2014 Biglaw Bonus Thread

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Bonuses will be _____ from last year

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Total votes: 102

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lonerider
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Re: 2014 Biglaw Bonus Thread

Postby lonerider » Thu Dec 11, 2014 4:03 pm

Thanksgiving is the traditional time to announce bonuses. Pre-recession, when did firms traditionally announce base pay raises?

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Cobretti
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Re: 2014 Biglaw Bonus Thread

Postby Cobretti » Thu Dec 11, 2014 4:06 pm

lonerider wrote:Thanksgiving is the traditional time to announce bonuses. Pre-recession, when did firms traditionally announce base pay raises?

January was the last one

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cookiejar1
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Re: 2014 Biglaw Bonus Thread

Postby cookiejar1 » Thu Dec 11, 2014 7:12 pm

Paul, Weiss just re-upped and matched DPW. http://abovethelaw.com/2014/12/associat ... s-pays-up/

NYC TO 190!

Anonymous User
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Re: 2014 Biglaw Bonus Thread

Postby Anonymous User » Thu Dec 11, 2014 7:19 pm

Simpson is taking its sweet time to announce 190k base 1st year

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Cobretti
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Re: 2014 Biglaw Bonus Thread

Postby Cobretti » Thu Dec 11, 2014 7:30 pm


KM2016
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Re: 2014 Biglaw Bonus Thread

Postby KM2016 » Thu Dec 11, 2014 7:31 pm

Simpson and Cravath just retroactively matched too.

http://abovethelaw.com/2014/12/associat ... low-davis/

Edit: Scooped by Cobretti

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Monochromatic Oeuvre
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Re: 2014 Biglaw Bonus Thread

Postby Monochromatic Oeuvre » Thu Dec 11, 2014 7:59 pm

I get the notion that Biglaw is less likely to have a base bump if they want to go to the IB model where compensation is more variable based on the performance of the year (driving a stake into risk-averse law students). But I really don't understand the people who say it's not possible or is really unlikely. Bonuses, PPP, and deal activity are all higher than 2006, whose results spurred the last pay bump the following January.

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jbagelboy
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Re: 2014 Biglaw Bonus Thread

Postby jbagelboy » Thu Dec 11, 2014 8:01 pm

Monochromatic Oeuvre wrote:I get the notion that Biglaw is less likely to have a base bump if they want to go to the IB model where compensation is more variable based on the performance of the year (driving a stake into risk-averse law students). But I really don't understand the people who say it's not possible or is really unlikely. Bonuses, PPP, and deal activity are all higher than 2006, whose results spurred the last pay bump the following January.


my impression is that people are generally saying it is possible/likely that we'll see a base bump in 2015

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cookiejar1
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Re: 2014 Biglaw Bonus Thread

Postby cookiejar1 » Thu Dec 11, 2014 8:03 pm

I actually would be incredibly surprised if there was a bump in 2015 but if there's smoke there's gotta be fire right?

NYC TO 190!

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skers
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Re: 2014 Biglaw Bonus Thread

Postby skers » Thu Dec 11, 2014 8:10 pm

Monochromatic Oeuvre wrote:I get the notion that Biglaw is less likely to have a base bump if they want to go to the IB model where compensation is more variable based on the performance of the year (driving a stake into risk-averse law students). But I really don't understand the people who say it's not possible or is really unlikely. Bonuses, PPP, and deal activity are all higher than 2006, whose results spurred the last pay bump the following January.


I don't get where you're getting that this is somehow more like IB bonuses or anything like that. This is probably just a reflection that the midlevel lateral market is pretty hot right, especially for corp. This is probably a reflection of some constriction in the number of associates from the layoffs post-recession. If there's going to be a base bump, it'll be at the top end.

dixiecupdrinking
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Re: 2014 Biglaw Bonus Thread

Postby dixiecupdrinking » Thu Dec 11, 2014 8:22 pm

IMO these increased bonuses are in lieu of increased salaries, not evidence that they're coming.

mvp99
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Re: 2014 Biglaw Bonus Thread

Postby mvp99 » Thu Dec 11, 2014 8:24 pm

cookiejar1 wrote:I actually would be incredibly surprised if there was a bump in 2015 but if there's smoke there's gotta be fire right?

NYC TO 190!



NYC to 190k!

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fats provolone
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Re: 2014 Biglaw Bonus Thread

Postby fats provolone » Thu Dec 11, 2014 8:33 pm

lol at a few tens of ks for mid level associates being akin to profit sharing

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Tiago Splitter
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Re: 2014 Biglaw Bonus Thread

Postby Tiago Splitter » Thu Dec 11, 2014 8:42 pm

skers wrote: If there's going to be a base bump, it'll be at the top end.

Firms have never done it this way. Past raises were always based on losing too many mid-levels and first year salaries just kind of tag along.

dixiecupdrinking wrote:IMO these increased bonuses are in lieu of increased salaries, not evidence that they're coming.

