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

patagonia93
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Re: 2014 Biglaw Bonus Thread

Postby patagonia93 » Fri Nov 21, 2014 7:45 pm

Biglaw_Associate_V20 wrote:
patagonia93 wrote:Awesome. Pretty much guarantees every major New York player will follow. WILL CRAVATH, SKADDEN, S&C OR DPW TOP IT?!!!


No one will top it. Pump the breaks there, champ.

I'd admit you are right but because your ID is Biglaw_Associate_V20 I'm just going to say you are wrong

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Yardbird
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Re: 2014 Biglaw Bonus Thread

Postby Yardbird » Fri Nov 21, 2014 7:50 pm

patagonia93 wrote:
Biglaw_Associate_V20 wrote:
patagonia93 wrote:Awesome. Pretty much guarantees every major New York player will follow. WILL CRAVATH, SKADDEN, S&C OR DPW TOP IT?!!!


No one will top it. Pump the breaks there, champ.

I'd admit you are right but because your ID is Biglaw_Associate_V20 I'm just going to say you are wrong
I predict at least one V10 will top the STB bonus scale.

run26.2
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Re: 2014 Biglaw Bonus Thread

Postby run26.2 » Fri Nov 21, 2014 7:52 pm

That's a much more relevant poll topic, now. But I don't see it happening. Why would they? Associates will likely be placated, nay happy, on the new scale.

Nat Sherman
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Re: 2014 Biglaw Bonus Thread

Postby Nat Sherman » Fri Nov 21, 2014 7:56 pm

run26.2 wrote:It need not even be mentioned that many biglaw firms already set compensation at the same level: 160. They could easily set up structures in advance to deal with an early mover, e.g., voting in advance to approve a match of any other firm's announced bonuses up to a certain amount. Doing this would make sense for a firm that was having a great year, but was perhaps not mentioned among the very top firms and were hoping to improve their reputation in that regard. Not saying this is what happened, but it's one way it could have.

A firm internally agreeing to match any bonus increases is a whole different story from firms collectively agreeing.

WhirledWorld
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Re: 2014 Biglaw Bonus Thread

Postby WhirledWorld » Fri Nov 21, 2014 7:59 pm

shadowofjazz wrote:I predict at least one V10 will top the STB bonus scale.


I predict at least one V9 will SHATTER. Possibly by making all the associates and a handful of paralegals and secretaries partners.

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ExBiglawAssociate
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Re: 2014 Biglaw Bonus Thread

Postby ExBiglawAssociate » Fri Nov 21, 2014 8:02 pm

shadowofjazz wrote:
patagonia93 wrote:
Biglaw_Associate_V20 wrote:
patagonia93 wrote:Awesome. Pretty much guarantees every major New York player will follow. WILL CRAVATH, SKADDEN, S&C OR DPW TOP IT?!!!


No one will top it. Pump the breaks there, champ.

I'd admit you are right but because your ID is Biglaw_Associate_V20 I'm just going to say you are wrong
I predict at least one V10 will top the STB bonus scale.


Some of the boutiques (Susman, WLRK) will top it, obviously. But I doubt SullCrom or Skadden (the most likely, IMO) will top it.

Also, just lol @ Kirkland.

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Yardbird
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Re: 2014 Biglaw Bonus Thread

Postby Yardbird » Fri Nov 21, 2014 8:10 pm

Biglaw_Associate_V20 wrote:
shadowofjazz wrote:I predict at least one V10 will top the STB bonus scale.
Some of the boutiques (Susman, WLRK) will top it, obviously. But I doubt SullCrom or Skadden (the most likely, IMO) will top it.

Also, just lol @ Kirkland.
I was jokingly referring to WLRK, but I definitely laughed at the Kirkland trolling.

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B.B. Homemaker
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Re: 2014 Biglaw Bonus Thread

Postby B.B. Homemaker » Fri Nov 21, 2014 8:14 pm

WhirledWorld wrote:
shadowofjazz wrote:I predict at least one V10 will top the STB bonus scale.


I predict at least one V9 will SHATTER. Possibly by making all the associates and a handful of paralegals and secretaries partners.

:lol: :lol: :lol: :lol:

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Desert Fox
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Re: 2014 Biglaw Bonus Thread

Postby Desert Fox » Fri Nov 21, 2014 8:17 pm

I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?

