2014 Biglaw Bonus Thread Forum
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- Monochromatic Oeuvre
- Posts: 2479
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2014 Biglaw Bonus Thread
I'm not completely the right person to start this thread, but it's getting late in the game if there will be any time for boundless speculation by people who don't actually have any more information than the rest of us.
Thing To Remember #1: Cravath will not pay a single dime more than they feel they absolutely have to.
Thing To Remember #2: Beachfront atrium renovations in Palm Beach don't pay for themselves.
Thing To Remember #3: No matter what the bonuses are, associates will complain. And within a week, they'll be back to licking the bottom of partners' shoes. And if they don't, there are hundreds of Fordham 164's who will be glad to.
Thing To Remember #4: The chart below.
Cravath-scale bonuses, first-year (pro-rated):
2000: $40k
2001: $20k
2002: $17.5k
2003: $17.5k
2004: $30k
2005: $30k
2006: $35k
2007: $45k
2008: $17.5k
2009: $7.5k
2010: $7.5k
2011: $10k (including spring)
2012: $10k
2013: $10k
Total first-year comp (real value, 2013 dollars):
2000: $165k ($224k)
2001: $145k ($191k)
2002: $142.5k ($185k)
2003: $142.5k ($181k)
2004: $155k ($191k)
2005: $155k ($185k)
2006: $180k ($209k)
2007: $205k ($231k)
2008: $177.5k ($193k)
2009: $167.5k ($182k)
2010: $167.5k ($179k)
2011: $170k ($176.5k)
2012: $170k ($173k)
2013: $170k ($170k)
Cravath PPP (real value, 2013 dollars):
2000: $2.25M ($3.05M)
2001: $2.13M ($2.81M)
2002: $1.96M ($2.54M)
2003: $2.08M ($2.64M)
2004: $2.21M ($2.73M)
2005: $2.60M ($3.11M)
2006: $3.02M ($3.50M)
2007: $3.30M ($3.72M)
2008: $2.52M ($2.73M)
2009: $2.72M ($2.96M)
2010: $3.17M ($3.40M)
2011: $3.10M ($3.22M)
2012: $3.43M ($3.49M)
2013: $3.29M ($3.29M)
Law school tution, Penn (real value, 2013 dollars):
2000: $27k ($37k)
2001: $28k ($37k)
2002: $29k ($38k)
2003: $31k ($39k)
2004: $33k ($41k)
2005: $35k ($42k)
2006: $37k ($43k)
2007: $39k ($44k)
2008: $42k ($46k)
2009: $44k ($48k)
2010: $45k ($48k)
2011: $48k ($50k)
2012: $50k ($51k)
2013: $52k ($52k)
2014: $53k ($52k)
Thing To Remember #1: Cravath will not pay a single dime more than they feel they absolutely have to.
Thing To Remember #2: Beachfront atrium renovations in Palm Beach don't pay for themselves.
Thing To Remember #3: No matter what the bonuses are, associates will complain. And within a week, they'll be back to licking the bottom of partners' shoes. And if they don't, there are hundreds of Fordham 164's who will be glad to.
Thing To Remember #4: The chart below.
Cravath-scale bonuses, first-year (pro-rated):
2000: $40k
2001: $20k
2002: $17.5k
2003: $17.5k
2004: $30k
2005: $30k
2006: $35k
2007: $45k
2008: $17.5k
2009: $7.5k
2010: $7.5k
2011: $10k (including spring)
2012: $10k
2013: $10k
Total first-year comp (real value, 2013 dollars):
2000: $165k ($224k)
2001: $145k ($191k)
2002: $142.5k ($185k)
2003: $142.5k ($181k)
2004: $155k ($191k)
2005: $155k ($185k)
2006: $180k ($209k)
2007: $205k ($231k)
2008: $177.5k ($193k)
2009: $167.5k ($182k)
2010: $167.5k ($179k)
2011: $170k ($176.5k)
2012: $170k ($173k)
2013: $170k ($170k)
Cravath PPP (real value, 2013 dollars):
2000: $2.25M ($3.05M)
2001: $2.13M ($2.81M)
2002: $1.96M ($2.54M)
2003: $2.08M ($2.64M)
2004: $2.21M ($2.73M)
2005: $2.60M ($3.11M)
2006: $3.02M ($3.50M)
2007: $3.30M ($3.72M)
2008: $2.52M ($2.73M)
2009: $2.72M ($2.96M)
2010: $3.17M ($3.40M)
2011: $3.10M ($3.22M)
2012: $3.43M ($3.49M)
2013: $3.29M ($3.29M)
Law school tution, Penn (real value, 2013 dollars):
2000: $27k ($37k)
2001: $28k ($37k)
2002: $29k ($38k)
2003: $31k ($39k)
2004: $33k ($41k)
2005: $35k ($42k)
2006: $37k ($43k)
2007: $39k ($44k)
2008: $42k ($46k)
2009: $44k ($48k)
2010: $45k ($48k)
2011: $48k ($50k)
2012: $50k ($51k)
2013: $52k ($52k)
2014: $53k ($52k)
- 84651846190
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- Joined: Thu Sep 13, 2012 7:06 pm
Re: 2014 Biglaw Bonus Thread
The ship be sinking.
