2021 Special Bonuses Forum

[Anonymous User]

I feel very disappointed.

Cravath, where are you?

[Anonymous User]

Debevoise match. June & September.

Cleary match DPW. April 30 and August 30.

Debevoise match. June & September.

PW matched, with June and September payouts.

Are there any requirements to these?

None for Cleary

[Anonymous User]

Debevoise match. June & September.

Cleary match DPW. April 30 and August 30.

Debevoise match. June & September.

PW matched, with June and September payouts.

Are there any requirements to these?

none for cleary.

[Anonymous User]

S&C come on now.

[Anonymous User]

Debevoise match. June & September.

Cleary match DPW. April 30 and August 30.

Debevoise match. June & September.

PW matched, with June and September payouts.

Are there any requirements to these?

PW's is for those "employed and in good standing" on the payment date. Unsure what good standing means, since we don't have an hours requirement generally.

[Anonymous User]

I re-tooled the 2020 bonus Google doc to use to track 2021 matches. Should be current through Debevoise. Re-post it when you update it so we can watch this trickle down the rankings

https://docs.google.com/spreadsheets/d/ ... edit#gid=0

[Anonymous User]

Debevoise match. June & September.

Cleary match DPW. April 30 and August 30.

Debevoise match. June & September.

PW matched, with June and September payouts.

Are there any requirements to these?

PW's is for those "employed and in good standing" on the payment date. Unsure what good standing means, since we don't have an hours requirement generally.

Good standing typically means not fired. They don’t want to pay out bonuses to people who have been given three months to find another job but are still technically employed

[Definitely Not North]

I re-tooled the 2020 bonus Google doc to use to track 2021 matches. Should be current through Debevoise. Re-post it when you update it so we can watch this trickle down the rankings

https://docs.google.com/spreadsheets/d/ ... edit#gid=0

Is it safe to say that all the incomplete firms w/r/t 2020 COVID bonuses didn't pay them? Maybe we can update those too while people are in the doc. Probably a pretty good indication for where a firm is likely to come out on Spring bonuses

[Anonymous User]

Just when us DLA associates started to get over our below market 2020 bonuses, we’ll soon have a new reason to further resent our firm.

[Auxilio]

I re-tooled the 2020 bonus Google doc to use to track 2021 matches. Should be current through Debevoise. Re-post it when you update it so we can watch this trickle down the rankings

https://docs.google.com/spreadsheets/d/ ... edit#gid=0

Is it safe to say that all the incomplete firms w/r/t 2020 COVID bonuses didn't pay them? Maybe we can update those too while people are in the doc. Probably a pretty good indication for where a firm is likely to come out on Spring bonuses

I don't think it's fair. I'd be shocked if Gunderson for example didn't pay it considering their history. I also think we should probably note if we put a "no" for the firms like Susman/Wachtell which are a bit black box but still above market.

[ExpOriental]

I re-tooled the 2020 bonus Google doc to use to track 2021 matches. Should be current through Debevoise. Re-post it when you update it so we can watch this trickle down the rankings

https://docs.google.com/spreadsheets/d/ ... edit#gid=0

Is it safe to say that all the incomplete firms w/r/t 2020 COVID bonuses didn't pay them? Maybe we can update those too while people are in the doc. Probably a pretty good indication for where a firm is likely to come out on Spring bonuses

It would not be safe to assume that. I spotted at least one blank firm that I know for a fact matched the COVID bonus.

[dyemond]

It’s like Skadden had to emphasize that they’re doing this begrudgingly and they don’t think you deserve any more money

I'm at Kirkland. It sounds like a few other people in this thread are too. I can attest that we're actively seeking laterals. Anyone from Skadden or any other V10/V25 firm that you feel is being chintzy, send your resume over. We're also apparently paying out generous signing bonuses (50k-100k).

Doubt KE will match

I would love to hear what bizarro logic led you to that conclusion

I assume the poster means that KE won't pay until year-end and that the multiple won't be calculated based on the special bonus amount, which doesn't seem that crazy considering what KE did for the fall bonuses, right? I'm not at KE, so would like to hear the perspective of any current KE folks, as much as I hate that every single thread on this site is now a costco kool aid thread... but if you can't beat em, join em...

I'm the above KE guy. I think there's 0 chance they push this to December. It was one thing to say in October / November "wait a month." But they'd be breaking industry trend here and we are trying to attract more attorneys, not get people to quit / leave. People would riot especially in the corp groups given how bad hours are right now.

For the sake of the KE NSP I'm opposite against on too many different matters, I hope you're right. For my own sake, for any potential trickle down effect or at least to stir the pot and make things more interesting, I hope you're right too.

I’m opposite the same team from one firm right now on 6 matters.