Bonuses have always gone up before raises came, but they went up more than this.

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Desert Fox
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Re: 2014 Biglaw Bonus Thread

Postby Desert Fox » Thu Dec 11, 2014 8:48 pm

I could see something like


Y1 $175,000
Y2 $185,000
Y3 $205,000
Y4 $240,000
Y5 $260,000
Y6 $280,000
Y7 $265,000
Y8 $285,000
Y9 $300,000

Hutz_and_Goodman
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Re: 2014 Biglaw Bonus Thread

Postby Hutz_and_Goodman » Thu Dec 11, 2014 8:49 pm

desert fox is optimistic ----> you know for sure base salaries are about to go up

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Desert Fox
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Re: 2014 Biglaw Bonus Thread

Postby Desert Fox » Thu Dec 11, 2014 8:51 pm

Hutz_and_Goodman wrote:desert fox is optimistic ----> you know for sure base salaries are about to go up


making 185k next year isn't enough bro I need moar.

KM2016
Posts: 198
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Re: 2014 Biglaw Bonus Thread

Postby KM2016 » Thu Dec 11, 2014 8:53 pm

Desert Fox wrote:I could see something like


Y1 $175,000
Y2 $185,000
Y3 $205,000
Y4 $240,000
Y5 $260,000
Y6 $280,000
Y7 $265,000
Y8 $285,000
Y9 $300,000


Got something against 7th years, DF?

$280k (Y6) --> $265k (Y7)?

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nothingtosee
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Re: 2014 Biglaw Bonus Thread

Postby nothingtosee » Thu Dec 11, 2014 8:54 pm

So now that NYC to 190 is set in stone, how long til other markets follow suit?

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B.B. Homemaker
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Re: 2014 Biglaw Bonus Thread

Postby B.B. Homemaker » Thu Dec 11, 2014 9:07 pm

I was gonna ask what the deal was with $190. Why is that the magic number?

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Cobretti
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Re: 2014 Biglaw Bonus Thread

Postby Cobretti » Thu Dec 11, 2014 9:22 pm

Monochromatic Oeuvre wrote:I get the notion that Biglaw is less likely to have a base bump if they want to go to the IB model where compensation is more variable based on the performance of the year (driving a stake into risk-averse law students). But I really don't understand the people who say it's not possible or is really unlikely. Bonuses, PPP, and deal activity are all higher than 2006, whose results spurred the last pay bump the following January.

It seems to be that most of the people speaking in such extremes are the c/o 2010-2012 group who are just overly jaded from how negatively the recession hit them. Can't really blame them, I'd be pessimistic too, but I think a more objective look at the facts supports a base pay raise within the next couple years.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Thu Dec 11, 2014 9:27 pm

It seems to be that most of the people speaking in such extremes are the c/o 2010-2012 group who are just overly jaded from how negatively the recession hit them. Can't really blame them, I'd be pessimistic too, but I think a more objective look at the facts supports a base pay raise within the next couple years.


Depends on strength of the economy. Unclear whether even our current "growth" can be sustained for the next couple of years. Wouldn't be surprised to see another recession and another bout of layoffs before a really fulsome set of salary raises comes through. Just my perspective.

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cookiejar1
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Re: 2014 Biglaw Bonus Thread

Postby cookiejar1 » Thu Dec 11, 2014 10:22 pm

B.B. Homemaker wrote:I was gonna ask what the deal was with $190. Why is that the magic number?


Would you rather the number be 180? Get with the program.

NYC to 190!

sweeteavodka
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Joined: Mon Aug 04, 2014 2:11 pm

Re: 2014 Biglaw Bonus Thread

Postby sweeteavodka » Thu Dec 11, 2014 10:26 pm

cookiejar1 wrote:
B.B. Homemaker wrote:I was gonna ask what the deal was with $190. Why is that the magic number?


Would you rather the number be 180? Get with the program.

NYC to 190!


Don't get me wrong, I'm all for NYC to 190, but that just seems highly unlikely. It's way beyond the rate of inflation, which would put us just over 170. I'm with DF: I think 175 is possible (provided the economy stays strong), with 180 being the upper bound.

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jbagelboy
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Re: 2014 Biglaw Bonus Thread

Postby jbagelboy » Thu Dec 11, 2014 10:35 pm

sweeteavodka wrote:
cookiejar1 wrote:
B.B. Homemaker wrote:I was gonna ask what the deal was with $190. Why is that the magic number?


Would you rather the number be 180? Get with the program.

NYC to 190!


Don't get me wrong, I'm all for NYC to 190, but that just seems highly unlikely. It's way beyond the rate of inflation, which would put us just over 170. I'm with DF: I think 175 is possible (provided the economy stays strong), with 180 being the upper bound.


TLS has rather taken a "if we build it, they will come" approach to 190 for the past three or so years now. I agree 175 is more likely. That makes 190 with bonus so I'm into it.




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