-
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- Joined: Tue Aug 11, 2009 9:32 am
Re: 2014 Biglaw Bonus Thread
The lateral hiring market is extremely tight right now, which definitely increases the chances of bonuses going up (maybe to $12.5k or $15k for the Class of 2013). On the other hand, the lateral market was tight last year, too (but not so much in previous years), and bonuses didn't go up then. Also worth pointing out I suppose that Cravath had a somewhat lackluster year last year compared to their peers, but I'm not sure what their performance is expected to be like this year.
- CaptainJapan
- Posts: 375
- Joined: Mon Jun 09, 2014 9:53 pm
Re: 2014 Biglaw Bonus Thread
Looks like we missed the party
- WhirledWorld
- Posts: 332
- Joined: Wed Sep 22, 2010 11:04 am
Re: 2014 Biglaw Bonus Thread
That chart is so depressing.
I guess that Cravath stays Cravath, but someone else will depart from the Cravath scale. Now would be a good time for STB or S&C or Skadden to try and shake up the system again.
I mean, bonuses have been flat for five years, basically, but they have always gone up eventually in the past. And I find it really hard to believe that the boomers of 1998 or 2004 or 2006-07 are less miserly than the boomers of today.
I guess that Cravath stays Cravath, but someone else will depart from the Cravath scale. Now would be a good time for STB or S&C or Skadden to try and shake up the system again.
I mean, bonuses have been flat for five years, basically, but they have always gone up eventually in the past. And I find it really hard to believe that the boomers of 1998 or 2004 or 2006-07 are less miserly than the boomers of today.
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- Joined: Tue Oct 15, 2013 2:47 pm
Re: 2014 Biglaw Bonus Thread
The world changed during the 2008 recession, and people have realized it and taken advantage of it. This is one example.WhirledWorld wrote:That chart is so depressing.
I guess that Cravath stays Cravath, but someone else will depart from the Cravath scale. Now would be a good time for STB or S&C or Skadden to try and shake up the system again.
I mean, bonuses have been flat for five years, basically, but they have always gone up eventually in the past. And I find it really hard to believe that the boomers of 1998 or 2004 or 2006-07 are less miserly than the boomers of today.
Last edited by FSK on Sat Jan 27, 2018 5:29 pm, edited 1 time in total.
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Re: 2014 Biglaw Bonus Thread
STB went to 15k for 2013 today. Let's see if others follow.
-
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Re: 2014 Biglaw Bonus Thread
Confirming this is the case. This was totally unexpected after STB followed Cravath last year when it was a record year for them. Seems like all the top firms have to follow suit.Anonymous User wrote:STB went to 15k for 2013 today. Let's see if others follow.
Full STB scale:
2014: 15,000, prorated
2013: 15,000
2012: 25,000
2011: 40,000
2010: 55,000
2009: 70,000
2008: 85,000
2007: 100,000
2006: 100,000
2005 and above: Case-by-case
Been a very long time since the lockstep scale included six-figure bonuses.
- WhirledWorld
- Posts: 332
- Joined: Wed Sep 22, 2010 11:04 am
Re: 2014 Biglaw Bonus Thread
WHAT.Anonymous User wrote:Confirming this is the case. This was totally unexpected after STB followed Cravath last year when it was a record year for them. Seems like all the top firms have to follow suit.Anonymous User wrote:STB went to 15k for 2013 today. Let's see if others follow.
Full STB scale:
2014: 15,000, prorated
2013: 15,000
2012: 25,000
2011: 40,000
2010: 55,000
2009: 70,000
2008: 85,000
2007: 100,000
2006 and above: 100,000
Been a very long time since the lockstep scale included six-figure bonuses.
NO WAY.
All hail Simpson Thacher Jesus. First the bump up to 160, now this.
-
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- Joined: Tue Mar 08, 2011 3:52 pm
Re: 2014 Biglaw Bonus Thread
For comparison to last year's Cravath scale:
If true, STB more or less doubled the bonus scale (except for first years).Anonymous User wrote:Confirming this is the case. This was totally unexpected after STB followed Cravath last year when it was a record year for them. Seems like all the top firms have to follow suit.Anonymous User wrote:STB went to 15k for 2013 today. Let's see if others follow.
