2021 End of Year Bonuses Forum

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Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Dec 09, 2021 7:17 pm

Worth noting that Ropes also went to 130k for 2013+, which is the first I’ve seen. Hopefully for us senior associates that’s something that catches on.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Dec 09, 2021 7:44 pm

Also worth noting that Ropes’s hours requirement is 1900, so the above-market bonuses could start for people billing a little less than at their peer firms.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Dec 09, 2021 8:15 pm

Anonymous User wrote:
Thu Dec 09, 2021 6:58 pm
Anonymous User wrote:
Thu Dec 09, 2021 3:30 pm
Where the f are the DC firms with these special bonuses. Hogan matched the EOY bonuses but crickets on special bonuses, or so it seems. Arnold & PorTTTer and CovingTTTon are silent.

Edit: OP - Not sure how this posted three times. This is prob why us DC lawyers don't deserve special bonuses.
isn't DC just lifestyle regulatory work
Hey, a lot of us bill 140, sometimes even 145 hours a *month*.

In all seriousness the people I know in regulatory have a disgusting amount of non-billable work, so plenty are working 2400+ year just to get bonuses that have an hours req of 1900-2000.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Dec 09, 2021 10:07 pm

Anonymous User wrote:
Thu Dec 09, 2021 3:11 pm
Anonymous User wrote:
Thu Dec 09, 2021 2:23 pm
Anonymous User wrote:
Thu Dec 09, 2021 1:35 am
Anonymous User wrote:
Wed Dec 08, 2021 10:59 pm
Anonymous User wrote:
Wed Dec 08, 2021 2:34 pm
Anonymous User wrote:
Wed Dec 08, 2021 2:09 pm
GDC matched (duh)
The frustrating part (as a midlevel who had a brutally rough year) is that, by sending out a memo stating what each class year will get, the memo from the managing partner seems to suggest that GDC is parting ways from its prior practice of handing out individualized higher bonuses to high billers.
So an associate who sits in NY, one of the most expensive cities in the world, and bills 2500 hours doesn’t get an above market bonus, but the same person sitting in Dallas does get that bonus (and the same base)? As someone who recently lateraled to GDC NY, that can’t possible be right - but is it?
sure is
Generally speaking, all compensation policies for associates are identical between a TX and NYC office, at least for the big national firms like GDC. That would include a 2500 associate getting a higher bonus in both offices, or neither of them getting it. Cost of living and taxes being higher or lower doesn't enter the equation (which is why practicing in TX is such an awesome scam lol). The Dallas associate gets the same bonus, pays ~11% less taxes on it, and then spends less of it on cost of living.
GDC Associate here. There is no minimum-hours bonus threshold for associates in NYC, unlike every other office, so if NYC associates don't get higher-billable bumps (I'm not an NYC associate, so I'm not sure this is actually true) it would be because the firm doesn't consider their hours in paying bonuses. In terms of fairness, it means that the NYC associate who billed 2500 this year can bill 1600 next year when the market slows down and still get a bonus, unlike her TX peers who would get no bonus for billing the same number of hours.
This is an incredibly simplified argument that can only be made by someone who doesn’t live and work in NYC. No one is going from 2500 to 1600 - they’re going 2500 to 2400.

