2014 Biglaw Bonus Thread

[BeenDidThat]

danteshek has always been my favorite horatio alger character. From southwestern to loyola law review editorial board to georgetown llm to prematurely terminated fellowship to breaking one off in george soros.

delusionally patronizing tls posters literally every step of the way.

This is by far the best series of comments I have ever stumbled upon. Bravo.

[Old Gregg]

So uh back to bonuses...

Junior banker salaries got boosted 20% this year. http://wsj.com/articles/wall-street-ban ... 7?mobile=y

Trying to use the google on my phone but it seems like bonuses for ibanks are up this year too? mergersandinquisitions.com/2014-investment-banking-bonuses/ Not really sure if this source is credible or if I'm reading it right.

Banks base pay + bonus rise = big law base pay rise too?

As with anything in life, not necessarily. But it certainly helps point in that direction.

[sublime]

..

[Desert Fox]

Yea, I still think a base bump is unlikely, but it sure as hell looks more realistic than it did a month ago.

agreed, I think it'll take a couple years of large bonuses for a base bump to happen. Firms probably wanna reserve the right to lower. Also firms can fuck over laterals and clerks by not paying da bonus.

[Desert Fox]

Yea, I still think a base bump is unlikely, but it sure as hell looks more realistic than it did a month ago.

agreed, I think it'll take a couple years of large bonuses for a base bump to happen. Firms probably wanna reserve the right to lower. Also firms can fuck over laterals and clerks by not paying da bonus.

[Old Gregg]

Yea, I still think a base bump is unlikely, but it sure as hell looks more realistic than it did a month ago.

agreed, I think it'll take a couple years of large bonuses for a base bump to happen. Firms probably wanna reserve the right to lower. Also firms can fuck over laterals and clerks by not paying da bonus.

Yeah, if corporate is still strong after the Fed raises rates next year, then I'd predict a base bump in 2016. And I'm not trolling either.

[jbagelboy]

Yea, I still think a base bump is unlikely, but it sure as hell looks more realistic than it did a month ago.

agreed, I think it'll take a couple years of large bonuses for a base bump to happen. Firms probably wanna reserve the right to lower. Also firms can fuck over laterals and clerks by not paying da bonus.

Yeah, if corporate is still strong after the Fed raises rates next year, then I'd predict a base bump in 2016. And I'm not trolling either.

From one perspective, it stands to reason that an increase in 2015 in analyst base pay (for very top bulge bracket) suggests a potential increase in law firm associate base since their compensation (or at least nominally their success/profit) links to the same deal volume and industries. However, to the extent the banking increases target talent siphoning to Silicon Valley ect., it might not be as telling. But yea we all hope you're right!

[Old Gregg]

We really just need evidence that the economy is churning on all cylinders. While all the unemployment numbers, etc. look encouraging, they're not really indicative of the overall health of the economy (hint: it's not good). Right now unemployment is only "low" in appearance (look at the participation rate), there hasn't been much wage growth, and while GDP has increased, all of these "good things" are linked to the fed rate being at 0%. If we manage to maintain true employment growth, wage growth and GDP growth despite interest rates going up, we're looking at something akin to a boom. In that environment, a base raise is most likely.

Nothing to guarantee that'll happen though. Recall how the narrative 5 years ago was that the Chinese economy would overtake the US economy in 2015. That's far from the case right now. People don't really know what's going on or what'll happen. Just gotta take shit one month/year at a time and hope for the best.

I will say that if you managed to snag biglaw in corporate in OCI years 2008-2010, you're looking good. Associates from those class years with corporate skills are in severe low supply and are barely able to handle the workload we're seeing right now. Even if the workload dipped significantly, there'd still be enough hours to keep those guys busy. It's an interesting time. I've never felt quite so secure in my job and pay despite not being particularly talented or excellent at what I do.

[Danteshek]

danteshek has always been my favorite horatio alger character. From southwestern to loyola law review editorial board to georgetown llm to prematurely terminated fellowship to breaking one off in george soros.

delusionally patronizing tls posters literally every step of the way.

What do you think would motivate me to voluntarily give up about USD 75,000 just for hanging out in Russia for another 9 months?

[Mal Reynolds]

Danteshek tell us more about your international deals.

[mmelittlechicken]

This is amazing.

[Danteshek]

Danteshek tell us more about your international deals.

I might have shared a lot more if you had not acted the way you did.

[Mal Reynolds]

Noooo. You have so much to bequeath unto us.

[Danteshek]

Noooo. You have so much to bequeath unto us.

This is why you will never make partner. Mark my words.

[utahraptor]

Noooo. You have so much to bequeath unto us.

This is why you will never make partner. Mark my words.

Is making partner as good as joining you? I need to know what my real career goals should be.

[Danteshek]

Noooo. You have so much to bequeath unto us.

This is why you will never make partner. Mark my words.

Is making partner as good as joining you? I need to know what my real career goals should be.

It doesn't matter. You are beyond help.

[utahraptor]

It doesn't matter. You are beyond help.

Is getting an LLM a good start?

[Danteshek]

It doesn't matter. You are beyond help.

Is getting an LLM a good start?

Not in your case. Perhaps a psychiatrist

[utahraptor]

It doesn't matter. You are beyond help.

Is getting an LLM a good start?

Not in your case.

Is that because you know about my case, or because LLMs are for winners??

[Danteshek]

It doesn't matter. You are beyond help.

Is getting an LLM a good start?

Not in your case.

Is that because you know about my case, or because LLMs are for winners??

I know enough about your mindset to know I can't help you.

[utahraptor]

Is that because you know about my case, or because LLMs are for winners??

I know enough about your mindset to know I can't help you.

so, to clarify, you're saying that LLMs help??

[Danteshek]

Is that because you know about my case, or because LLMs are for winners??

I know enough about your mindset to know I can't help you.

so, to clarify, you're saying that LLMs help??

It depends! If you plan on working in the US, it probably won't help.

[utahraptor]

Is that because you know about my case, or because LLMs are for winners??

I know enough about your mindset to know I can't help you.

so, to clarify, you're saying that LLMs help??

It depends! If you plan on working in the US, it probably won't help.

Tell us about the glory of working outside the US. Why is it helpful there?

[Danteshek]

A few issues. Lawyers in continental Europe tend to be more academic and appreciate advanced degrees more than US lawyers. So if you know a couple of European languages fluently and have an LLM demonstrating knowledge of a specialized area - say securities law for capital markets work - you could do well. I'd say the more decisive factor is how well you speak the relevant languages.

[utahraptor]

A few issues. Lawyers in continental Europe tend to be more academic and appreciate advanced degrees more than US lawyers. So if you know a couple of European languages fluently and have an LLM demonstrating knowledge of a specialized area - say securities law for capital markets work - you could do well. I'd say the more decisive factor is how well you speak the relevant languages.

tell us more about BIG EUROPEAN CAP MARKETS work