Kirkland Bonuses?

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rpupkin

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Re: Kirkland Bonuses?

Postby rpupkin » Tue Dec 19, 2017 4:53 pm

Anonymous User wrote:Did anyone else figure this out. Lateraled to Kirkland in October last year. Hours are based June to June. Am I going to get screwed out of 25% of my bonus?

This is the kind of you thing you should ask about when negotiating your hire.

They probably won't give you an above-market bonus, but if you've billed an exceptional number of hours in your 10 months (or if they really like you), you could get something extra.

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Re: Kirkland Bonuses?

Postby Anonymous User » Tue Dec 19, 2017 5:44 pm

rpupkin wrote:
Anonymous User wrote:Did anyone else figure this out. Lateraled to Kirkland in October last year. Hours are based June to June. Am I going to get screwed out of 25% of my bonus?

This is the kind of you thing you should ask about when negotiating your hire.

They probably won't give you an above-market bonus, but if you've billed an exceptional number of hours in your 10 months (or if they really like you), you could get something extra.


I definitely should have talked about it then, but I didn't realize I could lose several months of 2017 bonus when I worked here all 12 months. I worked here two solid months before bonuses were paid out last year.

End of August is better though. I came in halfway through October. That's only 12.5% loss. Considering MARKET SHATTERING I'll probably be close to Cravath anyway.

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Re: Kirkland Bonuses?

Postby Anonymous User » Tue Dec 19, 2017 6:28 pm

K&E NY just had their bonus townhall. Headlines are that bonuses start at 105% of market and average around 1.3x to 1.5x market. Looks like some bonuses were substantially above 1.5x for high hours/high rating. I imagine the individual bonus calls will start going out tomorrow.

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Re: Kirkland Bonuses?

Postby Anonymous User » Tue Dec 19, 2017 7:40 pm

Anonymous User wrote:
rpupkin wrote:
Anonymous User wrote:Did anyone else figure this out. Lateraled to Kirkland in October last year. Hours are based June to June. Am I going to get screwed out of 25% of my bonus?

This is the kind of you thing you should ask about when negotiating your hire.

They probably won't give you an above-market bonus, but if you've billed an exceptional number of hours in your 10 months (or if they really like you), you could get something extra.


I definitely should have talked about it then, but I didn't realize I could lose several months of 2017 bonus when I worked here all 12 months. I worked here two solid months before bonuses were paid out last year.

End of August is better though. I came in halfway through October. That's only 12.5% loss. Considering MARKET SHATTERING I'll probably be close to Cravath anyway.


Got my numbers. Still not sure how it works, but I barely beat Cravath un-prorated for my year. My hours were slow the first six months, so I'm guessing they just didn't prorate.

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Re: Kirkland Bonuses?

Postby Anonymous User » Tue Dec 19, 2017 7:42 pm

Is the $10k stipend that Kirkland gives taxed up front? Ie. after taxes you only get about $5k-$6k for bar prep?

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Re: Kirkland Bonuses?

Postby Anonymous User » Tue Dec 19, 2017 8:12 pm

Anonymous User wrote:Is the $10k stipend that Kirkland gives taxed up front? Ie. after taxes you only get about $5k-$6k for bar prep?


Treated as a bonus, so yes its taxed up front.

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Re: Kirkland Bonuses?

Postby MillllerTime » Wed Dec 20, 2017 1:24 am

Anonymous User wrote:
Anonymous User wrote:Is the $10k stipend that Kirkland gives taxed up front? Ie. after taxes you only get about $5k-$6k for bar prep?


Treated as a bonus, so yes its taxed up front.


Maybe this changed in the past few years, but I remember receiving $10k even. We definitely got hit with extra taxes on the first couple paychecks though.

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 1:44 pm

You'll receive a 10k (in full) check in June (or whenever). The tax withholding for that 10k will come out of our December checks. Also just ask recruiting.

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 1:47 pm

So, Kirkland shatters?

Image

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 1:50 pm

Anonymous User wrote:You'll receive a 10k (in full) check in June (or whenever). The tax withholding for that 10k will come out of our December checks. Also just ask recruiting.


That wasn’t the case this year for my KE office/stipend.

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 3:15 pm

I was definitely taxed up front on my stipend.

