2021 End of Year Bonuses Forum

[ChickenSalad]

Latham just released special bonuses that match DPW but gives 2.5k for Class of 2021. Bonus memos don't come until end of January so no clue how actual bonuses will turn out.

Stubbies are actually making more in special bonus per month worked than first or second years on this scale. Not a huge difference in absolute terms though.

wait, I thought the current standard is no special bonuses for c/o 2021? would other firms match latham on stubbies special bonuses?

Almost certainly not. First year stub bonuses don’t have any impact on laterals and i’ve never heard of a firm matching bonuses for one class year (much less stub year bonuses)

[Anonymous User]

Kirkland associate here, lateraled during 2021. My bonus was prorated from my start date through Aug 31 (and not through end of year). Does this sound right? Thanks!!

[Anonymous User]

Latham just released special bonuses that match DPW but gives 2.5k for Class of 2021. Bonus memos don't come until end of January so no clue how actual bonuses will turn out.

Stubbies are actually making more in special bonus per month worked than first or second years on this scale. Not a huge difference in absolute terms though.

wait, I thought the current standard is no special bonuses for c/o 2021? would other firms match latham on stubbies special bonuses?

Probs not. Keep in mind Latham does not pay prorated annual bonuses to stubs. At least they get something this year.

Latham stubs actually get paid more ... they receive a 15k lump sum money before they join the firm (NY headquartered firms do not offer), which includes bar prep money and stub year bonus (signing bonus). While the pro-rated bonus of stubs are just a mere (at best) 5kish?

[Anonymous User]

MLB match DPW + individualized discretionary bonuses ranging from 5-35k based on hours/performance rating.

[Anonymous User]

Irell & Manella with a "good year" bonus: https://abovethelaw.com/2022/01/irell-bonuses-21/

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

The quoted anon. That sounds strange. I don't think I'm in your market. There's so much work - endless deal flow. I billed 2100 because the first two months of 2021 were abnormally slow. I saw my firm's bonus memo issued to US offices via atl (lol at having to find that out through atl) and apparently they will pay bonuses in February. I don't get (i) why the firm keeps its overseas associates in the dark for bonuses and (ii) the firm pays "end of year" bonuses in February. Not a big fan of this to say the least.

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

The quoted anon. That sounds strange. I don't think I'm in your market. There's so much work - endless deal flow. I billed 2100 because the first two months of 2021 were abnormally slow. I saw my firm's bonus memo issued to US offices via atl (lol at having to find that out through atl) and apparently they will pay bonuses in February. I don't get (i) why the firm keeps its overseas associates in the dark for bonuses and (ii) the firm pays "end of year" bonuses in February. Not a big fan of this to say the least.

Lol, we may actually be at the same firm. None of the V15s pay in February as far as I am aware, but a couple of the V25s do, including mine. There are differences across markets even within firms, though, and Asia is a big place with lots of markets. Agreed that it's all shady.

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

The quoted anon. That sounds strange. I don't think I'm in your market. There's so much work - endless deal flow. I billed 2100 because the first two months of 2021 were abnormally slow. I saw my firm's bonus memo issued to US offices via atl (lol at having to find that out through atl) and apparently they will pay bonuses in February. I don't get (i) why the firm keeps its overseas associates in the dark for bonuses and (ii) the firm pays "end of year" bonuses in February. Not a big fan of this to say the least.

Lol, we may actually be at the same firm. None of the V15s pay in February as far as I am aware, but a couple of the V25s do, including mine. There are differences across markets even within firms, though, and Asia is a big place with lots of markets. Agreed that it's all shady.

My v60 pays the "eoy" bonus in the middle of the following year, in April.

[Anonymous User]

My v60 pays the "eoy" bonus in the middle of the following year, in April.

I'm at a Feb "eoy" bonus firm, which is terrible and seems designed solely to disrupt lateral/exit timelines, but April is crazy.