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Dec 09, 2021 11:23 pm

Anonymous User wrote:
Thu Dec 09, 2021 10:07 pm
Anonymous User wrote:
Thu Dec 09, 2021 3:11 pm
Anonymous User wrote:
Thu Dec 09, 2021 2:23 pm
Anonymous User wrote:
Thu Dec 09, 2021 1:35 am
Anonymous User wrote:
Wed Dec 08, 2021 10:59 pm
Anonymous User wrote:
Wed Dec 08, 2021 2:34 pm
Anonymous User wrote:
Wed Dec 08, 2021 2:09 pm
GDC matched (duh)
The frustrating part (as a midlevel who had a brutally rough year) is that, by sending out a memo stating what each class year will get, the memo from the managing partner seems to suggest that GDC is parting ways from its prior practice of handing out individualized higher bonuses to high billers.
So an associate who sits in NY, one of the most expensive cities in the world, and bills 2500 hours doesn’t get an above market bonus, but the same person sitting in Dallas does get that bonus (and the same base)? As someone who recently lateraled to GDC NY, that can’t possible be right - but is it?
sure is
Generally speaking, all compensation policies for associates are identical between a TX and NYC office, at least for the big national firms like GDC. That would include a 2500 associate getting a higher bonus in both offices, or neither of them getting it. Cost of living and taxes being higher or lower doesn't enter the equation (which is why practicing in TX is such an awesome scam lol). The Dallas associate gets the same bonus, pays ~11% less taxes on it, and then spends less of it on cost of living.
GDC Associate here. There is no minimum-hours bonus threshold for associates in NYC, unlike every other office, so if NYC associates don't get higher-billable bumps (I'm not an NYC associate, so I'm not sure this is actually true) it would be because the firm doesn't consider their hours in paying bonuses. In terms of fairness, it means that the NYC associate who billed 2500 this year can bill 1600 next year when the market slows down and still get a bonus, unlike her TX peers who would get no bonus for billing the same number of hours.
This is an incredibly simplified argument that can only be made by someone who doesn’t live and work in NYC. No one is going from 2500 to 1600 - they’re going 2500 to 2400.
Okay, bro.

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Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Dec 09, 2021 11:55 pm

Anonymous User wrote:
Wed Dec 08, 2021 7:51 pm
Any news from Cooley or other tech firms?
nothing from Fenwick

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 8:05 am

Anonymous User wrote:
Thu Dec 09, 2021 3:30 pm
Where the f are the DC firms with these special bonuses. Hogan matched the EOY bonuses but crickets on special bonuses, or so it seems. Arnold & PorTTTer and CovingTTTon are silent.

Edit: OP - Not sure how this posted three times. This is prob why us DC lawyers don't deserve special bonuses.
Hogan matched special.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 8:09 am

Hogan Lovells (which had previously announced plain Cravath scale) just matched DPW special bonuses. Same hours requirement as firm always has for bonuses (2000, of which 150 can be pro Bono).

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 9:12 am

Anonymous User wrote:
Fri Dec 10, 2021 8:09 am
Hogan Lovells (which had previously announced plain Cravath scale) just matched DPW special bonuses. Same hours requirement as firm always has for bonuses (2000, of which 150 can be pro Bono).
Hogan’s special bonus is actually more generous with an 1850 hours requirement. This was the lower requirement used for the spring special bonuses. Kudos to Hogan. They’re clearly positioning themselves as the DC market leader this year.

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cheaptilts

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Re: 2021 End of Year Bonuses

Post by cheaptilts » Fri Dec 10, 2021 11:38 am

Anonymous User wrote:
Fri Dec 10, 2021 9:12 am
Anonymous User wrote:
Fri Dec 10, 2021 8:09 am
Hogan Lovells (which had previously announced plain Cravath scale) just matched DPW special bonuses. Same hours requirement as firm always has for bonuses (2000, of which 150 can be pro Bono).
Hogan’s special bonus is actually more generous with an 1850 hours requirement. This was the lower requirement used for the spring special bonuses. Kudos to Hogan. They’re clearly positioning themselves as the DC market leader this year.
Didn’t it literally reduce salaries temporarily last year in light of COVID while none of its peers did so?

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 11:48 am

cheaptilts wrote:
Fri Dec 10, 2021 11:38 am
Anonymous User wrote:
Fri Dec 10, 2021 9:12 am
Anonymous User wrote:
Fri Dec 10, 2021 8:09 am
Hogan Lovells (which had previously announced plain Cravath scale) just matched DPW special bonuses. Same hours requirement as firm always has for bonuses (2000, of which 150 can be pro Bono).
Hogan’s special bonus is actually more generous with an 1850 hours requirement. This was the lower requirement used for the spring special bonuses. Kudos to Hogan. They’re clearly positioning themselves as the DC market leader this year.
Didn’t it literally reduce salaries temporarily last year in light of COVID while none of its peers did so?
Same anon. Yup. And they were deservedly raked over the coals for it by associates at every town hall for months. Huge morale hit. Seems like Hogan learned the lesson not to play games with comp and is trying to lead DC-based firms now.

