Bonuses

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Anonymous User
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Re: Bonuses

Postby Anonymous User » Tue Nov 23, 2010 1:56 pm

I think there could be a real problem of midlevel understaffing over the next couple years.


There already is this problem at Cravath and a number of other top firms.

Big Shrimpin wrote:a rising tide only lifts those who already have a yacht...


If you're going to steal jokes from other places, at least do it from places that TLSers don't read so it isn't obvious.

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Big Shrimpin
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Re: Bonuses

Postby Big Shrimpin » Tue Nov 23, 2010 2:00 pm

Anonymous User wrote:If you're going to steal jokes from other places, at least do it from places that TLSers don't read so it isn't obvious.


yikes...sry dood, I'll go right ahead and edit that for you!

Anonymous User
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Re: Bonuses

Postby Anonymous User » Tue Nov 23, 2010 2:09 pm

Typically, the way people–especially in law school–indicate that they're using a statement authored by someone else is through quotation marks. Last I checked, neither the Bluebook nor the Chicago Manual of Style has a section on passive aggression.

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Big Shrimpin
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Re: Bonuses

Postby Big Shrimpin » Tue Nov 23, 2010 2:22 pm

Anonymous User wrote:Typically, the way people–especially in law school–indicate that they're using a statement authored by someone else is through quotation marks. Last I checked, neither the Bluebook nor the Chicago Manual of Style has a section on passive aggression.



Cool story bro!

Back to TToN's question and in the interest of not letting this thread devolve into stupid banter/banhammers...

I generally agree with TToN's point. I'm also interested to see where the other shops come into the picture.

edit: skadden matched
Last edited by Big Shrimpin on Tue Nov 23, 2010 2:41 pm, edited 2 times in total.

albieman
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Re: Bonuses

Postby albieman » Tue Nov 23, 2010 2:24 pm

Blindmelon wrote:
ToTransferOrNot wrote:
Blindmelon wrote:2400 hours billed? YIKES. My firm told me its typically 2000 - 2100 including pro bono hours. Yey for secondary market.


Lower pay to go along with it, I presume.

FWIW, I imagine 2400 is on the high end anywhere aside from some of the notorious NYC sweatshops, and (probably) Kirkland-Chicago. Of course, this is the Cravath bonus scale, so we're talking about one of the notorious NYC sweatshops here.


Nah, its lockstep with the rest of the firm - large national. Yea, I think Cravath while its OMG prestige seems like a bad decision given that many other firms pay the same and require much less grinding. It would make sense if they paid more or gave better bonuses, but this whole lock-step thing is just silly.

Still 160k no matter what way you look at it is a ton. Even without a bonus, I'm still pissing myself at the prospect of getting a full-time offer after summer.


Are you working in Boston? Mind saying what firm?

Anonymous User
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Re: Bonuses

Postby Anonymous User » Tue Nov 23, 2010 2:31 pm

Anonymous User wrote:
I think there could be a real problem of midlevel understaffing over the next couple years.


There already is this problem at Cravath and a number of other top firms.


I know a no-offered class of '10 person who just got a V10 job because of understaffing.

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Blindmelon
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Re: Bonuses

Postby Blindmelon » Tue Nov 23, 2010 2:34 pm

albieman wrote:
Blindmelon wrote:
ToTransferOrNot wrote:
Blindmelon wrote:2400 hours billed? YIKES. My firm told me its typically 2000 - 2100 including pro bono hours. Yey for secondary market.


Lower pay to go along with it, I presume.

FWIW, I imagine 2400 is on the high end anywhere aside from some of the notorious NYC sweatshops, and (probably) Kirkland-Chicago. Of course, this is the Cravath bonus scale, so we're talking about one of the notorious NYC sweatshops here.


Nah, its lockstep with the rest of the firm - large national. Yea, I think Cravath while its OMG prestige seems like a bad decision given that many other firms pay the same and require much less grinding. It would make sense if they paid more or gave better bonuses, but this whole lock-step thing is just silly.

Still 160k no matter what way you look at it is a ton. Even without a bonus, I'm still pissing myself at the prospect of getting a full-time offer after summer.


Are you working in Boston? Mind saying what firm?


If you really wanna know the specific, PM me. Its GP/R+G/WH.

