Wachtell Bonus

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lovelaw27
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Wachtell Bonus

Postby lovelaw27 » Tue Apr 05, 2011 4:37 pm

--LinkRemoved--

Bonuses started at 45% of salary for more junior associates up to 70% of base salary for more senior associates.

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bk1
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Re: Wachtell Bonus

Postby bk1 » Tue Apr 05, 2011 4:39 pm

In other news some dude just won the lottery, something which has about the same chance of happening for someone on TLS a working at Wachtell.

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bk1
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Re: Wachtell Bonus

Postby bk1 » Tue Apr 05, 2011 7:32 pm

G. T. L. Rev. wrote:I'm not so sure. IIRC, someone one here had a CB at WLRK this past fall, and we have people on here who are almost certainly qualified to work there.


I know it's not technically true, I was being hyperbolic. My point was that it is exceedingly rare and that one's chances are really really slim, though obviously not as rare as winning the lotto.

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vanwinkle
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Re: Wachtell Bonus

Postby vanwinkle » Tue Apr 05, 2011 7:43 pm

I personally considered it an honor and a privilege to be in their presence for 20 minutes and receive a rejection letter on their beautiful letterhead.

Anonymous User
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Re: Wachtell Bonus

Postby Anonymous User » Tue Apr 05, 2011 8:19 pm

thats pretty weak

hopefully they get back up to 100% base salary bonuses in 2 years when I join the firm

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Re: Wachtell Bonus

Postby Anonymous User » Tue Apr 05, 2011 8:27 pm

But...

You have to work at Wachtell.

Not even close to being worth it.

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swc65
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Re: Wachtell Bonus

Postby swc65 » Tue Apr 05, 2011 8:32 pm

^^ What? It's only billing 3K hours. That ain't hard.

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Re: Wachtell Bonus

Postby Anonymous User » Tue Apr 05, 2011 8:36 pm

swc65 wrote:^^ What? It's only billing 3K hours. That ain't hard.


I know you're being sarcastic, but even if 3k hours was reasonably doable, it's still doing the type of work that Wachtell does in a type of place like Wachtell...

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Stanford4Me
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Re: Wachtell Bonus

Postby Stanford4Me » Tue Apr 05, 2011 8:36 pm

Anonymous User wrote:But...

You have to work at Wachtell.

Not even close to being worth it.

+1 for me.

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swc65
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Re: Wachtell Bonus

Postby swc65 » Tue Apr 05, 2011 8:44 pm

Anonymous User wrote:
swc65 wrote:^^ What? It's only billing 3K hours. That ain't hard.


I know you're being sarcastic, but even if 3k hours was reasonably doable, it's still doing the type of work that Wachtell does in a type of place like Wachtell...



I don't really know what they do or what type of place it is. What's so wrong with the work and environment?

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Cavalier
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Re: Wachtell Bonus

Postby Cavalier » Wed Apr 06, 2011 7:41 pm

bk1 wrote:In other news some dude just won the lottery, something which has about the same chance of happening for someone on TLS a working at Wachtell.

Not really. I know of multiple TLSers who have been/will be competitive for SCOTUS clerkships, so I imagine quite a few people here could get Wachtell if they wanted.

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bk1
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Re: Wachtell Bonus

Postby bk1 » Wed Apr 06, 2011 7:42 pm

Cavalier wrote:
bk1 wrote:In other news some dude just won the lottery, something which has about the same chance of happening for someone on TLS a working at Wachtell.

Not really. I know of multiple TLSers who have been/will be competitive for SCOTUS clerkships, so I imagine quite a few people here could get Wachtell if they wanted.


See my above response to GTL stating I was being hyperbolic.

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Cavalier
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Re: Wachtell Bonus

Postby Cavalier » Wed Apr 06, 2011 7:46 pm

bk1 wrote:
Cavalier wrote:
bk1 wrote:In other news some dude just won the lottery, something which has about the same chance of happening for someone on TLS a working at Wachtell.

Not really. I know of multiple TLSers who have been/will be competitive for SCOTUS clerkships, so I imagine quite a few people here could get Wachtell if they wanted.

See my above response to GTL stating I was being hyperbolic.

You expect me to read the entire thread before posting? Ridiculous!

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beachbum
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Re: Wachtell Bonus

Postby beachbum » Wed Apr 06, 2011 7:54 pm

This may sound incredibly ignorant, but what the hell did Watchtell do to deserve the insane prestige/respect they get (particularly on a forum where a lot of people are gunning for V5/V10)? And why are they paying so much more than other firms? And how can they afford to be so incredibly selective? Basically, wtf Watchtell?
Last edited by beachbum on Wed Apr 06, 2011 7:55 pm, edited 1 time in total.

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bk1
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Re: Wachtell Bonus

Postby bk1 » Wed Apr 06, 2011 7:54 pm

Cavalier wrote:You expect me to read the entire thread before posting? Ridiculous!


My feelings exactly.

legends159
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Re: Wachtell Bonus

Postby legends159 » Wed Apr 06, 2011 8:10 pm

beachbum wrote:This may sound incredibly ignorant, but what the hell did Watchtell do to deserve the insane prestige/respect they get (particularly on a forum where a lot of people are gunning for V5/V10)? And why are they paying so much more than other firms? And how can they afford to be so incredibly selective? Basically, wtf Watchtell?