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

The quoted anon. That sounds strange. I don't think I'm in your market. There's so much work - endless deal flow. I billed 2100 because the first two months of 2021 were abnormally slow. I saw my firm's bonus memo issued to US offices via atl (lol at having to find that out through atl) and apparently they will pay bonuses in February. I don't get (i) why the firm keeps its overseas associates in the dark for bonuses and (ii) the firm pays "end of year" bonuses in February. Not a big fan of this to say the least.

Lol, we may actually be at the same firm. None of the V15s pay in February as far as I am aware, but a couple of the V25s do, including mine. There are differences across markets even within firms, though, and Asia is a big place with lots of markets. Agreed that it's all shady.

White & Case still pays bonuses in February.

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

The quoted anon. That sounds strange. I don't think I'm in your market. There's so much work - endless deal flow. I billed 2100 because the first two months of 2021 were abnormally slow. I saw my firm's bonus memo issued to US offices via atl (lol at having to find that out through atl) and apparently they will pay bonuses in February. I don't get (i) why the firm keeps its overseas associates in the dark for bonuses and (ii) the firm pays "end of year" bonuses in February. Not a big fan of this to say the least.

Lol, we may actually be at the same firm. None of the V15s pay in February as far as I am aware, but a couple of the V25s do, including mine. There are differences across markets even within firms, though, and Asia is a big place with lots of markets. Agreed that it's all shady.

White & Case still pays bonuses in February.

Yes, White & Case (V16) and Paul Hastings (V20).

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

The quoted anon. That sounds strange. I don't think I'm in your market. There's so much work - endless deal flow. I billed 2100 because the first two months of 2021 were abnormally slow. I saw my firm's bonus memo issued to US offices via atl (lol at having to find that out through atl) and apparently they will pay bonuses in February. I don't get (i) why the firm keeps its overseas associates in the dark for bonuses and (ii) the firm pays "end of year" bonuses in February. Not a big fan of this to say the least.

Lol, we may actually be at the same firm. None of the V15s pay in February as far as I am aware, but a couple of the V25s do, including mine. There are differences across markets even within firms, though, and Asia is a big place with lots of markets. Agreed that it's all shady.

White & Case still pays bonuses in February.

Yes, White & Case (V16) and Paul Hastings (V20).

Latham pays on January 28.

[Anonymous User]

A midlevel in an Asian office of a V15. Billed 2100. No annoucement regarding EOY bonus at all. Work is crushing. Morale is at its lowest.

In before someone else says "2100 isn't that high." At least in my V25 firm, associates in some of our Asian offices face pressure to write off their own hours so the partners' metrics look good. Basically, we can't compete with the top 5 firms for the most lucrative corporate work so we compete with everybody else for the rest of the - lower margin - work but the partners are worried their offices won't remain prestigious or profitable if they can't keep billing the associates out at the US rates. The result is that associates can work 3000 billables in a year but struggle to meet bonus eligibility requirements. Is that the case in your firm? Do others see the same phenomenon at theirs?

The quoted anon. That sounds strange. I don't think I'm in your market. There's so much work - endless deal flow. I billed 2100 because the first two months of 2021 were abnormally slow. I saw my firm's bonus memo issued to US offices via atl (lol at having to find that out through atl) and apparently they will pay bonuses in February. I don't get (i) why the firm keeps its overseas associates in the dark for bonuses and (ii) the firm pays "end of year" bonuses in February. Not a big fan of this to say the least.

Lol, we may actually be at the same firm. None of the V15s pay in February as far as I am aware, but a couple of the V25s do, including mine. There are differences across markets even within firms, though, and Asia is a big place with lots of markets. Agreed that it's all shady.

White & Case still pays bonuses in February.

Yes, White & Case (V16) and Paul Hastings (V20).

Latham pays on January 28.

Latham at least paid special bonuses in December this year. Probably due to the hot lateral market, most firms that used to pay out in mid or late January changed their policies and paid out in December or early January. I recall Skadden and Shearman used to pay in January but this year they paid out in December.

[Anonymous User]

Do we think there will be another round of special bonuses in 2022?

[Anonymous User]

Edit: Please delete.

[Anonymous User]

Winston pays in Feb., putatively because FY closes Jan. 31.