2014 Biglaw Bonus Thread

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Bonuses will be _____ from last year

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

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fats provolone
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Re: 2014 Biglaw Bonus Thread

Postby fats provolone » Thu Dec 18, 2014 8:09 pm

NON-NY TO 145

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Desert Fox
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Re: 2014 Biglaw Bonus Thread

Postby Desert Fox » Thu Dec 18, 2014 8:11 pm

make sense. lit is shit and everywhere but NYC is most lit.

arklaw13
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Re: 2014 Biglaw Bonus Thread

Postby arklaw13 » Thu Dec 18, 2014 8:26 pm

Anonymous User wrote:Junior at a non-NYC office (TX/CA/IL) of a V100 which starts associates at 160.

Hit hours. Bonus ~1/3 of DPW.


damn. rekt

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jbagelboy
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Re: 2014 Biglaw Bonus Thread

Postby jbagelboy » Thu Dec 18, 2014 8:37 pm

I really don't mean this the wrong way, but honestly, why is everyone freaking out that not every vault firm will pay out $20-30K higher bonuses than last year? The top flight NY corporate firms did, in fact, have "great" years as far as deal volume and PPP are concerned. If other areas, geographically or practice-wise, weren't as hot, why do we assume so quickly they should award the same bonuses and jump on them if they don't? As the sidley ATL article mentioned, while we are quick to cast aside any truly economic rationale to associate compensation decisions, the firm would take a noticeable hit in some relevant metrics if it followed "DPW"

Expecting 80-90 firms to maintain identical compensation structures while conceding significantly different bottom lines ("the super rich get richer" while everyone else trudges along) is irrational to me. I would expect to see more variation, not less, over the next decade as the market continues to adjust to the shock.

Feel free to correct me though.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Thu Dec 18, 2014 8:58 pm

I'll correct you. Law firm partners are terrible business people, so it makes sense that they wouldn't act rationally.

And plenty of firms outside of NYC had banner years.

Anonymous User
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Re: 2014 Biglaw Bonus Thread

Postby Anonymous User » Thu Dec 18, 2014 9:42 pm

zweitbester wrote:
Anonymous User wrote:
dood wrote:
Anonymous User wrote:
Two Skadden associates in M&A in NY quoted me 3000 and 3100 hours this past year. Mid levels. I doubt it's anywhere near 1750 hours.


they were lying to you or exaggerating by a few hundred, but even then not representative of normal skadden or other comparable firms or firms with same reputation.


okay dood. tell yourself that.


No, it's 100% true. But glad you feel super safe making sarcastic comments as "anonymous."


The first part of his statement definitely wasn't, which I guess what I was going at. Generally agree most places don't bill 3000 but I'd say a fair percentage do. Not median but maybe my sample size was way off.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Thu Dec 18, 2014 11:19 pm

Sorry-- was unclear.

Yes, there are 3,000 hour billers at Skadden. But they are not representative of the firm.

Anonymous User
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Re: 2014 Biglaw Bonus Thread

Postby Anonymous User » Fri Dec 19, 2014 3:21 pm

Kirkland non-NY office (seems relevant considering other firms like Sidley), sub-2000 hours, junior associate, 1.25x DPW scale.

Mal Reynolds
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Re: 2014 Biglaw Bonus Thread

Postby Mal Reynolds » Fri Dec 19, 2014 3:35 pm

Anonymous User wrote:Kirkland non-NY office (seems relevant considering other firms like Sidley), sub-2000 hours, junior associate, 1.25x DPW scale.


Image

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utahraptor
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Re: 2014 Biglaw Bonus Thread

Postby utahraptor » Fri Dec 19, 2014 3:47 pm

you had that saved up, didn't you?

Mal Reynolds
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Re: 2014 Biglaw Bonus Thread

Postby Mal Reynolds » Fri Dec 19, 2014 3:49 pm

lol nope

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Fri Dec 19, 2014 4:16 pm

Back in day, top billers at K&E were getting 3x to 4x market. Love all the salivating, but these are disappointing.

anonnymouse
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Re: 2014 Biglaw Bonus Thread

Postby anonnymouse » Fri Dec 19, 2014 4:31 pm

zweitbester wrote:Back in day, top billers at K&E were getting 3x to 4x market. Love all the salivating, but these are disappointing.

Back in the day (2011), market was lower. On an absolute basis, these bonuses are on par with previous 'shattering' announcements. LJL at the absurd opinion that these are "disappointing" when 2011 grads are getting six figure bonuses.

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Desert Fox
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Re: 2014 Biglaw Bonus Thread

Postby Desert Fox » Fri Dec 19, 2014 4:47 pm

What was KE giving in 2006 07 and 08

anonnymouse
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Re: 2014 Biglaw Bonus Thread

Postby anonnymouse » Fri Dec 19, 2014 5:20 pm

Desert Fox wrote:What was KE giving in 2006 07 and 08

Looks like a max of 2x Cravath:

2006 - http://abovethelaw.com/2006/12/associat ... and-ellis/
2007 - http://abovethelaw.com/2007/12/associat ... s-bonuses/
2008 - http://abovethelaw.com/2008/12/associat ... d-ellis-2/

Kirkland was paying back then (2007) about what it pays now in nominal absolute terms, except at the very junior end. As a reminder, Cravath bonuses were 35/40/45/50/55/60/etc.

Edit to add: 2008 was not a particularly shattering year, if I recall.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Fri Dec 19, 2014 5:23 pm

anonnymouse wrote:
zweitbester wrote:Back in day, top billers at K&E were getting 3x to 4x market. Love all the salivating, but these are disappointing.