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utahraptor
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Re: 2014 Biglaw Bonus Thread

Postby utahraptor » Fri Nov 21, 2014 8:25 pm

Desert Fox wrote:I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?


They're just jealous they'll never be a PARTNER.

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Fri Nov 21, 2014 8:30 pm

Desert Fox wrote:I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?


They actually used to be legit. Back in the boom years, a junior billing around 2500 could expect close to six figures.

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Monochromatic Oeuvre
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Re: 2014 Biglaw Bonus Thread

Postby Monochromatic Oeuvre » Fri Nov 21, 2014 8:33 pm

zweitbester wrote:
B.B. Homemaker wrote:
Desert Fox wrote:
B.B. Homemaker wrote:Oh, so Cravath.


I'd assume he means 2M PPP is an arbitrary line and many firms below it can afford and will pay it.

See, this is better than the whole socratic "figure it out for yourself" method of posting.


Sorry. I'm not trying to be a dick. I'm just too busy to type a long post about this only to have someone come back and argue with like three lines, and then for me to go back and do the same. But DF was getting at it (and there are a whole host of other reasons too, I think). Overall, his statement is just wrong. It's also dumb. But it's bonus season and we're all emotional, so everyone gets a bye.


I mean, it's just my opinion. If you think mine is "wrong," then I'd like to hear yours. I thought it would be pretty uncontroversial to suggest that since (1) it's a foregone conclusion that all the rich firms who follow Cravath would follow STB, (2) it's NOT a foregone conclusion (I think) that all the not-as-rich firms who follow Cravath would follow STB, and (3) if a not-as-rich firm follows STB, it makes it much more likely they all will, that the next piece of information that would reveal something previously unknown would be action from the not-as-rich firms. Yeah, $2M might be an arbitrary cutoff, but you get the point.

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Hopefully2012
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Re: 2014 Biglaw Bonus Thread

Postby Hopefully2012 » Fri Nov 21, 2014 8:36 pm

Monochromatic Oeuvre wrote:Can anyone more in the know than me confirm that STB is having another record-breaking year?

It looks like they are, but it's definitely buoyed by dramatic overall increase in deal activity this year.

See http://www.mergermarket.com/pdf/Mergerm ... Tables.pdf

(These tables for H1 obviously don't include STB's $25bn Alibaba IPO, proposed $13bn TRW sale, and postponed $8bn Family Dollar hostile merger.)
Last edited by Hopefully2012 on Fri Nov 21, 2014 8:37 pm, edited 1 time in total.

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Monochromatic Oeuvre
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Re: 2014 Biglaw Bonus Thread

Postby Monochromatic Oeuvre » Fri Nov 21, 2014 8:36 pm

Desert Fox wrote:I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?


Yeah, I always thought the meme sort of missed the point on that. The whole partners and the cream-colored business cards thing was a lot more lulzworthy.

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lhanvt13
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Re: 2014 Biglaw Bonus Thread

Postby lhanvt13 » Fri Nov 21, 2014 8:42 pm

so as of now it's STB, Cleary, and PW?

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Fri Nov 21, 2014 9:00 pm

(1) it's a foregone conclusion that all the rich firms who follow Cravath would follow STB, (2) it's NOT a foregone conclusion (I think) that all the not-as-rich firms who follow Cravath would follow STB, and (3) if a not-as-rich firm follows STB, it makes it much more likely they all will, that the next piece of information that would reveal something previously unknown would be action from the not-as-rich firms. Yeah, $2M might be an arbitrary cutoff, but you get the point.


I'm not sure where to begin, and I really don't want to have an argument about this. My first point is that matching Simpson is such a meaningless addition to a firm's balance sheet that basically any firm in the V100 can do it. It's literally a question of how much less partners want to take home for the year. It's not like the firms are saving money for downturns or creating a nest egg.

Further, the further you get out the V10, the more diverse bonus systems become. Orrick might say they're matching Cleary, but they might put an hours threshold that most associates won't meet. Or maybe V&E in Houston has a complete black box system for deciding bonuses. Or maybe a firm is Kirkland style, sticking to the market for average associates but rewarding higher billers with even more.

