NY GOES TO 180k! IT HAPPENED!!!! (CovingTTTon does a 180! Holder wept.) Forum

[Anonymous User]

So ... STB announced its universe-shattering bonuses last year the Friday before Thanksgiving. Looks like things will start to get interesting again in less than 36 hours.

[Big Shrimpin]

when do most places pay bonus $$$ out?

and also when do most places click your pay over into the next paygrade?

i have worked at places that do both but was wondering if there was a market "standard" approach

[Anonymous User]

We pay out on the last business day before Christmas, which seems pretty typical.

Pay grade clicks over in March with a true-up, which feels late but admittedly I've never asked friends at other firms when it happens for them.

[Big Shrimpin]

We pay out on the last business day before Christmas, which seems pretty typical.

Pay grade clicks over in March with a true-up, which feels late but admittedly I've never asked friends at other firms when it happens for them.

true-up...one-time disbursement of $$$ from jan-feb?

[Anonymous User]

The midlevel shortage is fixing itself via time. There are plenty of 4th years. Low but decent amount of 5th years. 6+ is hard to find, but firms stop needing those people. And from what I can tell, those who survived the culling have stayed a long damn time. Give it two years and there really won't be a shortage anymore.

I don't understand the logic on this. All of the classes coming out of law school are smaller than 5 years ago, so what is changing?

[Anonymous User]

We pay out on the last business day before Christmas, which seems pretty typical.

Pay grade clicks over in March with a true-up, which feels late but admittedly I've never asked friends at other firms when it happens for them.

true-up...one-time disbursement of $$$ from jan-feb?

Yep.

[Desert Fox]

[Traynor Brah]

The midlevel shortage is fixing itself via time. There are plenty of 4th years. Low but decent amount of 5th years. 6+ is hard to find, but firms stop needing those people. And from what I can tell, those who survived the culling have stayed a long damn time. Give it two years and there really won't be a shortage anymore.

I don't understand the logic on this. All of the classes coming out of law school are smaller than 5 years ago, so what is changing?

That doesn't make any actual difference. Like ~10% of the national law school grad population going into biglaw (IIRC), and 45% graduate w/o jobs. If the pool of grads contracts then maybe 11% goes into biglaw and 40% graduate w/o jobs. BFD.

[Anonymous User]

We pay out on the last business day before Christmas, which seems pretty typical.

Pay grade clicks over in March with a true-up, which feels late but admittedly I've never asked friends at other firms when it happens for them.

Regarding the latter, does anyone know if Paul Hastings does a similar true-up? I heard they don't up your salary to class year until like March.

[Anonymous User]

My NY biglaw firm switches over comp 1/1. i think we paid bonuses like 1/15 last year, but in december the year before.

[Anonymous User]

So ... STB announced its universe-shattering bonuses last year the Friday before Thanksgiving. Looks like things will start to get interesting again in less than 36 hours.

Maybe. Cravath's annual compensation meeting is always the Monday before Thanksgiving, and their bonus announcement comes out Monday afternoon. Since they once led the market, that was usually the day to watch. Anyone wanting to make a move before Cravath will therefore announce tomorrow or Friday (like STB did last year). On the other hand, in the past firms challenging the Cravath scale have sometimes announced after Cravath (not only DPW last year, but also Skadden about five years ago, IIRC), so while we will definitely know the initial Cravath scale by Tuesday, it is remains at least possible (though not likely) that a firm would beat Cravath some time later.

On bonus timing, I know my firm pays bonuses on the same date as the last paycheck of the year (usually 12/30 but could be 12/29 or 12/28 if 12/30 is a Saturday/Sunday). A few firms pay a week earlier, but a lot defer it weeks or months into the new year. We also increase comp effective first paycycle of the year (so effective 1/1, paid in the first paycheck on 1/15).

[Abbie Doobie]

The midlevel shortage is fixing itself via time. There are plenty of 4th years. Low but decent amount of 5th years. 6+ is hard to find, but firms stop needing those people. And from what I can tell, those who survived the culling have stayed a long damn time. Give it two years and there really won't be a shortage anymore.

I don't understand the logic on this. All of the classes coming out of law school are smaller than 5 years ago, so what is changing?

That doesn't make any actual difference. Like ~10% of the national law school grad population going into biglaw (IIRC), and 45% graduate w/o jobs. If the pool of grads contracts then maybe 11% goes into biglaw and 40% graduate w/o jobs. BFD.

and enrollment at the top schools where biglaw mostly hires form isn't really down that much. the big drop off is at TT-TTTT schools (where it should be).

[dixiecupdrinking]

The midlevel shortage is fixing itself via time. There are plenty of 4th years. Low but decent amount of 5th years. 6+ is hard to find, but firms stop needing those people. And from what I can tell, those who survived the culling have stayed a long damn time. Give it two years and there really won't be a shortage anymore.

I don't understand the logic on this. All of the classes coming out of law school are smaller than 5 years ago, so what is changing?

Current midlevels were fucked by the economy. Fewer people from c/o 09-11 got jobs in biglaw in the first place because they all got no-offered, had OCI when classes were smaller, etc. Now that they're valuable midlevels, the partners who refused to take $2.9 instead of $3 million to hire normal size classes can't understand why there aren't enough of them to go around.

[Anonymous User]

At least at my firm and in my dept there are more 7th years than 4th and 5th years combined. They underhired and attrition is at normal or even higher than normal levels.