ToTransferOrNot
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Re: Bonuses

Postby ToTransferOrNot » Tue Nov 23, 2010 3:23 pm

Not surprised at all by Skadden.

Still interested to see what Kirkland does, but I think they'll at least be a bit higher. Probably Cravath scale on the low end, a few $k more on the high end to justify its higher billing requirements over its "peer" Chicago firms.

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Unemployed
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Re: Bonuses

Postby Unemployed » Tue Nov 23, 2010 3:31 pm

I heard from K&E associates that when they stiff the low billers, they stiff them hard (i.e. way below market or no bonus at all). It's a great system for hard workers though, since the upside is pretty high.

ToTransferOrNot
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Re: Bonuses

Postby ToTransferOrNot » Tue Nov 23, 2010 3:32 pm

Unemployed wrote:I heard from K&E associates that when they stiff the low billers, they stiff them hard (i.e. way below market or no bonus at all). It's a great system for hard workers though, since the upside is pretty high.


Yeah, that's my impression too, but "low billers" in this context is 1800ish. Honestly, if you're at K&E and only billed 1800, you should be glad that they didn't fire you.

Anonymous User
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Re: Bonuses

Postby Anonymous User » Tue Nov 23, 2010 3:35 pm

If the past few years are any indication, K&E won't announce until around mid-December.

Anonymous User
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Re: Bonuses

Postby Anonymous User » Tue Nov 23, 2010 3:40 pm

I heard from K&E associates that when they stiff the low billers, they stiff them hard (i.e. way below market or no bonus at all). It's a great system for hard workers though, since the upside is pretty high.


ITE? Yes. Pre-ITE? No.

I believe 1900 last year was enough for market, with a chunk of money in 100 hour increments.

Anyways, Kirkland is a meritocracy, so it should come as no surprise.

motiontodismiss
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Re: Bonuses

Postby motiontodismiss » Tue Nov 23, 2010 10:52 pm

This is just depressing.

I wonder what Wachtell will pay this year....given this, probably the same 45%.

On the flipside, is this midlevel understaffing thing the start of the march towards NY to 180?

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Re: Bonuses

Postby Anonymous User » Wed Nov 24, 2010 4:48 am

On the flipside, is this midlevel understaffing thing the start of the march towards NY to 180?


I'm about 99% sure this won't happen.

And if it does happen, I'm about 99% sure starting salaries won't change. The scale will just become steeper (i.e., more money for midlevels, higher lockstep raises, etc.).

motiontodismiss
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Re: Bonuses

Postby motiontodismiss » Wed Nov 24, 2010 9:12 am

Anonymous User wrote:
On the flipside, is this midlevel understaffing thing the start of the march towards NY to 180?


I'm about 99% sure this won't happen.

And if it does happen, I'm about 99% sure starting salaries won't change. The scale will just become steeper (i.e., more money for midlevels, higher lockstep raises, etc.).


I guess it's a lot better than comp going DOWN.....right? Because if there's a double dip everyone will be screaming NY TO 130.

A&O
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Re: Bonuses

Postby A&O » Tue Dec 21, 2010 7:34 pm

Just bumping this thread for further thoughts on recent bonus-related events.

ToTransferOrNot
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Re: Bonuses

Postby ToTransferOrNot » Tue Dec 21, 2010 7:55 pm

A&O wrote:Just bumping this thread for further thoughts on recent bonus-related events.


My further thoughts: I'm glad I bailed on my 2L SA for K&E :D

A&O
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Re: Bonuses

Postby A&O » Tue Dec 21, 2010 7:58 pm

ToTransferOrNot wrote:
A&O wrote:Just bumping this thread for further thoughts on recent bonus-related events.


My further thoughts: I'm glad I bailed on my 2L SA for K&E :D


I know a lot of 3Ls who were hired this year (through 3L OCI) who are probably saying the same thing.

mcat4life87
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Re: Bonuses

Postby mcat4life87 » Tue Dec 21, 2010 9:27 pm

ToTransferOrNot wrote:
A&O wrote:Just bumping this thread for further thoughts on recent bonus-related events.


My further thoughts: I'm glad I bailed on my 2L SA for K&E :D


Why didn't you go to K&E for your 2L summer?