If your junior has been sending us emails and you can see that my team is extremely understaffed, then yes hello how are you I too would like a match that would be great

[Anonymous User]

If you think about it doing April/June and September/October really turns the year-end bonus into a retention bonus as well. If you’re going to stay until September/October for $20k+, you’re probably going to stay until December/January for $25k. Think that becomes more the case as you get senior given bigger dollars. I’m a 4th year actively looking like so many others and now it’s not ridiculous to see myself still here at year end and possibly beyond if something isn’t lined up ... ugh

[lolwutpar]

If you think about it doing April/June and September/October really turns the year-end bonus into a retention bonus as well. If you’re going to stay until September/October for $20k+, you’re probably going to stay until December/January for $25k. Think that becomes more the case as you get senior given bigger dollars. I’m a 4th year actively looking like so many others and now it’s not ridiculous to see myself still here at year end and possibly beyond if something isn’t lined up ... ugh

Certainly makes you feel better if you can't get something.

[Anonymous User]

If you think about it doing April/June and September/October really turns the year-end bonus into a retention bonus as well. If you’re going to stay until September/October for $20k+, you’re probably going to stay until December/January for $25k. Think that becomes more the case as you get senior given bigger dollars. I’m a 4th year actively looking like so many others and now it’s not ridiculous to see myself still here at year end and possibly beyond if something isn’t lined up ... ugh

Agree 100% as a fellow 4th year interested in leaving. These bonuses are going to effectively retain me through year end, which was far from a sure thing just a week ago.

And let's see what 2022 brings, but if these bonuses get midlevels to hang on a while longer, then we would expect to see an unusually large exodus in the first few months of 2022, with a correspondingly hot lateral market to follow. Ironically, if midlevels collect their year-end bonuses and bounce disproportionately, that would probably fuel even larger mid-year retention bonuses next year so long as the economy is good.

[Definitely Not North]

Greenberg Trauig 53 $1,803,000 14 No. No.

wait did Greenberg seriously not pay full regular bonuses IN ADDITION to not paying fall bonuses?

[Definitely Not North]

why tf does anybody still work there if so

[Anonymous User]

Skadden's decision to make the second payment in December makes no sense. If the purpose of these bonuses is to increase retention and improve morale, it's best to spread them about evenly throughout the year, which Willkie obviously realized as it planned the structure of its payment--smart thinking by them. So approximately April and August and then the big year-end bonus in December, or a payment every four(ish) months. Paying a "spring bonus" in December defeats the purpose of it. Skadden can be so weird at times. But at least everyone else is following more or less the Willkie / DPW schedule of spring and fall. This also is likely a way for firms to avoid having to do a separate fall bonus even if business is great, which it seems like it's going to be with the economy opening back up. Really smart thinking by Willkie the more you think about this.

[Anonymous User]

If you think about it doing April/June and September/October really turns the year-end bonus into a retention bonus as well. If you’re going to stay until September/October for $20k+, you’re probably going to stay until December/January for $25k. Think that becomes more the case as you get senior given bigger dollars. I’m a 4th year actively looking like so many others and now it’s not ridiculous to see myself still here at year end and possibly beyond if something isn’t lined up ... ugh

Agree 100% as a fellow 4th year interested in leaving. These bonuses are going to effectively retain me through year end, which was far from a sure thing just a week ago.

And let's see what 2022 brings, but if these bonuses get midlevels to hang on a while longer, then we would expect to see an unusually large exodus in the first few months of 2022, with a correspondingly hot lateral market to follow. Ironically, if midlevels collect their year-end bonuses and bounce disproportionately, that would probably fuel even larger mid-year retention bonuses next year so long as the economy is good.

Another 4th year signing on to this. Probably wasn't going to find anything by summer anyway and would have stayed for regular bonus. At least we'll get a little more out of this now.

[Anonymous User]

If you think about it doing April/June and September/October really turns the year-end bonus into a retention bonus as well. If you’re going to stay until September/October for $20k+, you’re probably going to stay until December/January for $25k. Think that becomes more the case as you get senior given bigger dollars. I’m a 4th year actively looking like so many others and now it’s not ridiculous to see myself still here at year end and possibly beyond if something isn’t lined up ... ugh

Certainly makes you feel better if you can't get something.

But how unlikely is it that whatever firm you're lateraling to will just agree to pay you these special bonuses and guarantee a full year-end bonus (not prorated)? If pretty likely, how much of a retention effect does this have? Wondering as I'm a 4th year and just finished my second round of interviews with a V40 firm in NYC that paid both of the special bonuses in 2020 (but is yet to match the 2021 special bonus).