Back in the day (2011), market was lower. On an absolute basis, these bonuses are on par with previous 'shattering' announcements. LJL at the absurd opinion that these are "disappointing" when 2011 grads are getting six figure bonuses.


I'm referring to 2006 and 2007 (and before), dumbass.

When the market was $35k for first years, K&E was doling out six figure bonuses to said first years who billed at the top of their class.

But whatever helps you sleep at night and makes you think working that extra 700 hours was worth the additional .75 DPW. The most efficient K&E biller comes in at 1950 hours and takes home 1.25x DPW. That person is the true winner.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Fri Dec 19, 2014 5:26 pm

Bottom line is that this is a firm that used to use the Wall Street bonuses as a floor and go as high as 3x to 4x for top of class associates. It's a shame that 2x is now the ceiling.

Still objectively great numbers. But PPP is way higher now. K&E should do better. I'm sure juniors are happy, but 6th years and NSPs are still making less than they did when they started in many cases (from a pure bonus perspective, not base salary obviously).

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fats provolone
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Re: 2014 Biglaw Bonus Thread

Postby fats provolone » Fri Dec 19, 2014 5:28 pm

i already forgot what the dpw scale was. 20 for 1st yrs? so 25 at kirkland? that seems p good

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ExBiglawAssociate
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Re: 2014 Biglaw Bonus Thread

Postby ExBiglawAssociate » Fri Dec 19, 2014 5:28 pm

zweitbester wrote:Bottom line is that this is a firm that used to use the Wall Street bonuses as a floor and go as high as 3x to 4x for top of class associates. It's a shame that 2x is now the ceiling.

Still objectively great numbers. But PPP is way higher now. K&E should do better. I'm sure juniors are happy, but 6th years and NSPs are still making less than they did when they started in many cases (from a pure bonus perspective, not base salary obviously).


To be fair, it would be kind of retarded to be giving out 400k bonuses to senior associates. That's probably more than the actual salaries of some non-equity partners.

anonnymouse
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Re: 2014 Biglaw Bonus Thread

Postby anonnymouse » Fri Dec 19, 2014 5:29 pm

zweitbester wrote:
anonnymouse wrote:
zweitbester wrote:Back in day, top billers at K&E were getting 3x to 4x market. Love all the salivating, but these are disappointing.

Back in the day (2011), market was lower. On an absolute basis, these bonuses are on par with previous 'shattering' announcements. LJL at the absurd opinion that these are "disappointing" when 2011 grads are getting six figure bonuses.


I'm referring to 2006 and 2007 (and before), dumbass.

When the market was $35k for first years, K&E was doling out six figure bonuses to said first years who billed at the top of their class.

But whatever helps you sleep at night and makes you think working that extra 700 hours was worth the additional .75 DPW. The most efficient K&E biller comes in at 1950 hours and takes home 1.25x DPW. That person is the true winner.

Chill Zweit, most of your poasts on this bort are bang on but here you are just wrong. No need to name-call, broski.

Here's 2006 info: http://www.infirmation.com/bboard/clubs ... _id=0035YR

See that 3rd year figure for 2400? This year it's even higher. Agreed on the most efficient biller, though. That 1950 bro is credited as fuck.

anonnymouse
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Re: 2014 Biglaw Bonus Thread

Postby anonnymouse » Fri Dec 19, 2014 5:34 pm

zweitbester wrote:Bottom line is that this is a firm that used to use the Wall Street bonuses as a floor and go as high as 3x to 4x for top of class associates. It's a shame that 2x is now the ceiling.

Still objectively great numbers. But PPP is way higher now. K&E should do better. I'm sure juniors are happy, but 6th years and NSPs are still making less than they did when they started in many cases (from a pure bonus perspective, not base salary obviously).

No, bottom line is KE should not be shat on for leading the bonus market. Maybe then dumbasfuck law students would stop going to the Cravaths and S&Cs (in DROVES) and go where they get paid, instead.

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fats provolone
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Re: 2014 Biglaw Bonus Thread

Postby fats provolone » Fri Dec 19, 2014 5:36 pm

does ke really have trouble filling it's class tho

anonnymouse
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Re: 2014 Biglaw Bonus Thread

Postby anonnymouse » Fri Dec 19, 2014 5:40 pm

fats provolone wrote:does ke really have trouble filling it's class tho

IDK but heard from a friend that used to work there that they struggled to fill in NYC this past summer. NALP form had them at half the previous two summers and (50 -> 25), if the Summer Classes 2015 thread is to be believed, half of next summer (55 or something). Maybe last summer was an anomaly.

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fats provolone
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Re: 2014 Biglaw Bonus Thread

Postby fats provolone » Fri Dec 19, 2014 5:44 pm

i mean they dinged me so obviously they had their pick of the litter

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jbagelboy
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Re: 2014 Biglaw Bonus Thread

Postby jbagelboy » Fri Dec 19, 2014 5:48 pm

anonnymouse wrote:
fats provolone wrote:does ke really have trouble filling it's class tho

IDK but heard from a friend that used to work there that they struggled to fill in NYC this past summer. NALP form had them at half the previous two summers and (50 -> 25), if the Summer Classes 2015 thread is to be believed, half of next summer (55 or something). Maybe last summer was an anomaly.


We have a couple good people heading to Kirkland this year but generally its definitely not a top choice. I guess money isn't everything. Although if they just increased base pay to $170k instead of higher discretionary bonuses that might get more attention.




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