Kohinoor
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Re: "Merit based" compensation at Wilmerhale

Postby Kohinoor » Sun Oct 03, 2010 9:07 pm

BruceWayne wrote:
rcb5142 wrote:no, no, and yes.


So basically it hasn't changed their image or desirability in any way?

ITE, the real bonus is getting to start.

lovelaw27
Posts: 218
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Re: "Merit based" compensation at Wilmerhale

Postby lovelaw27 » Sun Oct 03, 2010 9:19 pm

NYAssociate wrote:Many firms have been doing merit-based bonuses even before the economic crisis began. In some instances, it provides a genuine opportunity for associates to make more than what the market sets. The key, however, is transparency. Associates aren't necessarily upset when bonuses are tied to factors other than seniority; they're upset when decisions are ostensibly arbitrary and subjective, and when the calculus is completely opaque.


I agree with this 100%. For example boies, schiller & flexner llp will pay you say 30% of the money you make for the company through billable hours. So if you bill a million dollars in a year you will make $300,000. However, WilmerHale compensation structure basically seems to be BS. Bonuses are based partly on subjective things like how they rate the quality of your work. Lawyers are going to pissed if they bill a bunch of hours, but their bonus is small because their subjective quality of work rating was low.

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BruceWayne
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Re: "Merit based" compensation at Wilmerhale

Postby BruceWayne » Sun Oct 03, 2010 10:33 pm

lovelaw27 wrote:
NYAssociate wrote:Many firms have been doing merit-based bonuses even before the economic crisis began. In some instances, it provides a genuine opportunity for associates to make more than what the market sets. The key, however, is transparency. Associates aren't necessarily upset when bonuses are tied to factors other than seniority; they're upset when decisions are ostensibly arbitrary and subjective, and when the calculus is completely opaque.


I agree with this 100%. For example boies, schiller & flexner llp will pay you say 30% of the money you make for the company through billable hours. So if you bill a million dollars in a year you will make $300,000. However, WilmerHale compensation structure basically seems to be BS. Bonuses are based partly on subjective things like how they rate the quality of your work. Lawyers are going to pissed if they bill a bunch of hours, but their bonus is small because their subjective quality of work rating was low.


This is what I was talking about.




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