Anonymous User wrote:Anonymous User wrote:If you were just a summer so far, perhaps you don't have any real answer to this. But then again, maybe you heard stuff through the grapevine over your summer there. I ask since there seems to have been discussion of this in another thread: is the black box compensation system just an excuse to allow the firm to pay people below market salary? Again, totally understand if you have no real perspective on this yet, but figured I'd ask just in case.
You're right, I have no inside info. However no one I talked with expressed displeasure with the system. Also, I don't buy into the whole "it lets them pay below market" line. Because the market is well known, if they did pay below market people would leave. They do not pay lump bonuses, but rather include it in your annual compensation, so my guess is you'd actually be higher than market base (but ever so slightly behind total comp because of present value).
As it got further into the summer last year there were a few associates who I became very close with and the assured me that the "black box" compensation model of Jones Day doesn't mean that the firm will try to pay you less than what associates are making at peer firms. In fact, at my office at least, the hiring partner talked to us about how they encourage associates to give them any details they have on what their friends are making at other firms (and the partners do their own research as well) to make sure Jones Day is paying what they should be paying. Also, the associates I spoke with, while we couldn't talk about exact numbers, assured me they were more than happy with their pay and a few told me they were making above market for their year.
Also, my earlier comment was a little bit too cryptic. There was just one talk I didn't enjoy that, in my opinion, wasn't so much fun.