2014 Biglaw Bonus Thread

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Bonuses will be _____ from last year

Up
62
61%
Unchanged
34
33%
Down
6
6%
 
Total votes: 102

Anonymous User
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Re: 2014 Biglaw Bonus Thread

Postby Anonymous User » Wed Dec 10, 2014 11:36 pm

Anyone hear a peep yet from Texas offices?

WhirledWorld
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Re: 2014 Biglaw Bonus Thread

Postby WhirledWorld » Thu Dec 11, 2014 11:36 am

Has Cravath even announced yet?

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Tiago Splitter
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Re: 2014 Biglaw Bonus Thread

Postby Tiago Splitter » Thu Dec 11, 2014 11:40 am

WhirledWorld wrote:Has Cravath even announced yet?

They matched STB within a few days

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B.B. Homemaker
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Re: 2014 Biglaw Bonus Thread

Postby B.B. Homemaker » Thu Dec 11, 2014 12:40 pm

Tiago Splitter wrote:
WhirledWorld wrote:Has Cravath even announced yet?

They matched STB within a few days

what about wlrk, though


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thelawyler
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Re: 2014 Biglaw Bonus Thread

Postby thelawyler » Thu Dec 11, 2014 2:26 pm

Shit just got (slightly) real.

Hutz_and_Goodman
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Re: 2014 Biglaw Bonus Thread

Postby Hutz_and_Goodman » Thu Dec 11, 2014 2:28 pm



Base salary is going up before the end of 2015. A firm that announces an above-160k salary before fall 2015 will have a big advantage in recruiting the best applicants, and since the money is being paid out in bonuses anyway why not take the plunge?
Last edited by Hutz_and_Goodman on Thu Dec 11, 2014 2:29 pm, edited 1 time in total.

mvp99
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Re: 2014 Biglaw Bonus Thread

Postby mvp99 » Thu Dec 11, 2014 2:29 pm


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Elston Gunn
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Re: 2014 Biglaw Bonus Thread

Postby Elston Gunn » Thu Dec 11, 2014 2:31 pm


...for 3rd years.

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thelawyler
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Re: 2014 Biglaw Bonus Thread

Postby thelawyler » Thu Dec 11, 2014 2:39 pm

What are the chances that STB does not match the bonuses but instead just announces a modest base salary increase that eclipses or matches the difference in bonus? That'd let them be a leader again for the good press. Dunno. I guess shit got slightly more interesting.

But this does put the firms that decided to go on the STB scale instead of the DPW scale in the last week or so look pretty cheap if market moves to DPW scale.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Thu Dec 11, 2014 2:41 pm

Hutz_and_Goodman wrote:


Base salary is going up before the end of 2015. A firm that announces an above-160k salary before fall 2015 will have a big advantage in recruiting the best applicants, and since the money is being paid out in bonuses anyway why not take the plunge?


(a) No one cares about attracting 2L recruits if you're one of these firms because so many are pawing over each other to get jobs there. There's also no net recruiting benefit once all other firms match. Highly doubt a 2L is going into bidding at OCI (or is deciding between offers) and seriously weighs that Simpson, for example, was a first mover way back when so that counts for something.

(b) I can see salaries going up for midlevels, but again I don't think this nets into a recruiting advantage vs. other big law firms. More of a recruiting advantage between law and non-biglaw to stop attrition to in-house, banks, start-ups, funds, etc.

If it wasn't for strength in those latter sectors, biglaw salaries would still be stuck in the $90k range...

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Thu Dec 11, 2014 2:41 pm

What are the chances that STB does not match the bonuses but instead just announces a modest base salary increase that eclipses or matches the difference in bonus? That'd let them be a leader again for the good press. Dunno. I guess shit got slightly more interesting.


Close to 0%.

Hutz_and_Goodman
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Re: 2014 Biglaw Bonus Thread

Postby Hutz_and_Goodman » Thu Dec 11, 2014 2:48 pm

zweitbester wrote:
Hutz_and_Goodman wrote:
B.B. Homemaker wrote:
(a) No one cares about attracting 2L recruits if you're one of these firms because so many are pawing over each other to get jobs there. There's also no net recruiting benefit once all other firms match. Highly doubt a 2L is going into bidding at OCI (or is deciding between offers) and seriously weighs that Simpson, for example, was a first mover way back when so that counts for something.


What happened in 2000-2007 that lead to the run up in big law base salary that won't happen now? There are fewer law school graduates in 2015, 2016, 2017 than there were then (correct me if this is wrong), right?

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Thu Dec 11, 2014 2:49 pm

Hutz_and_Goodman wrote:
zweitbester wrote:
Hutz_and_Goodman wrote:
B.B. Homemaker wrote:
(a) No one cares about attracting 2L recruits if you're one of these firms because so many are pawing over each other to get jobs there. There's also no net recruiting benefit once all other firms match. Highly doubt a 2L is going into bidding at OCI (or is deciding between offers) and seriously weighs that Simpson, for example, was a first mover way back when so that counts for something.