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 4:18 pm

Hmm, i was the anon above, but maybe my info is out of date. Either way, just ask your recruiter. They know.

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 7:35 pm

Midlevel lateral that began in summer 2016, good ratings, hours are fine-ish (2100), barely beat Cravath, not sure what's going on here.

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 9:42 pm

Anonymous User wrote:Midlevel lateral that began in summer 2016, good ratings, hours are fine-ish (2100), barely beat Cravath, not sure what's going on here.


see gif above

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 10:24 pm

Anonymous User wrote:Midlevel lateral that began in summer 2016, good ratings, hours are fine-ish (2100), barely beat Cravath, not sure what's going on here.


What office and what practice group?

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 10:24 pm

Accidental double post.

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Re: Kirkland Bonuses?

Postby Anonymous User » Wed Dec 20, 2017 10:29 pm

Anonymous User wrote:
Anonymous User wrote:Midlevel lateral that began in summer 2016, good ratings, hours are fine-ish (2100), barely beat Cravath, not sure what's going on here.


What office and what practice group?

And did you get a 2 or a 3?

MillllerTime

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Re: Kirkland Bonuses?

Postby MillllerTime » Wed Dec 20, 2017 11:37 pm

The bonus presentation was actually pretty exciting and comical this year. They built us up with a presentation about how we're the best firm that ever was, revenue is gonna be over $3B this year and said bonuses would reflect that... then the punch line was that bonuses would be exactly the same as last year except they added a whopping 5% to everyone. Shattered indeed.


As for the lateral above, guess it depends what you consider "barely beating" Cravath. Based on numbers I've heard, 2100 should be about 1.3x with an average rating.

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Re: Kirkland Bonuses?

Postby Anonymous User » Thu Dec 21, 2017 12:49 am

Future KE summer, saw this on ATL

"Just found out the hard way that if you have a below class rating, your bonus is 0.5x Cravath."

How many people have below class rating? That really sucks. I thought baseline at 1.05 Cravath meant no one went below that.

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rpupkin

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Re: Kirkland Bonuses?

Postby rpupkin » Thu Dec 21, 2017 1:38 am

Anonymous User wrote:Future KE summer, saw this on ATL

"Just found out the hard way that if you have a below class rating, your bonus is 0.5x Cravath."

How many people have below class rating? That really sucks. I thought baseline at 1.05 Cravath meant no one went below that.

To be fair to Kirkland, when they say that their bonuses shatter the market, they don't specify whether they're shattering the ceiling or the floor.

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Re: Kirkland Bonuses?

Postby Anonymous User » Thu Dec 21, 2017 9:47 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Midlevel lateral that began in summer 2016, good ratings, hours are fine-ish (2100), barely beat Cravath, not sure what's going on here.


What office and what practice group?

And did you get a 2 or a 3?


Different anon. Around 2100, 3 rating (like we almost all got), and just a little over 1.2. Any other KE anon data points?

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Re: Kirkland Bonuses?

Postby Anonymous User » Thu Dec 21, 2017 10:10 am

Midlevel 2 rating/2200~ hours. 1.5x Cravath almost on the nose. Incredibly happy.

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Re: Kirkland Bonuses?

Postby Anonymous User » Thu Dec 21, 2017 10:24 am

Anonymous User wrote:Midlevel 2 rating/2200~ hours. 1.5x Cravath almost on the nose. Incredibly happy.


Yeah that sounds right for a 2 rating, which appears attainable once you get to be a more 'senior' midlevel. Thanks for sharing! Let's get some more data points.

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Re: Kirkland Bonuses?

Postby Anonymous User » Thu Dec 21, 2017 11:43 am

Junior associate, ~2500 hours, 3 rating (like all juniors get), >1.5x market. Pretty stoked about it.

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Re: Kirkland Bonuses?

Postby Anonymous User » Thu Dec 21, 2017 11:49 am

Anonymous User wrote:Future KE summer, saw this on ATL

"Just found out the hard way that if you have a below class rating, your bonus is 0.5x Cravath."

How many people have below class rating? That really sucks. I thought baseline at 1.05 Cravath meant no one went below that.


Below class means “leave.” I’m surprised they get anything.



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