Mid-Year Bonuses Forum

[VulcanVulcanVulcan]

I think that, dumb as it may seem, the bonuses were poorly publicized by ATL, AmLaw, etc. So it’s just not on peoples radars. Last year’s bonuses were widely discussed for weeks. The few people I’ve talked to about the bonuses were all surprised to hear about it and didn’t know it occurred last week.

I tend to agree with this. Had it been a NY-based firm, there would be way more chatter and news. Hopefully one of the other SV firms with a more national presence will match and get the ball rolling.

Yeah. I think the reality is that the only firms that are compensation leaders are the V10 (and really just Cravath, DPW, STB). Everyone else is a begrudging follower. Much easier to write off Gunderson as a one-off. It's very unlikely that the SV firms will play that role this time.

[LaChusa2020]

I think that, dumb as it may seem, the bonuses were poorly publicized by ATL, AmLaw, etc. So it’s just not on peoples radars. Last year’s bonuses were widely discussed for weeks. The few people I’ve talked to about the bonuses were all surprised to hear about it and didn’t know it occurred last week.

I tend to agree with this. Had it been a NY-based firm, there would be way more chatter and news. Hopefully one of the other SV firms with a more national presence will match and get the ball rolling.

Agreed. And honestly if we’re waiting on WSGR or Fenwick or Orrick — those firms are cheap compared to NY firms, they begrudgingly match Cravath and no matter how well they do you don’t hear about above market bonuses in the Bay and frequently hear about elite firms finding ways to avoid market. And the bigger a firm and the more leverage the more an associate bonus costs, if one of these firms matches it could have a ripple effect but they won’t unless they are terrified Gunderson is killing them for talent. I know they do a lot of lateral poaching but I’m not sure its that bad. Hope I’m wrong.

[ghostoftraynor]

Everyone just needs to do their part spreading awareness about summer bonuses at their firms. If you book it, it will come.

[Lawsnob2013]

Can post the Law.com article about the bonus on linked in.

[Love With The Coco]

The lack of a match thus far does not seem good.

[Man from Nantucket]

Everyone just needs to do their part spreading awareness about summer bonuses at their firms. If you book it, it will come.

I've already started dropping veiled hints that I'm considering a lateral to Gunderson within earshot of partners.

[impactplayer]

The lack of a match thus far does not seem good.

I don't think it means much at all. Gunderson is not a market mover. The big NY firms will stick to their own schedules. At those firms, the compensation committees usually meet on Monday or Tuesday. That's why we got summer bonus announcements on June 6 last year. Hence, if we don't hear anything by June 5 or perhaps June 12, I would call it unlikely at that point.

[JohnnieSockran]

What happened to all of these people who "had it on good authority" that their firm would match summer bonuses if another moved first?

We need less pessimism and more optimism!

[Anonymous User]

Given they won’t pay out until 6/30 not surprised firms are waiting until June. Heard K&E received a calendar invite for an all associates meeting for 6/11 sent out after the Gunderson announcement on 5/24 so imagine they wouldn’t announce match until then.

These summer bonuses are also just a timing issue — if none are paid this summer would just expect more to be paid at year end and for many firms would just be pushing more expenses into next fiscal year if increased bonuses are paid on 12/31 (whereas matching now almost saves them from needing to increase year end bonuses).

[Love With The Coco]

The lack of a match thus far does not seem good.

I don't think it means much at all. Gunderson is not a market mover. The big NY firms will stick to their own schedules. At those firms, the compensation committees usually meet on Monday or Tuesday. That's why we got summer bonus announcements on June 6 last year. Hence, if we don't hear anything by June 5 or perhaps June 12, I would call it unlikely at that point.

The big NYC firms are not going to match Gunderson unless WSGR, Cooley and Goodwin do. We need those firms.

[thelawyler]

I think that, dumb as it may seem, the bonuses were poorly publicized by ATL, AmLaw, etc. So it’s just not on peoples radars. Last year’s bonuses were widely discussed for weeks. The few people I’ve talked to about the bonuses were all surprised to hear about it and didn’t know it occurred last week.

