Biglaw_Associate_V20 wrote:Desert Fox wrote:Biglaw_Associate_V20 wrote:^
This is pretty spot on. I'm really confused why people would think biglaw bonuses would go up this year. My impression is that revenue at firms has stayed about the same (at best), there are still a shitload of new law grads (WAY more than necessary to fill biglaw summer classes) being pumped out by top law schools every year, and partners are becoming greedier and greedier by the hour.
I'd imagine overall profitability is only somewhat related to bonuses. I'd bet the lateral market has more to do with it.
If all (or almost all) firms match Cravath bonuses, they aren't using bonuses to compete in the lateral market, no? I mean, I guess they are competing with in house departments, govt jobs, etc.?
Bonuses aren't nearly as lockstep as the salaries are.
But I'd imagine they are mostly just bribing you stay. I've seen it expressed (on the internet, so grain of salt) that shitty bonuses make people who were working hard at their firm feel under appreciated. "2500 hours and all I get is 20k, fuck this I'm gone."