2017 (Preview) Bonus Thread

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gaddockteeg

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Re: 2017 (Preview) Bonus Thread

Postby gaddockteeg » Mon Nov 28, 2016 5:19 pm

not sure why i expected (hoped for) anything else.

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LaLiLuLeLo

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Re: 2017 (Preview) Bonus Thread

Postby LaLiLuLeLo » Mon Nov 28, 2016 5:24 pm

Weak move by CSM.

bk1

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Re: 2017 (Preview) Bonus Thread

Postby bk1 » Mon Nov 28, 2016 5:38 pm

I gave it 50/50 that they might actually cut bonuses.

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glitter178

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Re: 2017 (Preview) Bonus Thread

Postby glitter178 » Mon Nov 28, 2016 5:39 pm

After the way corporate clients reacted to the salary increases, no firm in its right mind is going to increase the bonus scale this year.

anonnymouse

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Re: 2017 (Preview) Bonus Thread

Postby anonnymouse » Mon Nov 28, 2016 5:48 pm

Surprised there hasn't been a Milbank match announcement circulated yet. They usually pull the trigger inside an hour.

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smaug

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Re: 2017 (Preview) Bonus Thread

Postby smaug » Mon Nov 28, 2016 5:51 pm

bk1 wrote:I gave it 50/50 that they might actually cut bonuses.

I thought it was 70/30 that they would.

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Tiago Splitter

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Re: 2017 (Preview) Bonus Thread

Postby Tiago Splitter » Mon Nov 28, 2016 5:54 pm

anonnymouse wrote:Surprised there hasn't been a Milbank match announcement circulated yet. They usually pull the trigger inside an hour.

Sounds like we got a potential raise on our hands...

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jkpolk

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Re: 2017 (Preview) Bonus Thread

Postby jkpolk » Mon Nov 28, 2016 5:57 pm

As an observation, I think law students discount the chance of missing hours as a 1st and/or 2nd year through no fault of your own. At a firm with an hours requirement? Slow couple months?#Nobonus. Not uncommon. Firms raising hours requirements doesnt really effect seniors or midlevels but is effectively a pay cut for juniors.

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Re: 2017 (Preview) Bonus Thread

Postby Anonymous User » Mon Nov 28, 2016 5:57 pm

PW matched.

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Tiago Splitter

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Re: 2017 (Preview) Bonus Thread

Postby Tiago Splitter » Mon Nov 28, 2016 6:08 pm

Is paying bonuses on December 16th normal? Seems early and appreciated.

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trebekismyhero

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Re: 2017 (Preview) Bonus Thread

Postby trebekismyhero » Mon Nov 28, 2016 6:22 pm

Tiago Splitter wrote:Is paying bonuses on December 16th normal? Seems early and appreciated.



Depends on when the firm's billing year ends. Sadly my firm ends theirs pretty late so won't get paid for a while

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Re: 2017 (Preview) Bonus Thread

Postby Anonymous User » Mon Nov 28, 2016 6:26 pm

Milbank matched.

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Re: 2017 (Preview) Bonus Thread

Postby Anonymous User » Mon Nov 28, 2016 6:38 pm

Anonymous User wrote:Milbank matched.

Semi-obnoxious, given that the chairman of the firm just gave a "state of the firm" address this month in which he commented on Milbank's amazing year so far (better than most firms, I believe he said).

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LaLiLuLeLo

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Re: 2017 (Preview) Bonus Thread

Postby LaLiLuLeLo » Mon Nov 28, 2016 6:48 pm

Anonymous User wrote:
Anonymous User wrote:Milbank matched.

Semi-obnoxious, given that the chairman of the firm just gave a "state of the firm" address this month in which he commented on Milbank's amazing year so far (better than most firms, I believe he said).


