Fall bonuses Forum

[POPTOP]

K&E midlevel here. Do folks really straight up ask equity partners about compensation? Seems wild to me, not something that I'd imagine comes up naturally. Don't even know how to broach the subject given the remote work enviornment.

This is a good question that I have thought about a lot recently. The reason I'd not feel comfortable straight-up asking one of the higher-up partners I work with is for fear of annoying or aggravating that person and then not getting work from them in the future. And my firm runs on that get-your-own work system. But at firms where there is a centralized work assignment system, is the feeling different? Would associates feel more comfortable straight up emailing bigwig partners and asking comp questions? Genuinely curious.

hot tip: never put that shit in an email.

[Anonymous User]

K&E midlevel here. Do folks really straight up ask equity partners about compensation? Seems wild to me, not something that I'd imagine comes up naturally. Don't even know how to broach the subject given the remote work enviornment.

This is a good question that I have thought about a lot recently. The reason I'd not feel comfortable straight-up asking one of the higher-up partners I work with is for fear of annoying or aggravating that person and then not getting work from them in the future. And my firm runs on that get-your-own work system. But at firms where there is a centralized work assignment system, is the feeling different? Would associates feel more comfortable straight up emailing bigwig partners and asking comp questions? Genuinely curious.

hot tip: never put that shit in an email.

You can put it in an email, just have to take advantage of the written format to source your stuff.

So point out exactly how much PPP is at your firm (note if you think they are above the average), then cite the discrepancy with your wage, and how much you bill for vs. receive, demand to know why they are so fucking cheap and if they really need that fifth million this year, maybe throw some "slavery" in there for colour.

I don't see how it could go wrong.

ETA: accidental anon, sorry, this is Auxilio

[Anonymous User]

Also, Gibson tell us the same thing that PW says re: we will pay top compensation, but not be a leader.

Another GDC Associate here. Except GDC has tried to pull the "its-just-a-NY-firm-thing" card regarding prior bonuses/raises (before ultimately caving after Latham matched), as if where a firm is headquartered matters to associates seeing their LA peers at NY-HQ'ed firms getting bonuses/raises. Gibson will try its hardest to avoid paying associates any more than they have to, so we're really just relying on Latham at this point.

[Anonymous User]

I’m interviewing with Cooley and, out of curiosity, does anyone know if Cooley will adjust to match the DPW/Milbank scale? Obviously I won’t ask in an interview, but I’m just curious about where the firm stands.

[POPTOP]

K&E midlevel here. Do folks really straight up ask equity partners about compensation? Seems wild to me, not something that I'd imagine comes up naturally. Don't even know how to broach the subject given the remote work enviornment.

This is a good question that I have thought about a lot recently. The reason I'd not feel comfortable straight-up asking one of the higher-up partners I work with is for fear of annoying or aggravating that person and then not getting work from them in the future. And my firm runs on that get-your-own work system. But at firms where there is a centralized work assignment system, is the feeling different? Would associates feel more comfortable straight up emailing bigwig partners and asking comp questions? Genuinely curious.

hot tip: never put that shit in an email.

You can put it in an email, just have to take advantage of the written format to source your stuff.

So point out exactly how much PPP is at your firm (note if you think they are above the average), then cite the discrepancy with your wage, and how much you bill for vs. receive, demand to know why they are so fucking cheap and if they really need that fifth million this year, maybe throw some "slavery" in there for colour.

I don't see how it could go wrong.

ETA: accidental anon, sorry, this is Auxilio

haha that hamptons mortgage ain't paying itself

[Anonymous User]

I’m interviewing with Cooley and, out of curiosity, does anyone know if Cooley will adjust to match the DPW/Milbank scale? Obviously I won’t ask in an interview, but I’m just curious about where the firm stands.

They've been having a good year, so assume that there's a good chance that they will, but they probably want to wait for Cravath & co. to announce so as to not have to raise twice to match (if someone else comes up over the top of DPW/Milbank)

[Anonymous User]

Also, Gibson tell us the same thing that PW says re: we will pay top compensation, but not be a leader.

Another GDC Associate here. Except GDC has tried to pull the "its-just-a-NY-firm-thing" card regarding prior bonuses/raises (before ultimately caving after Latham matched), as if where a firm is headquartered matters to associates seeing their LA peers at NY-HQ'ed firms getting bonuses/raises. Gibson will try its hardest to avoid paying associates any more than they have to, so we're really just relying on Latham at this point.

Well Latham will also wait to see if the market moves. And we have a bit more support given that Irell and HH both gave the bonus. Granted, they are both boutiques but both LA-based, which helps.

Gibson will almost certainly cave. At least in the LA office, it’s been quite busy in several practice groups.

[Anonymous User]

STB just matched. Email states this will not impact fall bonus.

[Anonymous User]

How about Goodwin? I think they matched surprisingly early back in 2018 during the push to $190k and summer bonuses.

If Ropes moves, they will too.

Goodwin moved first in 2018, and I’d be surprised if Ropes were a first mover this year from what I’ve heard

Care to elaborate on what you've heard about Ropes, or is this mostly based on the voluntary deferral program (and the probably reasonable assumption that has at least a partially financial motive)?

