Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Mon Dec 22, 2014 9:00 pm

Re Posting from another thread on chance this is more appropriate place:

"Does anyone have any info whether Williams & Connolly will move its base salaries up now that its compensation falls well below the other firms' "base + bonus"? They may still be competitive for 1st and second years, but mid levels seem to be lagging now. If someone is going to sign on, it would bne nice to know what the total package will be.

Or whether clerkship signing bonuses at W&C will rise for the same reason? For example Kellogg is over 150 now for top COA clerks and WC is still below 100. (Thuis was raised above by amother poster, but there doesn't seem to be a response)

Bueller? Anyone?

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Tue Dec 23, 2014 1:04 pm

edit

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Sun Jan 25, 2015 5:49 pm

Anyone know if Latham pays a second year (75k) bonus?

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Wed Aug 09, 2017 11:32 am

Does this include those coming off gap-year clerkships? I.e. are those that clerk one year out of law school still able to get the bonus?

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Wed Aug 09, 2017 12:06 pm

Anonymous User wrote:I heard from a Biglaw associate that he/she knew people who had clerked for one year-->practiced for one year-->clerked for an additional year, and then negotiated with a new firm (not the firm they practiced at previously) to receive the full 2 year clerkship bonus, despite the fact that they had already received the 1 year bonus from the firm they worked at immediately after their first clerkship. Has anyone else heard of this happening?


Bump

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby quiver » Wed Aug 09, 2017 5:35 pm

Anonymous User wrote:
Anonymous User wrote:I heard from a Biglaw associate that he/she knew people who had clerked for one year-->practiced for one year-->clerked for an additional year, and then negotiated with a new firm (not the firm they practiced at previously) to receive the full 2 year clerkship bonus, despite the fact that they had already received the 1 year bonus from the firm they worked at immediately after their first clerkship. Has anyone else heard of this happening?


Bump

Yes. I know at least two people that did this.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Wed Aug 09, 2017 5:46 pm

quiver wrote:
Anonymous User wrote:
Anonymous User wrote:I heard from a Biglaw associate that he/she knew people who had clerked for one year-->practiced for one year-->clerked for an additional year, and then negotiated with a new firm (not the firm they practiced at previously) to receive the full 2 year clerkship bonus, despite the fact that they had already received the 1 year bonus from the firm they worked at immediately after their first clerkship. Has anyone else heard of this happening?


Bump

Yes. I know at least two people that did this.


To clarify, they got 50K from their first firm, and then 70K from their second firm for both clerkships? Wow. Is this common?

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby rpupkin » Wed Aug 09, 2017 9:29 pm

Anonymous User wrote:
quiver wrote:
Anonymous User wrote:
Anonymous User wrote:I heard from a Biglaw associate that he/she knew people who had clerked for one year-->practiced for one year-->clerked for an additional year, and then negotiated with a new firm (not the firm they practiced at previously) to receive the full 2 year clerkship bonus, despite the fact that they had already received the 1 year bonus from the firm they worked at immediately after their first clerkship. Has anyone else heard of this happening?


Bump

Yes. I know at least two people that did this.


To clarify, they got 50K from their first firm, and then 70K from their second firm for both clerkships? Wow. Is this common?

Not necessarily common, but stuff like clerkship bonuses and class-year credit is generally negotiable.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby quiver » Thu Aug 10, 2017 12:12 am

rpupkin wrote:
Anonymous User wrote:
quiver wrote:
Anonymous User wrote:
Anonymous User wrote:I heard from a Biglaw associate that he/she knew people who had clerked for one year-->practiced for one year-->clerked for an additional year, and then negotiated with a new firm (not the firm they practiced at previously) to receive the full 2 year clerkship bonus, despite the fact that they had already received the 1 year bonus from the firm they worked at immediately after their first clerkship. Has anyone else heard of this happening?


Bump

Yes. I know at least two people that did this.


To clarify, they got 50K from their first firm, and then 70K from their second firm for both clerkships? Wow. Is this common?

Not necessarily common, but stuff like clerkship bonuses and class-year credit is generally negotiable.
Yeah, this.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby arez » Tue Apr 10, 2018 8:26 pm

Reviving this thread to ask if anyone knows about Hogan's clerkship comp specifics. Thanks in advance!

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Tue Apr 17, 2018 11:51 am

I just want to verify with litigation associate at NY Kirkland: are we really all starting as the first year with standard bonus? or just restructuring practice.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Tue Apr 17, 2018 12:27 pm

Anonymous User wrote:I just want to verify with litigation associate at NY Kirkland: are we really all starting as the first year with standard bonus? or just restructuring practice.