Full STB scale:
2014: 15,000, prorated -- 10,000, prorated
2013: 15,000 -- 10,000
2012: 25,000 -- 14,000
2011: 40,000 -- 20,000
2010: 55,000 -- 27,000
2009: 70,000 -- 34,000
2008: 85,000 -- 40,000
2007: 100,000 -- 50,000
2006: 100,000 -- 60,000
2005 and above: Case-by-case -- N/A
Been a very long time since the lockstep scale included six-figure bonuses.
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Re: 2014 Biglaw Bonus Thread
STB had another good year it seems like, and hired at on of summers. We've heard rumblings of how bad midlevel retention is right now.
This plausible & hopeful.
This plausible & hopeful.
- WhirledWorld
- Posts: 332
- Joined: Wed Sep 22, 2010 11:04 am
Re: 2014 Biglaw Bonus Thread
What's the source for the STB bonuses? It's seems way too early for the official bonus email to have already gone out. And without an official email what are we relying on -- the rumor mill?
BUT I WANT TO BELIEVE
BUT I WANT TO BELIEVE
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- jbagelboy
- Posts: 10361
- Joined: Thu Nov 29, 2012 7:57 pm
Re: 2014 Biglaw Bonus Thread
yay simpson. so it's fair to conclude Cravath, DPW, S&C, Cleary ect will match?
- B.B. Homemaker
- Posts: 3452
- Joined: Fri Jan 18, 2013 11:00 pm
Re: 2014 Biglaw Bonus Thread
Forget matching, I want a bidding war.jbagelboy wrote:yay simpson. so it's fair to conclude Cravath, DPW, S&C, Cleary ect will match?
lol
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Re: 2014 Biglaw Bonus Thread
I bet NY V10 match and most of the rest don't. Rich get richer scenario.
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Re: 2014 Biglaw Bonus Thread
Yes, please.B.B. Homemaker wrote:Forget matching, I want a bidding war.jbagelboy wrote:yay simpson. so it's fair to conclude Cravath, DPW, S&C, Cleary ect will match?
lol
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Re: 2014 Biglaw Bonus Thread
What is the typical definition of "pro-rated" for stub-year first year associates that started in Sept, Oct, or Nov of 2014, e.g. is it 1/3 for Sept starters and 1/4 for Oct starters?
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Re: 2014 Biglaw Bonus Thread
It's a percentage based on the exact day you started. If you started on Sept. 30, you'll get exactly 25% as you worked at the firm for exactly 1/4 of the year.KirkwoodGAO wrote:What is the typical definition of "pro-rated" for stub-year first year associates that started in Sept, Oct, or Nov of 2014, e.g. is it 1/3 for Sept starters and 1/4 for Oct starters?
- mickey0004
- Posts: 28
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Re: 2014 Biglaw Bonus Thread
here's to hoping for a better bonus season.
- 84651846190
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Re: 2014 Biglaw Bonus Thread
and there was much rejoicing
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- WhirledWorld
- Posts: 332
- Joined: Wed Sep 22, 2010 11:04 am
Re: 2014 Biglaw Bonus Thread
K&E associates don't need to worry about matching when they already SHATTER THE MARKET: http://www.autoadmit.com/thread.php?thr ... 2#22115272Anonymous User wrote:I bet NY V10 match and most of the rest don't. Rich get richer scenario.
- jbagelboy
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Re: 2014 Biglaw Bonus Thread
a secondary question will be how kirkland, irell, ect. that pay around $15K to first years (if you count only high billing first years at k&e) but market themselves as "above market" respond.WhirledWorld wrote:K&E associates don't need to worry about matching when they already SHATTER THE MARKET: http://www.autoadmit.com/thread.php?thr ... 2#22115272Anonymous User wrote:I bet NY V10 match and most of the rest don't. Rich get richer scenario.
- Old Gregg
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Re: 2014 Biglaw Bonus Thread
You realize these days that means maybe making about 2x market if you're at the top of your class year? Not really shattering...WhirledWorld wrote:K&E associates don't need to worry about matching when they already SHATTER THE MARKET: http://www.autoadmit.com/thread.php?thr ... 2#22115272Anonymous User wrote:I bet NY V10 match and most of the rest don't. Rich get richer scenario.
- jbagelboy
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Re: 2014 Biglaw Bonus Thread
I thought anon was intentionally facetiouszweitbester wrote:You realize these days that means maybe making about 2x market if you're at the top of your class year? Not really shattering...WhirledWorld wrote:K&E associates don't need to worry about matching when they already SHATTER THE MARKET: http://www.autoadmit.com/thread.php?thr ... 2#22115272Anonymous User wrote:I bet NY V10 match and most of the rest don't. Rich get richer scenario.
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