Choate already does the long-term bonus program where associates automatically earn an additional $25K (for hitting billable hours requirement 2 years in a row), $37.5K (3 years in a row), or $50K (4 years in a row) on top of normal market bonus. So the Ropes/Goodwin Boston offices may feel a little additional pressure to get the ball rolling.

Anon b/c at Goodwin. Couldn't this be an opportunity for Goodwin to rebound from the earlier stealths? I know the optics would be a bad look, but perhaps good publicity could help them recover from the bad?

[Auxilio]

STB just matched. Email states this will not impact fall bonus.

Surely you mean winter bonus?

And matched as in everyone gets the same amount or Milbank-like modifiers?

[Anonymous User]

STB matched DPW

[Anonymous User]

STB matched DPW

Confirming. To be paid on 10/15. Also confirmed annual bonuses at least in line with last year

[Anonymous User]

STB just matched. Email states this will not impact fall bonus.

Surely you mean winter bonus?

And matched as in everyone gets the same amount or Milbank-like modifiers?

Quoted anon here:

Yes, I meant winter/end of year bonus.

I don't believe they included the Milbank modifiers, just a DPW match, but others can correct me on that.

[POPTOP]

STB just matched. Email states this will not impact fall bonus.

Surely you mean winter bonus?

And matched as in everyone gets the same amount or Milbank-like modifiers?

Quoted anon here:

Yes, I meant winter/end of year bonus.

I don't believe they included the Milbank modifiers, just a DPW match, but others can correct me on that.

only firms with hours targets will get the modifier.

[POPTOP]

At this point I have my popcorn out. STB clearly went directly to ATL rather than waiting for news to be leaked - it was there within 2 minutes of it being on here. This is now full-blown siege warfare against anyone not matching.

[Anonymous User]

STB just matched. Email states this will not impact fall bonus.

Surely you mean winter bonus?

And matched as in everyone gets the same amount or Milbank-like modifiers?

Quoted anon here:

Yes, I meant winter/end of year bonus.

I don't believe they included the Milbank modifiers, just a DPW match, but others can correct me on that.

only firms with hours targets will get the modifier.

Not true. Milbank doesn't have an hours requirement (everyone gets 100% year-end bonus so long as you've done 25 hours of pro bono and are otherwise in good standing). The firm tracks utilization based on an unofficial target, as I'm sure every other firm does, and for those who have been buried so far this year (i.e., >110% utilization), they're compensating them accordingly.

[askmeanything]

What are the optics for a place like STB that paid the bonus out, but had one of the harshest policies for incoming first-years (delayed to January, no stipend, no health care coverage, can’t start in Jan if you haven’t taken the bar)? Should them paying out the bonus make first years feel better or worse?

[POPTOP]

STB just matched. Email states this will not impact fall bonus.

Surely you mean winter bonus?

And matched as in everyone gets the same amount or Milbank-like modifiers?

Quoted anon here:

Yes, I meant winter/end of year bonus.

I don't believe they included the Milbank modifiers, just a DPW match, but others can correct me on that.

only firms with hours targets will get the modifier.

Not true. Milbank doesn't have an hours requirement (everyone gets 100% year-end bonus so long as you've done 25 hours of pro bono and are otherwise in good standing). The firm tracks utilization based on an unofficial target, as I'm sure every other firm does, and for those who have been buried so far this year (i.e., >110% utilization), they're compensating them accordingly.

ah, fair enough. i don't know anyone at Millbank and incorrectly assumed this was an hours target related thing. point well taken.

[Popopo2019]

Where Cravath at?

[POPTOP]

What are the optics for a place like STB that paid the bonus out, but had one of the harshest policies for incoming first-years (delayed to January, no stipend, no health care coverage, can’t start in Jan if you haven’t taken the bar)? Should them paying out the bonus make first years feel better or worse?

to put it frankly, no one gives a shit. this bonus isn't about first years. it's about preventing 3rd / 4th / 5th year finance / m&A / restructuring associates from walking.

[JusticeSquee]

What are the optics for a place like STB that paid the bonus out, but had one of the harshest policies for incoming first-years (delayed to January, no stipend, no health care coverage, can’t start in Jan if you haven’t taken the bar)? Should them paying out the bonus make first years feel better or worse?

to put it frankly, no one gives a shit. this bonus isn't about first years. it's about preventing 3rd / 4th / 5th year finance / m&A / restructuring associates from walking.

Agreed, these bonuses are all about midlevel retention.

[Anonymous User]

Freshfields has matched.

[sinfiery]

Freshfields has matched.

Top 50 PEP have to match now, right? KE looks shameful

[TUwave]

Freshfields has matched.

Top 50 PEP have to match now, right? KE looks shameful

Yes this definitely bodes well for matches within the top 50 firms.

[MrTooToo]

Kirkland is looking so bad at this point. Major strategic misstep on their part. It doesn't matter if they're going to "true up" at the end of the year; people are getting paid NOW at rival / peer shops.