ToTransferOrNot
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Re: Bonuses

Postby ToTransferOrNot » Tue Dec 21, 2010 9:40 pm

mcat4life87 wrote:
ToTransferOrNot wrote:
A&O wrote:Just bumping this thread for further thoughts on recent bonus-related events.


My further thoughts: I'm glad I bailed on my 2L SA for K&E :D


Why didn't you go to K&E for your 2L summer?


Didn't have an offer from them.

Anonymous User
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Re: Bonuses

Postby Anonymous User » Tue Dec 21, 2010 10:36 pm

Paul Weiss Matches Sullivan & Cromwell (very close to Cravath)

http://abovethelaw.com/2010/12/associat ... -cromwell/

******Boies Schiller Sets the Bonus Bar

--LinkRemoved--

The average awarded bonus for associates who have been with the firm for at least a year was over $75,000 for 2010. Several of the firm’s highest performing associates achieved bonuses of more than $200,000

 Some fairly junior associates received bonuses over $100K.
 Some junior to midlevel associates earned bonuses that were ten to fifteen times what they would have gotten under the Cravath scale.


Linklaters Matches Cravath

http://abovethelaw.com/2010/12/associat ... ax-issues/

Sullivan & Cromwell (Basically) Matches Cravath

--LinkRemoved--

Simpson Thacher Matches Cravath

http://abovethelaw.com/2010/12/associat ... s-cravath/

Cleary Matches Cravath

http://abovethelaw.com/2010/12/associat ... s-cravath/

*Kirkland & Ellis is around double cravath
--LinkRemoved--


Associate Bonus Watch: Mayer Brown (NY) Matches

http://abovethelaw.com/2010/12/associat ... matches-2/

*Associate Bonus Watch: Quinn Emanuel Pays 150 Percent of Cravath Scale and even more for high billers
--LinkRemoved--

Debevoise Matches Cravath

http://abovethelaw.com/2010/12/associat ... s-cravath/
*Kaye Scholer Rewards High Billers Some associates double cravath scale

http://abovethelaw.com/2010/12/associat ... h-billers/
*Sidley Austin Bonus pool 25% bigger this year and some associates reporting bonuses double cravath scale.
--LinkRemoved--
Davis Polk matches Cravath
http://abovethelaw.com/2010/12/associat ... s-cravath/

*Weil Gotshal matches Cravath with some associates with distinguished rating getting more.
--LinkRemoved--
Clifford Chance matches Cravath
http://abovethelaw.com/2010/12/associat ... s-cravath/
Cadwalader matches Cravath
http://abovethelaw.com/2010/12/associat ... adwalader/
*Susman Godfrey Shatters the Cravath Bonus Scale
Bonuses range from $45,000 to $100,000
http://abovethelaw.com/2010/12/associat ... nus-scale/
Fried Frank Announces Bonuses ‘Up to $40,000′
So very close to cravath scale.
http://abovethelaw.com/2010/12/associat ... rank-2010/
*Cahill Gordon DESTROYS the Cravath Bonus
Basically they doubled cravath scale.
http://abovethelaw.com/2010/12/associat ... ath-bonus/
Dewey & LeBoeuf Matches
http://abovethelaw.com/2010/12/associat ... matches-2/
Akin Gump matches
http://abovethelaw.com/2010/12/associat ... verything/
Proskauer Rose Matches
http://abovethelaw.com/2010/12/associat ... e-matches/
Willkie Farr Matches Cravath
http://abovethelaw.com/2010/12/associat ... s-cravath/
Weil Will Matches
http://abovethelaw.com/2010/11/associat ... g-forward/
Milbank Matches
http://abovethelaw.com/2010/11/associat ... matches-2/
Skadden Matches Cravath
http://abovethelaw.com/2010/11/associat ... s-cravath/
Cravath same scale as last year.
http://abovethelaw.com/2010/11/associat ... under-way/
Last edited by Anonymous User on Wed Dec 22, 2010 1:32 pm, edited 1 time in total.

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dood
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Re: Bonuses

Postby dood » Tue Dec 21, 2010 10:40 pm

...
Last edited by dood on Sat Dec 25, 2010 6:23 pm, edited 1 time in total.

ToTransferOrNot
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Re: Bonuses

Postby ToTransferOrNot » Tue Dec 21, 2010 10:42 pm

I want to know what bonuses at Bartlit-Beck are.




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