They're starting restructuring clerks as first years? Wow.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Tue Apr 17, 2018 2:33 pm

Anonymous User wrote:
Anonymous User wrote:I just want to verify with litigation associate at NY Kirkland: are we really all starting as the first year with standard bonus? or just restructuring practice.


They're starting restructuring clerks as first years? Wow.

I'd imagine this person is getting started at his or her class year: 2017, i.e., $180,000. The bump to $190,000 will happen in January.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Tue Apr 17, 2018 5:14 pm

If my offer letter stated that I was coming in as a "second year associate (member of our class of 2016)" do you think that means I would advance to third year in January?

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Wed Apr 18, 2018 10:00 am

Anonymous User wrote:If my offer letter stated that I was coming in as a "second year associate (member of our class of 2016)" do you think that means I would advance to third year in January?

Yes. I'm in the same boat and that's what my firm explained to me.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Wed Apr 18, 2018 11:46 am

Anonymous User wrote:
Anonymous User wrote:If my offer letter stated that I was coming in as a "second year associate (member of our class of 2016)" do you think that means I would advance to third year in January?

Yes. I'm in the same boat and that's what my firm explained to me.


Awesome. Thanks.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Thu Apr 19, 2018 4:55 pm

why is that "wow" effect comment to kirkland starting their law clerks in restructuring practice as first-year.... just curious.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Thu Apr 19, 2018 5:25 pm

and to be sure kirkland restructuring put their clerks (law school class of 2017) to associate class of 2018.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Fri Apr 20, 2018 9:51 am

Anonymous User wrote:why is that "wow" effect comment to kirkland starting their law clerks in restructuring practice as first-year.... just curious.


Probably because most top firms credit clerks for the clerkship year(s) and provide generous bonuses. So a clerk who did two fed (or fed + ssc) clerkships would enter as a third-year, plus clerkship bonus for two clerkships. Not all firms do this of course, but it's surprising that Kirkland isn't.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Fri Apr 20, 2018 10:39 am

Anonymous User wrote:and to be sure kirkland restructuring put their clerks (law school class of 2017) to associate class of 2018.


I'm confused about this. Kirkland is/was hiring law clerks for their restructuring group?! Must be just the bankruptcy clerks, right?

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Thu May 03, 2018 11:57 am

Can confirm that Kirkland NY & Chicago are sending in BK Clerks as first years (Class of 2018). My understanding is that this has to do with the training the group provides. Anecdotally, I have heard that Kirkland's Restructuring group will actually drop traditional laterals in class year as well. Something about the nature of debtor-work and starting from the ground up. Hard to argue with the logic when Kirkland has arguably the top bankruptcy group in the world.

And to be fair, with Kirkland's 6-year nonequity track I'm not sure that I would want to be competing with people who have an additional year of law firm experience anyway. It is frustrating financially, however. All of the other bk clerks I know going to other firms received class credit.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Thu May 03, 2018 12:12 pm

thanks the above anon.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Thu May 03, 2018 3:26 pm

Meh, as a bankruptcy clerk who landed a gig with another big NY firm. I'm happy I'm not going to kirkland. The Bk associates I know at kirkland are billing 3000 hours/yr right now. I am much happier going to a smaller shop, working less hours, and making more money.

Kirkland's argument that this is about training is pure BS. They hire 10+ people a year, if they can screw each of those 10 people out of the 40/50k in compensation they would otherwise be entitled to, that's more money for the partners. Also, the whole point of their nonequity track (from which virtually no one moves up from) is that you get a couple of years to market yourself as a partner for lateral purposes. So the argument that getting an extra year for a partnership push is not compelling.

Pass.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Thu May 03, 2018 4:46 pm

To clarify, the clerkship bonus was still offered, just not class credit.

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Re: Post-Clerkship Comp Thread (2nd Yr Bonus, Class Credit, etc)

Postby Anonymous User » Thu May 03, 2018 5:10 pm

Anonymous User wrote:To clarify, the clerkship bonus was still offered, just not class credit.


Right but the total difference in comp is significantly different between first and second years when you take into account the higher clerkship bonus, higher base salary, and higher end of year bonus all of which comes with getting a bump in class year.

For example, I am joining my firm as a 2nd year associate with a bonus of 50k (I decided not to push for 70, which is technically market). This means that in January I will advance to third year, for which my salary will be 210 and my eoy bonus will be 50k.



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