Milbank will never be a market leader. They are very clear about that. If you thought otherwise you're taking crazy pills.

anonnymouse

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Re: 2017 (Preview) Bonus Thread

Postby anonnymouse » Mon Nov 28, 2016 7:33 pm

LaLiLuLeLo wrote:
Anonymous User wrote:
Anonymous User wrote:Milbank matched.

Semi-obnoxious, given that the chairman of the firm just gave a "state of the firm" address this month in which he commented on Milbank's amazing year so far (better than most firms, I believe he said).


Milbank will never be a market leader. They are very clear about that. If you thought otherwise you're taking crazy pills.

The question Milbank associates should be asking themselves is: Dewey really want to be a market leader?

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Monochromatic Oeuvre

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Re: 2017 (Preview) Bonus Thread

Postby Monochromatic Oeuvre » Mon Nov 28, 2016 7:43 pm

jkpolk wrote:As an observation, I think law students discount the chance of missing hours as a 1st and/or 2nd year through no fault of your own. At a firm with an hours requirement? Slow couple months?#Nobonus. Not uncommon. Firms raising hours requirements doesnt really effect seniors or midlevels but is effectively a pay cut for juniors.


Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

(*Warning: Not a thing)

How many firms besides Quinn have an explicit minimum over 2000 hours to get market bonus? I suspect at least some firms will move in that direction over the next few years.

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Re: 2017 (Preview) Bonus Thread

Postby bk1 » Mon Nov 28, 2016 7:50 pm

Monochromatic Oeuvre wrote:Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

I mean yea, several hundred hours for 15k pre-tax isn't all that great relative to base salary. Even setting aside your caveat, the problem is that you don't necessarily have that kind of control over your hours, and it also would be kind of shitty to be 30 (rather than 300) hours short.

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Re: 2017 (Preview) Bonus Thread

Postby Anonymous User » Mon Nov 28, 2016 8:00 pm

Monochromatic Oeuvre wrote:
jkpolk wrote:As an observation, I think law students discount the chance of missing hours as a 1st and/or 2nd year through no fault of your own. At a firm with an hours requirement? Slow couple months?#Nobonus. Not uncommon. Firms raising hours requirements doesnt really effect seniors or midlevels but is effectively a pay cut for juniors.


Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

(*Warning: Not a thing)

How many firms besides Quinn have an explicit minimum over 2000 hours to get market bonus? I suspect at least some firms will move in that direction over the next few years.


off the top of my head, Vinson and Elkins needs like 2300 for a market bonus :0

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Monochromatic Oeuvre

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Re: 2017 (Preview) Bonus Thread

Postby Monochromatic Oeuvre » Mon Nov 28, 2016 8:05 pm

bk1 wrote:
Monochromatic Oeuvre wrote:Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

I mean yea, several hundred hours for 15k pre-tax isn't all that great relative to base salary. Even setting aside your caveat, the problem is that you don't necessarily have that kind of control over your hours, and it also would be kind of shitty to be 30 (rather than 300) hours short.


Yup. This profession is dumb.

What strategies do dudes who look like they're gonna come up slightly short employ? Try to get on a pro bono case ASAP? Pad the fuck of out everything remaining?

h2go

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Re: 2017 (Preview) Bonus Thread

Postby h2go » Mon Nov 28, 2016 8:07 pm

Monochromatic Oeuvre wrote:
jkpolk wrote:As an observation, I think law students discount the chance of missing hours as a 1st and/or 2nd year through no fault of your own. At a firm with an hours requirement? Slow couple months?#Nobonus. Not uncommon. Firms raising hours requirements doesnt really effect seniors or midlevels but is effectively a pay cut for juniors.


Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

(*Warning: Not a thing)

How many firms besides Quinn have an explicit minimum over 2000 hours to get market bonus? I suspect at least some firms will move in that direction over the next few years.


Most V100 have some sort of hour minimum to be bonus eligible that is usually 1900-2000 (or they don't pay market).

