Skadden Retention Bonuses Forum

[Anonymous User]

By "Above the Law article", is Skadden referring to their stupid podcast?

[Anonymous User]

Can some Skadden associates send that video to ATL so it can be published? Thanks

[2013]

Wow. So Skadden is going to lose a ton of associates, I guess…

[Ultramar vistas]

Wow. So Skadden is going to lose a ton of associates, I guess…

Why?

[2013]

Wow. So Skadden is going to lose a ton of associates, I guess…

Why?

If you’re in a busy practice group that isn’t getting a bonus, you can leave and get a signing bonus elsewhere.

[Anonymous User]

Wow. So Skadden is going to lose a ton of associates, I guess…

Why?

If you’re in a busy practice group that isn’t getting a bonus, you can leave and get a signing bonus elsewhere.

Boom. This is one slippery slope they've started on, telling some associates they're more valuable and attempting to do so quietly, but objectively (money).

[ConfusedNYer]

So this might blow up, though I expect it won't really. At least for lit I don't think grabbing a signing bonus elsewhere is an option. I bet there is a pretty 1:1 overlap between positions where they offered retention bonuses vs. where the big money for signing bonuses is right now.

But assuming this doesn't blow up, this could easily be the start of a industry-wide move towards paying corp. associates more than lit associates or other specialty associates. Starts with a few firm specific retention bonuses, then maybe one year firm wide bonuses are slightly higher for corp. senior associates across the industry, then it snowballs until a real gulf forms since corp. is where the actual money is for so many of these firms anyway. Probably will take a while, this definitely feels like the first baby-step rather than a totally unique one-off.

[Anonymous User]

So this might blow up, though I expect it won't really. At least for lit I don't think grabbing a signing bonus elsewhere is an option. I bet there is a pretty 1:1 overlap between positions where they offered retention bonuses vs. where the big money for signing bonuses is right now.

But assuming this doesn't blow up, this could easily be the start of a industry-wide move towards paying corp. associates more than lit associates or other specialty associates. Starts with a few firm specific retention bonuses, then maybe one year firm wide bonuses are slightly higher for corp. senior associates across the industry, then it snowballs until a real gulf forms since corp. is where the actual money is for so many of these firms anyway. Probably will take a while, this definitely feels like the first baby-step rather than a totally unique one-off.

Good. So much about the legal profession doesn’t make sense, such as the current compensation structure.

[Anonymous User]

Makes sense; the IP attorneys in my firm have a different pay scale..

[Anonymous User]

Have any associates at other firms successfully negotiated a retention bonus based off this news?

[Anonymous User]

Skadden sent a firm-wide video telling the majority of its associates they aren't getting retention bonuses and nobody sent the video to ATL?

Disappointing.

[glitched]

Makes sense; the IP attorneys in my firm have a different pay scale..

What do you mean? They get paid more? They work more/less but make the same?

[Anonymous User]

Makes sense; the IP attorneys in my firm have a different pay scale..

What do you mean? They get paid more? They work more/less but make the same?

+1 interested to know as an IP associate at a firm that doesn't pay its associates a different base salary (though we do tend to get bigger bonuses based on hours and additional discretionary bonuses).

[Anonymous User]

Makes sense; the IP attorneys in my firm have a different pay scale..

What do you mean? They get paid more? They work more/less but make the same?

+1 interested to know as an IP associate at a firm that doesn't pay its associates a different base salary (though we do tend to get bigger bonuses based on hours and additional discretionary bonuses).

It's midlaw and patent gets paid more because they are billed at higher rates. The firm is black box compensation but they do ranges for compensation. In the Rocky Mountains/Mountain West region.

[note7wins]

So no retention bonus being offered at other firms?

[Idontwanttomakeaname]

So no retention bonus being offered at other firms?

No this is definitely dead. And it makes sense because it’s not like you can do anything about it other than lateral to get a signing bonus, which is something you could have done anyway.

[Anonymous User]

FYI—someone on fishbowl just posted a screenshot of internal email confirming “retention payment” amount payable on June 30, 2022. Seeing other comments that Skadden documented the retention bonuses across other platforms.

https://joinfishbowl.com/post_3hxfnivtxq

[Anonymous User]

Bonuses and real and have been documented in individualized emails.

https://joinfishbowl.com/post_81oqw8ut5y

[DiligentSage]

This a possible smoking gun that might drum up some pressure?

https://joinfishbowl.com/post_go2b59bh9x

[Anonymous User]

This a possible smoking gun that might drum up some pressure?

https://joinfishbowl.com/post_go2b59bh9x

I think all this does is substantiate the story that ATL already published. But I am all for getting this discussion started again and having other firms feel the heat.

[SGTslaughter]

So no retention bonus being offered at other firms?

No this is definitely dead. And it makes sense because it’s not like you can do anything about it other than lateral to get a signing bonus, which is something you could have done anyway.

If my firm doesn't match this now that there are screenshots, I'll be way more motivated to leave. This seriously increases the feeling that money is being left on the table.

[cheaptilts]

So no retention bonus being offered at other firms?

No this is definitely dead. And it makes sense because it’s not like you can do anything about it other than lateral to get a signing bonus, which is something you could have done anyway.

If my firm doesn't match this now that there are screenshots, I'll be way more motivated to leave. This seriously increases the feeling that money is being left on the table.

Where would you go?