[Anonymous User]

So ... STB announced its universe-shattering bonuses last year the Friday before Thanksgiving. Looks like things will start to get interesting again in less than 36 hours.

On bonus timing, I know my firm pays bonuses on the same date as the last paycheck of the year (usually 12/30 but could be 12/29 or 12/28 if 12/30 is a Saturday/Sunday). A few firms pay a week earlier, but a lot defer it weeks or months into the new year. We also increase comp effective first paycycle of the year (so effective 1/1, paid in the first paycheck on 1/15).

Does anyone know how Kirkland handles this stuff? (aside from putting 190k cracks in the compensation ceiling).

[Old Gregg]

So ... STB announced its universe-shattering bonuses last year the Friday before Thanksgiving. Looks like things will start to get interesting again in less than 36 hours.

On bonus timing, I know my firm pays bonuses on the same date as the last paycheck of the year (usually 12/30 but could be 12/29 or 12/28 if 12/30 is a Saturday/Sunday). A few firms pay a week earlier, but a lot defer it weeks or months into the new year. We also increase comp effective first paycycle of the year (so effective 1/1, paid in the first paycheck on 1/15).

Does anyone know how Kirkland handles this stuff? (aside from putting 190k cracks in the compensation ceiling).

bonuses announced "generally" at an in office presentation around the week of christmas (they present averages, highs, lows, comps to market, etc.), and individual VM from ur office managing partner (or a higher level share partner on the comp committee) much closer to Christmas.

if you are particularly liked, share partner will visit your office personally to tell you what ur bonus is.

[5ky]

So ... STB announced its universe-shattering bonuses last year the Friday before Thanksgiving. Looks like things will start to get interesting again in less than 36 hours.

Maybe. Cravath's annual compensation meeting is always the Monday before Thanksgiving, and their bonus announcement comes out Monday afternoon. Since they once led the market, that was usually the day to watch. Anyone wanting to make a move before Cravath will therefore announce tomorrow or Friday (like STB did last year). On the other hand, in the past firms challenging the Cravath scale have sometimes announced after Cravath (not only DPW last year, but also Skadden about five years ago, IIRC), so while we will definitely know the initial Cravath scale by Tuesday, it is remains at least possible (though not likely) that a firm would beat Cravath some time later.

On bonus timing, I know my firm pays bonuses on the same date as the last paycheck of the year (usually 12/30 but could be 12/29 or 12/28 if 12/30 is a Saturday/Sunday). A few firms pay a week earlier, but a lot defer it weeks or months into the new year. We also increase comp effective first paycycle of the year (so effective 1/1, paid in the first paycheck on 1/15).

Cravath didn't announce until December two years ago, so it's a bit strong to say they will definitely announce on Monday.

[mvp99]

So ... STB announced its universe-shattering bonuses last year the Friday before Thanksgiving. Looks like things will start to get interesting again in less than 36 hours.

Maybe. Cravath's annual compensation meeting is always the Monday before Thanksgiving, and their bonus announcement comes out Monday afternoon. Since they once led the market, that was usually the day to watch. Anyone wanting to make a move before Cravath will therefore announce tomorrow or Friday (like STB did last year). On the other hand, in the past firms challenging the Cravath scale have sometimes announced after Cravath (not only DPW last year, but also Skadden about five years ago, IIRC), so while we will definitely know the initial Cravath scale by Tuesday, it is remains at least possible (though not likely) that a firm would beat Cravath some time later.

On bonus timing, I know my firm pays bonuses on the same date as the last paycheck of the year (usually 12/30 but could be 12/29 or 12/28 if 12/30 is a Saturday/Sunday). A few firms pay a week earlier, but a lot defer it weeks or months into the new year. We also increase comp effective first paycycle of the year (so effective 1/1, paid in the first paycheck on 1/15).

Cravath didn't announce until December two years ago, so it's a bit strong to say they will definitely announce on Monday.

bro please the 190k + 20k bonus will be announced on Monday

[Anonymous User]

DPW has had the last partner meeting it will have until 12/3 so it's just lying in wait at this point to shatter the market again.

[Anonymous User]

We pay out on the last business day before Christmas, which seems pretty typical.

Pay grade clicks over in March with a true-up, which feels late but admittedly I've never asked friends at other firms when it happens for them.

Regarding the latter, does anyone know if Paul Hastings does a similar true-up? I heard they don't up your salary to class year until like March.

N E one?

[Anonymous User]

No true up. They also don't give you the class year bump until end of their fiscal year (1/31 instead of 12/31)

[Anonymous User]

No true up. They also don't give you the class year bump until end of their fiscal year (1/31 instead of 12/31)

UGH

so im basically being shaken down for like $800 or so after tax dollars this year then

f me right in my ass

[Anonymous User]

and March 1 bonus fucks your ability to lateral out. Bonus hours is Jan 1 - Dec 31, but you have to stay til March 1. You have to work 14 months to get a whole bonus.

[Anonymous User]

and March 1 bonus fucks your ability to lateral out. Bonus hours is Jan 1 - Dec 31, but you have to stay til March 1. You have to work 14 months to get a whole bonus.

awesome

ugh this is so TTTT

[TFALAWL]

Okay Guys: time to be proactive. We need to all bombard ATL with a message along the lines of "start teasing firms as to when they are going to release compensation." We need this thread to get some press.