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jkpolk

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Re: 2017 (Preview) Bonus Thread

Postby jkpolk » Mon Nov 28, 2016 8:53 pm

Monochromatic Oeuvre wrote:
bk1 wrote:
Monochromatic Oeuvre wrote:Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

I mean yea, several hundred hours for 15k pre-tax isn't all that great relative to base salary. Even setting aside your caveat, the problem is that you don't necessarily have that kind of control over your hours, and it also would be kind of shitty to be 30 (rather than 300) hours short.


Yup. This profession is dumb.

What strategies do dudes who look like they're gonna come up slightly short employ? Try to get on a pro bono case ASAP? Pad the fuck of out everything remaining?


Would absolutely take less money for fewer hours but I'd prefer to know that up front so I could adopt a more chill approach. A slow year is still stressful since shit does blow up out of nowhere and you have to be always generally on the look out. Also, if you have a couple 250+ hour months that still takes a toll even if followed with a 0 hour month.

Annualized hours so you really only need to bill for 11 months (at least where i am). Pushes the "OH SHIT" realization into September/October. Nothing to do except front load work (to the extent you can, last few days/weeks, no procrastination, everything happens now now now) and try to crush pro boner.

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Re: 2017 (Preview) Bonus Thread

Postby Anonymous User » Mon Nov 28, 2016 9:07 pm

Anonymous User wrote:
Monochromatic Oeuvre wrote:
jkpolk wrote:As an observation, I think law students discount the chance of missing hours as a 1st and/or 2nd year through no fault of your own. At a firm with an hours requirement? Slow couple months?#Nobonus. Not uncommon. Firms raising hours requirements doesnt really effect seniors or midlevels but is effectively a pay cut for juniors.


Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

(*Warning: Not a thing)

How many firms besides Quinn have an explicit minimum over 2000 hours to get market bonus? I suspect at least some firms will move in that direction over the next few years.


off the top of my head, Vinson and Elkins needs like 2300 for a market bonus :0


This is a pretty common at Texas firms. Although, 2300 will get you 1.25x NY (rather than just market).

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Pokemon

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Re: 2017 (Preview) Bonus Thread

Postby Pokemon » Mon Nov 28, 2016 9:17 pm

jkpolk wrote:
Monochromatic Oeuvre wrote:
bk1 wrote:
Monochromatic Oeuvre wrote:Although just from the bonus perspective, if you could bill 1800 for $180k without it increasing your chances of getting shitcanned*, that would be way better than billing 2100 for $195k.

I mean yea, several hundred hours for 15k pre-tax isn't all that great relative to base salary. Even setting aside your caveat, the problem is that you don't necessarily have that kind of control over your hours, and it also would be kind of shitty to be 30 (rather than 300) hours short.


Yup. This profession is dumb.

What strategies do dudes who look like they're gonna come up slightly short employ? Try to get on a pro bono case ASAP? Pad the fuck of out everything remaining?


Would absolutely take less money for fewer hours but I'd prefer to know that up front so I could adopt a more chill approach. A slow year is still stressful since shit does blow up out of nowhere and you have to be always generally on the look out. Also, if you have a couple 250+ hour months that still takes a toll even if followed with a 0 hour month.

Annualized hours so you really only need to bill for 11 months (at least where i am). Pushes the "OH SHIT" realization into September/October. Nothing to do except front load work (to the extent you can, last few days/weeks, no procrastination, everything happens now now now) and try to crush pro boner.


This happened to me this year. Was stressed cause of super low hours and then billed 900 in three months to end slightly too short for bonus. Sucks.

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MCFC

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Re: 2017 (Preview) Bonus Thread

Postby MCFC » Mon Nov 28, 2016 9:36 pm

NYT writeup. http://www.nytimes.com/2016/11/28/busin ... .html?_r=0

Nothing really noteworthy, though it mentions that Paul, Weiss already matched.

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Re: 2017 (Preview) Bonus Thread

Postby Anonymous User » Tue Nov 29, 2016 11:05 am

Stb matched



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