I think today's announcement will have an impact on future announcements for sure. A lot of firms will have to start strategizing about how best to handle the situation. But I don't think WilmerHale matching really does squat for the rest of the market. Firms get pretty autonomous about their decision-making on this front the further you go down the totem poll.

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Monochromatic Oeuvre
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Re: 2014 Biglaw Bonus Thread

Postby Monochromatic Oeuvre » Fri Nov 21, 2014 9:23 pm

zweitbester wrote:
(1) it's a foregone conclusion that all the rich firms who follow Cravath would follow STB, (2) it's NOT a foregone conclusion (I think) that all the not-as-rich firms who follow Cravath would follow STB, and (3) if a not-as-rich firm follows STB, it makes it much more likely they all will, that the next piece of information that would reveal something previously unknown would be action from the not-as-rich firms. Yeah, $2M might be an arbitrary cutoff, but you get the point.


I'm not sure where to begin, and I really don't want to have an argument about this. My first point is that matching Simpson is such a meaningless addition to a firm's balance sheet that basically any firm in the V100 can do it. It's literally a question of how much less partners want to take home for the year. It's not like the firms are saving money for downturns or creating a nest egg.

Further, the further you get out the V10, the more diverse bonus systems become. Orrick might say they're matching Cleary, but they might put an hours threshold that most associates won't meet. Or maybe V&E in Houston has a complete black box system for deciding bonuses. Or maybe a firm is Kirkland style, sticking to the market for average associates but rewarding higher billers with even more.

I think today's announcement will have an impact on future announcements for sure. A lot of firms will have to start strategizing about how best to handle the situation. But I don't think WilmerHale matching really does squat for the rest of the market. Firms get pretty autonomous about their decision-making on this front the further you go down the totem poll.


All fair points. I still think a match from the Hughes Hubbards of the world would be a clear signal that the party's open to everyone, but yeah, it'll be interesting to see how firms (hopefully) incorporate this new scale with things like high-biller bonuses etc.

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15 styx
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Re: 2014 Biglaw Bonus Thread

Postby 15 styx » Sat Nov 22, 2014 6:02 am

For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?

KM2016
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Re: 2014 Biglaw Bonus Thread

Postby KM2016 » Sat Nov 22, 2014 6:06 am

15 styx wrote:For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?


Um yes, prorated bonus...

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SweetrollStealer
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Re: 2014 Biglaw Bonus Thread

Postby SweetrollStealer » Sat Nov 22, 2014 10:34 am

KM2016 wrote:
15 styx wrote:For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?


Um yes, prorated bonus...

Correct. And actually I don't think we got Christmas cards.

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fats provolone
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Re: 2014 Biglaw Bonus Thread

Postby fats provolone » Sat Nov 22, 2014 11:08 am

SweetrollStealer wrote:
KM2016 wrote:
15 styx wrote:For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?


Um yes, prorated bonus...

Correct. And actually I don't think we got Christmas cards.

RIOT

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Hopefully2012
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Re: 2014 Biglaw Bonus Thread

Postby Hopefully2012 » Sat Nov 22, 2014 11:53 am

Are Spring bonuses nonexistent? I thought I read some firms do multiple bonuses (Cahill, maybe)?

911 crisis actor
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Re: 2014 Biglaw Bonus Thread

Postby 911 crisis actor » Sat Nov 22, 2014 12:16 pm

Sullivan & Cromwell gives out gift cards to the Outback Steakhouse in spring

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Old Gregg
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Re: 2014 Biglaw Bonus Thread

Postby Old Gregg » Sat Nov 22, 2014 12:30 pm

Hopefully2012 wrote:Are Spring bonuses nonexistent? I thought I read some firms do multiple bonuses (Cahill, maybe)?


Steak knives.

Anonymous User
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Re: 2014 Biglaw Bonus Thread

Postby Anonymous User » Sat Nov 22, 2014 6:56 pm

Hopefully2012 wrote:Are Spring bonuses nonexistent? I thought I read some firms do multiple bonuses (Cahill, maybe)?


Cahill does, at least some years. Spring bonuses happened more broadly in 2011, but only because S&C raised market for first-years to $10k after Cravath had already announced $7.5k. When some firms followed S&C, Cravath later paid a $2.5k spring bonus to make up the difference. It's not typical.




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