[lolwutpar]

If you think about it doing April/June and September/October really turns the year-end bonus into a retention bonus as well. If you’re going to stay until September/October for $20k+, you’re probably going to stay until December/January for $25k. Think that becomes more the case as you get senior given bigger dollars. I’m a 4th year actively looking like so many others and now it’s not ridiculous to see myself still here at year end and possibly beyond if something isn’t lined up ... ugh

Certainly makes you feel better if you can't get something.

But how unlikely is it that whatever firm you're lateraling to will just agree to pay you these special bonuses and guarantee a full year-end bonus (not prorated)? If pretty likely, how much of a retention effect does this have? Wondering as I'm a 4th year and just finished my second round of interviews with a V40 firm in NYC that paid both of the special bonuses in 2020 (but is yet to match the 2021 special bonus).

Right now, assuming you are a transactional attorney, very likely they will agree to pay you both. Firms are bleeding and busy. They need people desperately. But I think the potentially smarter play is to get a large upfront signing bonus and just take whatever prorated amount you get for the special bonus. Seems you'd end up with more $$$ that way. Doubt you could get a signing bonus AND full special bonus AND guaranteed annual bonus.

[Anonymous User]

Skadden's decision to make the second payment in December makes no sense. If the purpose of these bonuses is to increase retention and improve morale, it's best to spread them about evenly throughout the year, which Willkie obviously realized as it planned the structure of its payment--smart thinking by them. So approximately April and August and then the big year-end bonus in December, or a payment every four(ish) months. Paying a "spring bonus" in December defeats the purpose of it. Skadden can be so weird at times. But at least everyone else is following more or less the Willkie / DPW schedule of spring and fall. This also is likely a way for firms to avoid having to do a separate fall bonus even if business is great, which it seems like it's going to be with the economy opening back up. Really smart thinking by Willkie the more you think about this.

Did Willkie ever end up matching the DPW bonus? I'm at Willkie and don't think I saw this.

[Anonymous User]

Skadden's decision to make the second payment in December makes no sense. If the purpose of these bonuses is to increase retention and improve morale, it's best to spread them about evenly throughout the year, which Willkie obviously realized as it planned the structure of its payment--smart thinking by them. So approximately April and August and then the big year-end bonus in December, or a payment every four(ish) months. Paying a "spring bonus" in December defeats the purpose of it. Skadden can be so weird at times. But at least everyone else is following more or less the Willkie / DPW schedule of spring and fall. This also is likely a way for firms to avoid having to do a separate fall bonus even if business is great, which it seems like it's going to be with the economy opening back up. Really smart thinking by Willkie the more you think about this.

Did Willkie ever end up matching the DPW bonus? I'm at Willkie and don't think I saw this.

Good question and I haven't heard from any of my friends. Maybe a Willkie attorney can enlighten us. That's the one shitty thing about being the first mover but props to Willkie for doing it. If I were there I wouldn't even be mad at them if they didn't up it again; they deserve a ton of credit for starting this and showing they care about associate / counsel comp. when partners are making so much money.

[thelawyler]

Skadden's decision to make the second payment in December makes no sense. If the purpose of these bonuses is to increase retention and improve morale, it's best to spread them about evenly throughout the year, which Willkie obviously realized as it planned the structure of its payment--smart thinking by them. So approximately April and August and then the big year-end bonus in December, or a payment every four(ish) months. Paying a "spring bonus" in December defeats the purpose of it. Skadden can be so weird at times. But at least everyone else is following more or less the Willkie / DPW schedule of spring and fall. This also is likely a way for firms to avoid having to do a separate fall bonus even if business is great, which it seems like it's going to be with the economy opening back up. Really smart thinking by Willkie the more you think about this.

Did Willkie ever end up matching the DPW bonus? I'm at Willkie and don't think I saw this.

Good question and I haven't heard from any of my friends. Maybe a Willkie attorney can enlighten us. That's the one shitty thing about being the first mover but props to Willkie for doing it. If I were there I wouldn't even be mad at them if they didn't up it again; they deserve a ton of credit for starting this and showing they care about associate / counsel comp. when partners are making so much money.

They're likely waiting for the dust to settle before matching the new market rate.

[Sackboy]

Greenberg Trauig 53 $1,803,000 14 No. No.

wait did Greenberg seriously not pay full regular bonuses IN ADDITION to not paying fall bonuses?

GT has offices in SLC, Sacramento, Philadelphia, Albany, Atlanta, Denver, Vegas, Miami, etc. where they are probably very close to the top paying shop in town, even without bonuses. That means there aren't many places for people to jump ship to.

I'm sure their talent in major markets is getting hit hard if they're not paying out bonuses, though. You also have to remember that folks might be at GT because they didn't have many (or any options) in the first place. They're not a top 20 firm in any major legal market, and they're probably not a top 50 firm in NY.