What happened in 2000-2007 that lead to the run up in big law base salary that won't happen now? There are fewer law school graduates in 2015, 2016, 2017 than there were then (correct me if this is wrong), right?


Way, way more entry level jobs, especially in non-biglaw, for entry levels.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Thu Dec 11, 2014 2:50 pm

You can't just look at the supply number. Have to look at demand.

Anonymous User
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Re: 2014 Biglaw Bonus Thread

Postby Anonymous User » Thu Dec 11, 2014 2:53 pm

Are Simpson/Skadden most likely to try and match now, add a spring bonus, or just sit tight?

Hutz_and_Goodman
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Re: 2014 Biglaw Bonus Thread

Postby Hutz_and_Goodman » Thu Dec 11, 2014 2:54 pm

zweitbester wrote:You can't just look at the supply number. Have to look at demand.


Ok, so you're saying that there used to be some truth to the "you can do anything with a law degree!" mindset because law school graduates could get jobs in finance/banking/other sectors. If that's true then that makes sense.

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Tiago Splitter
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Re: 2014 Biglaw Bonus Thread

Postby Tiago Splitter » Thu Dec 11, 2014 2:59 pm

Anonymous User wrote:Are Simpson/Skadden most likely to try and match now, add a spring bonus, or just sit tight?

Probably just do what Cleary did and match now. It would be awkward to have a spring bonus that doesn't go to every class.

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Cobretti
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Re: 2014 Biglaw Bonus Thread

Postby Cobretti » Thu Dec 11, 2014 3:07 pm

zweitbester wrote:(b) I can see salaries going up for midlevels, but again I don't think this nets into a recruiting advantage vs. other big law firms. More of a recruiting advantage between law and non-biglaw to stop attrition to in-house, banks, start-ups, funds, etc.

If it wasn't for strength in those latter sectors, biglaw salaries would still be stuck in the $90k range...

But if the fear was losing people to other sectors I don't see hwo that precludes raising entry pay as well. Applications are down and the people they are recruiting now are undeniably "less qualified" going into law school than the people in 2007 were. If losing mid levels to other sectors is a concern I don't see how they would be short sighted enough to not see the further implications going forward. I'm sure its less of an immediate concern as losing mid levels, but every law firm has to know if the applications continue to decline year over year as they have recently, they will have a serious problem on their hands in the not so distant future.

If you want to argue that biglaw associates are just warm bodies and the firms don't care if people entering law school are not as high scoring or whatever, I think everything I've seen shows that law firms are arguably bigger prestige whores than even your standard T14 1L, and they clearly do care about attracting the "best and brightest".

I think the best argument that they would only increase mid level pay is because clients would be less opposed to it because they know that is where they are getting their value in the first place, but it looks like they increased first year bonuses already despite this so that might not be such a concern.

Anonymous User
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Re: 2014 Biglaw Bonus Thread

Postby Anonymous User » Thu Dec 11, 2014 3:12 pm

What about Cravath? Is the thinking that they will match and everyone else will join in too?

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Br3v
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Re: 2014 Biglaw Bonus Thread

Postby Br3v » Thu Dec 11, 2014 3:21 pm

So does TLS think that you get pushed out of Biglaw after a few years, or that Biglaw is in a salary war to keep mid levels from leaving?

(Slight room for: most get pushed out, the valuable ones that remain are highly sought after. But that leaves the question of why not just keep more mid levels for less?)

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fats provolone
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Re: 2014 Biglaw Bonus Thread

Postby fats provolone » Thu Dec 11, 2014 3:23 pm

define "pushed out"

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utahraptor
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Re: 2014 Biglaw Bonus Thread

Postby utahraptor » Thu Dec 11, 2014 3:23 pm

Br3v wrote:So does TLS think that you get pushed out of Biglaw after a few years, or that Biglaw is in a salary war to keep mid levels from leaving?

(Slight room for: most get pushed out, the valuable ones that remain are highly sought after. But that leaves the question of why not just keep more mid levels for less?)

What? I don't think anyone suggests that real up-or-out starts during the early years. The nature of Biglaw still obviously causes a lot of attrition, but I don't think many/most of the losses are desired during the early years.

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Desert Fox
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Re: 2014 Biglaw Bonus Thread

Postby Desert Fox » Thu Dec 11, 2014 3:37 pm

Br3v wrote:So does TLS think that you get pushed out of Biglaw after a few years, or that Biglaw is in a salary war to keep mid levels from leaving?

(Slight room for: most get pushed out, the valuable ones that remain are highly sought after. But that leaves the question of why not just keep more mid levels for less?)


By the time you are a midlevel you are fairly set in a practice group. My firm shitcanned a guy in Antitrust but is desperate to find corp midlevels.

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Br3v
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Re: 2014 Biglaw Bonus Thread

Postby Br3v » Thu Dec 11, 2014 3:54 pm

So the answer is "both" and luck is dispositive? I thought practice was not like law school?




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