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 12:21 pm

For firms that have billable hour requirements for bonuses, what happens if you're a bit short of the requirement?

jonanthony92

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Re: 2021 End of Year Bonuses

Post by jonanthony92 » Fri Dec 10, 2021 12:25 pm

Anonymous User wrote:
Fri Dec 10, 2021 12:21 pm
For firms that have billable hour requirements for bonuses, what happens if you're a bit short of the requirement?
you do not get the bonus

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Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 12:27 pm

Anonymous User wrote:
Fri Dec 10, 2021 12:21 pm
For firms that have billable hour requirements for bonuses, what happens if you're a bit short of the requirement?
I used to be at a firm with a 2k hour requirement. I heard of people who were 1900+ (but below 2k) who still got full bonus. They eventually made a partial bonus policy where you get half or something if you at a certain threshold (1800? idr) but I left shortly after that (and everyone got super busy so my friends couldn't tell me how it applied)

Wanderingdrock

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Re: 2021 End of Year Bonuses

Post by Wanderingdrock » Fri Dec 10, 2021 12:31 pm

cheaptilts wrote:
Fri Dec 10, 2021 11:38 am
Anonymous User wrote:
Fri Dec 10, 2021 9:12 am
Anonymous User wrote:
Fri Dec 10, 2021 8:09 am
Hogan Lovells (which had previously announced plain Cravath scale) just matched DPW special bonuses. Same hours requirement as firm always has for bonuses (2000, of which 150 can be pro Bono).
Hogan’s special bonus is actually more generous with an 1850 hours requirement. This was the lower requirement used for the spring special bonuses. Kudos to Hogan. They’re clearly positioning themselves as the DC market leader this year.
Didn’t it literally reduce salaries temporarily last year in light of COVID while none of its peers did so?
Yeah, hard agree that this is a bizarre position. Not only did Hogan reduce salaries, but claiming that the special bonus is "actually more generous" because you can count 150 hours of pro bono is just a misunderstanding of the market. I'm a DC associate at what I'd consider a peer firm of Hogan (we're higher ranked but definitely the same tier) and my pro bono is unlimited (which in reality means I can safely do ~200 without getting questions, need a good reason if I'm going to go much above that while only doing 1800 client billable). My understanding is that's pretty standard, or at least not uncommon.

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 12:49 pm

Still a lot of firms missing, right? Latham, Sidley, any of the CA tech firms? Anyone at those firms know if the delay is typical?

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 12:51 pm

I heard informally in my firm that if you don't make hours you can still get a discretionary bonus, much smaller than a regular bonus. May be case by case or even a partner decision each year.

But the basic answer is that you don't get bonus if you don't make hours.

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Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 1:03 pm

Anonymous User wrote:
Fri Dec 10, 2021 12:49 pm
Still a lot of firms missing, right? Latham, Sidley, any of the CA tech firms? Anyone at those firms know if the delay is typical?
Sidley associate here. Delay is somewhat typical. Spoke with a partner and was told that they were "set to go" with their announcement and then DPW re-set the market so they had to go back through the process. Expect them to match today or early next week.

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 1:07 pm

Anonymous User wrote:
Fri Dec 10, 2021 1:03 pm
Anonymous User wrote:
Fri Dec 10, 2021 12:49 pm
Still a lot of firms missing, right? Latham, Sidley, any of the CA tech firms? Anyone at those firms know if the delay is typical?
Sidley associate here. Delay is somewhat typical. Spoke with a partner and was told that they were "set to go" with their announcement and then DPW re-set the market so they had to go back through the process. Expect them to match today or early next week.
LW timing is normal, too. They don't pay out until end of January :cry:

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 1:11 pm

Anonymous User wrote:
Fri Dec 10, 2021 12:49 pm
Still a lot of firms missing, right? Latham, Sidley, any of the CA tech firms? Anyone at those firms know if the delay is typical?
Pretty normal for the CA tech firms to drag behind the market a bit (other than Cooley leading the way on special bonuses) but they'll match eventually. Ropes has matched, so Goodwin has to match a Boston peer and then that'll push the tech firms more.