I tend to agree with this. Had it been a NY-based firm, there would be way more chatter and news. Hopefully one of the other SV firms with a more national presence will match and get the ball rolling.

Yeah. I think the reality is that the only firms that are compensation leaders are the V10 (and really just Cravath, DPW, STB). Everyone else is a begrudging follower. Much easier to write off Gunderson as a one-off. It's very unlikely that the SV firms will play that role this time.

Milbank?

[LaLiLuLeLo]

I think that, dumb as it may seem, the bonuses were poorly publicized by ATL, AmLaw, etc. So it’s just not on peoples radars. Last year’s bonuses were widely discussed for weeks. The few people I’ve talked to about the bonuses were all surprised to hear about it and didn’t know it occurred last week.

I tend to agree with this. Had it been a NY-based firm, there would be way more chatter and news. Hopefully one of the other SV firms with a more national presence will match and get the ball rolling.

Yeah. I think the reality is that the only firms that are compensation leaders are the V10 (and really just Cravath, DPW, STB). Everyone else is a begrudging follower. Much easier to write off Gunderson as a one-off. It's very unlikely that the SV firms will play that role this time.

Milbank?

Milbank is a classic white shoe NYC firm. I guarantee it’s like the Mad Men “I don’t even think about you” scene.

ETA: you mean as a comp leader. No, I think Milbank is satisfied with their press from last year.

[Lawsnob2013]

Post the Law.com article on your LinkedIn for momentum.

[TUwave]

Is the dream dead?

[rokiv]

Is the dream dead?

Nah, it’s still in the mix. Even if firms aren’t feeling pressured by Gunderson I suspect some of the traditional first movers were considering summer bonuses organically. The rumors suggest that firms (top vault firms) financially are at or ahead of where they were at this point in 2018.

[Anonymous User]

Is the dream dead?

Nah, it’s still in the mix. Even if firms aren’t feeling pressured by Gunderson I suspect some of the traditional first movers were considering summer bonuses organically. The rumors suggest that firms (top vault firms) financially are at or ahead of where they were at this point in 2018.

Agreed. Partners at our V10 seem like they expect to pay these even if not first mover

[JohnnieSockran]

Let this be the week!

Keep the chatter going around your partners...

[texas1100]

They've won. They've silenced us

[jkpolk]

They've won. They've silenced us

I'm using my $xx,xxx to buy xx top of the line bean bag chairs.

[BlackAndOrange84]

They've won. They've silenced us

I'm using my $xx,xxx to buy xx top of the line bean bag chairs.

Skadden associates will use the bonus $$$ to buy their own cheese platters.

[JohnnieSockran]

They've won. They've silenced us

Keep hope alive. Friday seems like the most likely day to announce anyway since comp committees are probably just meeting this week, but then again last year the first announcement came on a Wednesday I believe.

[texas1100]

If I could do it all over again, I would go to Gunderson. They pay above Cravath

[Anonymous User]

TBH I keep advising summer associates at my firm to go elsewhere while they still have options. Hours minimums on bonuses (and average hours last year per associate was below such minimum) yet still claims to be top-of-market comp. Absolute joke.

Also, we lost some laterals to Gunderson this year. Those prescient associates must be laughin' now.

[Anonymous User]

TBH I keep advising summer associates at my firm to go elsewhere while they still have options. Hours minimums on bonuses (and average hours last year per associate was below such minimum) yet still claims to be top-of-market comp. Absolute joke.

Also, we lost some laterals to Gunderson this year. Those prescient associates must be laughin' now.

I took your (or someone like you's) advice and I am laughing.

Also, we genuinely hope everyone matches.

[Anonymous User]

TBH I keep advising summer associates at my firm to go elsewhere while they still have options. Hours minimums on bonuses (and average hours last year per associate was below such minimum) yet still claims to be top-of-market comp. Absolute joke.

Also, we lost some laterals to Gunderson this year. Those prescient associates must be laughin' now.

I took your (or someone like you's) advice and I am laughing.

Also, we genuinely hope everyone matches.

Definitely do that every chance I get, but now I also took my own advice and left that underpaying “market” firm where a majority of the associates do not make bonus.