Like skadden they did the hostile takeover stuff when other white shoes firms wouldn't b/c it wasn't considered respectable work. They defended corporate boards while skadden advised acquirers. Lipton also invented the poison pill which is a big deal in takeovers, making it impossible to do a hostile takeover w/o a proxy fight.

Unlike skadden they didn't balloon in size but retain relatively low number of attorneys so they could remain more selective. They represent mostly public companies and get huge fees from their legal work. Since they have a small size they can afford to pay much higher bonuses than other firms. But they also work much harder and partners typically don't bill at a much higher rate than associates do, so from the top down people at WLRK are workhorses.

the vault rankings are based on a survey of biglaw associates and partners and all they ask for is a ranking of firms based on perceived prestige. Since they pay the most, it's easy to see them as the most prestigious. In the 80s and early 90s Cravath paid the most, so they were ranked #1.

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beachbum
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Re: Wachtell Bonus

Postby beachbum » Wed Apr 06, 2011 8:26 pm

legends159 wrote:
beachbum wrote:This may sound incredibly ignorant, but what the hell did Watchtell do to deserve the insane prestige/respect they get (particularly on a forum where a lot of people are gunning for V5/V10)? And why are they paying so much more than other firms? And how can they afford to be so incredibly selective? Basically, wtf Watchtell?


Like skadden they did the hostile takeover stuff when other white shoes firms wouldn't b/c it wasn't considered respectable work. They defended corporate boards while skadden advised acquirers. Lipton also invented the poison pill which is a big deal in takeovers, making it impossible to do a hostile takeover w/o a proxy fight.

Unlike skadden they didn't balloon in size but retain relatively low number of attorneys so they could remain more selective. They represent mostly public companies and get huge fees from their legal work. Since they have a small size they can afford to pay much higher bonuses than other firms. But they also work much harder and partners typically don't bill at a much higher rate than associates do, so from the top down people at WLRK are workhorses.

the vault rankings are based on a survey of biglaw associates and partners and all they ask for is a ranking of firms based on perceived prestige. Since they pay the most, it's easy to see them as the most prestigious. In the 80s and early 90s Cravath paid the most, so they were ranked #1.


Great explanation, thanks.

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WVUCelticFan
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Re: Wachtell Bonus

Postby WVUCelticFan » Wed Apr 06, 2011 8:30 pm

Slightly off-topic, but what other firms (I'm assuming there are at least a a couple) do the same type of work as WLRK?

legends159
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Re: Wachtell Bonus

Postby legends159 » Wed Apr 06, 2011 11:39 pm

pretty much every large firm in NYC

Wachtell doesn't do specialized niche work. They just do certain work, primarily M&A, M&A litigation, corp governance work especially well.

phoenixsoars
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Re: Wachtell Bonus

Postby phoenixsoars » Thu Apr 07, 2011 12:53 am

.
Last edited by phoenixsoars on Wed Jul 04, 2012 7:55 pm, edited 1 time in total.

Anonymous User
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Re: Wachtell Bonus

Postby Anonymous User » Thu Apr 07, 2011 3:28 pm

phoenixsoars wrote:
Anonymous User wrote:
swc65 wrote:^^ What? It's only billing 3K hours. That ain't hard.


I know you're being sarcastic, but even if 3k hours was reasonably doable, it's still doing the type of work that Wachtell does in a type of place like Wachtell...


Actually, from the people I've spoken with who have worked at Wachtell, around 3K billables sounds about right. So I'm not sure whether the comment was sarcasm, but 2700+ hours is a regular occurrence at WLRK. You don't get huge bonuses just because your firm is uber-prestigious.


Oh, no, I understand that they want 3k. I was referring to his "that ain't hard" comment.

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RVP11
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Re: Wachtell Bonus

Postby RVP11 » Sun Apr 10, 2011 10:38 am

phoenixsoars wrote:
Anonymous User wrote:
swc65 wrote:^^ What? It's only billing 3K hours. That ain't hard.


I know you're being sarcastic, but even if 3k hours was reasonably doable, it's still doing the type of work that Wachtell does in a type of place like Wachtell...


Actually, from the people I've spoken with who have worked at Wachtell, around 3K billables sounds about right. So I'm not sure whether the comment was sarcasm, but 2700+ hours is a regular occurrence at WLRK. You don't get huge bonuses just because your firm is uber-prestigious.


They were giving standard 100% bonuses before ITE...so, yeah, sometimes you do get a huge bonus just because your firm is uber-prestigious.

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vanwinkle
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Re: Wachtell Bonus

Postby vanwinkle » Sun Apr 10, 2011 12:44 pm

RVP11 wrote:
phoenixsoars wrote:Actually, from the people I've spoken with who have worked at Wachtell, around 3K billables sounds about right. So I'm not sure whether the comment was sarcasm, but 2700+ hours is a regular occurrence at WLRK. You don't get huge bonuses just because your firm is uber-prestigious.

They were giving standard 100% bonuses before ITE...so, yeah, sometimes you do get a huge bonus just because your firm is uber-prestigious.

I believe the above poster's point was that you get the bonus because you put in 2700+ hours at your uber-prestigious firm. If you're not keeping up with everyone else in billables logged, you won't be getting a huge bonus, you'll be getting the door.




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