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 2:09 pm

Anonymous User wrote:
Fri Dec 10, 2021 12:49 pm
Still a lot of firms missing, right? Latham, Sidley, any of the CA tech firms? Anyone at those firms know if the delay is typical?
I don't know if I'd really call this "missing" or "delay." Unlike salary increases, which happen at odd times during the year and cause a flurry of excitement/unpredictability, firms typically announce and pay out their EOY end bonus on the same schedule year after year. The ones we've heard from do so in the fall/early winter. The ones we haven't heard from are probably those that announce in late December or in the new year. Someone should speak up if they are at a firm that would have normally announced by now, but hasn't.

For example, my V25 always announces EOY bonuses the Thursday or Friday before payday in January (when those bonuses are paid out). They always match market and I have no doubts they will do so this year. It would be unusual for my firm to say anything about bonuses before then.

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Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 2:23 pm

Wanderingdrock wrote:
Fri Dec 10, 2021 12:31 pm
cheaptilts wrote:
Fri Dec 10, 2021 11:38 am
Anonymous User wrote:
Fri Dec 10, 2021 9:12 am
Anonymous User wrote:
Fri Dec 10, 2021 8:09 am
Hogan Lovells (which had previously announced plain Cravath scale) just matched DPW special bonuses. Same hours requirement as firm always has for bonuses (2000, of which 150 can be pro Bono).
Hogan’s special bonus is actually more generous with an 1850 hours requirement. This was the lower requirement used for the spring special bonuses. Kudos to Hogan. They’re clearly positioning themselves as the DC market leader this year.
Didn’t it literally reduce salaries temporarily last year in light of COVID while none of its peers did so?
Yeah, hard agree that this is a bizarre position. Not only did Hogan reduce salaries, but claiming that the special bonus is "actually more generous" because you can count 150 hours of pro bono is just a misunderstanding of the market. I'm a DC associate at what I'd consider a peer firm of Hogan (we're higher ranked but definitely the same tier) and my pro bono is unlimited (which in reality means I can safely do ~200 without getting questions, need a good reason if I'm going to go much above that while only doing 1800 client billable). My understanding is that's pretty standard, or at least not uncommon.
Hogan associate here. The special bonus is 1850, which includes 150 pb and 50 D&I. EOY bonus is 2000, which includes 150 pb & 50 D&I. So people who didn’t get EOY can get special.

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 2:40 pm

Paying out in January is acceptable, but my V15 typically pays out in February. Why so much delay? wtf

Anonymous User
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Re: 2021 End of Year Bonuses

Post by Anonymous User » Fri Dec 10, 2021 2:59 pm

Anonymous User wrote:
Fri Dec 10, 2021 2:09 pm
Anonymous User wrote:
Fri Dec 10, 2021 12:49 pm
Still a lot of firms missing, right? Latham, Sidley, any of the CA tech firms? Anyone at those firms know if the delay is typical?
I don't know if I'd really call this "missing" or "delay." Unlike salary increases, which happen at odd times during the year and cause a flurry of excitement/unpredictability, firms typically announce and pay out their EOY end bonus on the same schedule year after year. The ones we've heard from do so in the fall/early winter. The ones we haven't heard from are probably those that announce in late December or in the new year. Someone should speak up if they are at a firm that would have normally announced by now, but hasn't.

For example, my V25 always announces EOY bonuses the Thursday or Friday before payday in January (when those bonuses are paid out). They always match market and I have no doubts they will do so this year. It would be unusual for my firm to say anything about bonuses before then.
Gunderson supposedly pays out bonuses a week from today and hasn't announced anything yet. Might just be waiting to see what the other SV/tech firms do (and I imagine all will match), but a little odd.

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Re: 2021 End of Year Bonuses

Post by TUwave » Fri Dec 10, 2021 3:17 pm

Anonymous User wrote:
Fri Dec 10, 2021 2:40 pm
Paying out in January is acceptable, but my V15 typically pays out in February. Why so much delay? wtf
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