2021 End of Year Bonuses Forum

[Anonymous User]

Call me crazy but if firms want to retain seniors so badly why don't they just....make them partner? Feels like something has seriously broken down in the system, where we have firms where it takes a dozen years or more to make equity, yet firms are desperately short of experienced associates.

Can’t make partners mid-year but stay tuned

[Ultramar vistas]

Partners with decision making power are just completely out of touch. A couple weeks ago a senior partner, while complaining about the turnover rate literally said “you can’t buy loyalty” as a reason not to do generalized retention bonuses…

News flash, you can’t buy loyalty but I’ll sign a lockup for 12 months for $100k, and we can revisit it a year.

[Anonymous User]

Based on recent bonus calendars - with the first announcement as early as Nov. 7 - we are now in the days where a firm that wants to make a splash by setting a new scale could announce any day now. Who wants to be the Milbank of bonuses?

I'm gonna predict this happens, with the new end of year scale / a special bonus payable in late spring that gets announced at the same time:

2020: $20k / $10k
2019: $35k / $15k
2018: $65k / $25k
2017: $80k / $35k
2016: $100k / $45k
2015: $110k / $50k
2014+: $120k / $55k

[Anonymous User]

Latham making a move to be the new market leader and to increase associate morale with its special bonus - a water bottle and a laptop sleeve.

I asked for the backpack, my current computer bag is shot so timing is good.

That said, suppppppeeeeerrrrrrrr lame attempt to boost morale

[Wanderingdrock]

Based on recent bonus calendars - with the first announcement as early as Nov. 7 - we are now in the days where a firm that wants to make a splash by setting a new scale could announce any day now. Who wants to be the Milbank of bonuses?

I'm gonna predict this happens, with the new end of year scale / a special bonus payable in late spring that gets announced at the same time:

2020: $20k / $10k
2019: $35k / $15k
2018: $65k / $25k
2017: $80k / $35k
2016: $100k / $45k
2015: $110k / $50k
2014+: $120k / $55k

Not sure I see this being the outcome. Announcing a spring bonus that is less than the combined special bonuses we've received each of the last two years - even if there's an even greater increase in the EOY - doesn't make a ton of sense. I could see the EOY bonuses increasing and a spring bonus being announced, but I would think a fall bonus would also be announced, bringing that second column total to at least what the specials have been in 2020 and 2021 - essentially a normalizing of the mid-year retention bonus schedule we've seen developing.

[cornerstone]

Mintz announced special bonuses. $20k for first and second heard. $40k for all other class years.

Prob irrelevant cause they never paid it in the first instance

Apparently they paid bonuses in September too. So it is not irrelevant.

This is news - can someone confirm? Was that on TLS/ATL?

Yeah - is ATL behind on this? Says “no” on the special bonus section: https://abovethelaw.com/2021/06/salary- ... cker-2021/

Any Mintz folks care to share if these new bonuses come on top of this year's retention bonuses? The new $20k/$40k bonuses are now ATL official (https://abovethelaw.com/2021/11/mintz-s ... fall-2021/), but Staci is letting us down by ignoring that Mintz is still listed as no on retention bonuses.

I agree these are too small to make a difference for many, but it would be a good signal that something bigger is on its way.

[Anonymous User]

Based on recent bonus calendars - with the first announcement as early as Nov. 7 - we are now in the days where a firm that wants to make a splash by setting a new scale could announce any day now. Who wants to be the Milbank of bonuses?

I'm gonna predict this happens, with the new end of year scale / a special bonus payable in late spring that gets announced at the same time:

2020: $20k / $10k
2019: $35k / $15k
2018: $65k / $25k
2017: $80k / $35k
2016: $100k / $45k
2015: $110k / $50k
2014+: $120k / $55k

Not sure I see this being the outcome. Announcing a spring bonus that is less than the combined special bonuses we've received each of the last two years - even if there's an even greater increase in the EOY - doesn't make a ton of sense. I could see the EOY bonuses increasing and a spring bonus being announced, but I would think a fall bonus would also be announced, bringing that second column total to at least what the specials have been in 2020 and 2021 - essentially a normalizing of the mid-year retention bonus schedule we've seen developing.

I think this is where the smart money is, i.e., a modest scale increase for EoY along with an announcement of firm 2022 spring / fall retention bonuses that at least match and more likely give a little "gentleman's raise" of like 5k, 10k off of what was done in spring / fall 2021. Note that "modest scale increase" means inclusive of trueing up against any random October / November additional special bonus bullshit that some of these other firms are pulling--associates everywhere are watching this and are aware of what's happening. So it might be something like the scale the guy above posted plus 20k or 40k or whatever becomes the "market" for this random October / November bump that seems to be materializing.

The way I see it, firms have two options to not fuck this up. Either they hit it out of the park w/ EoY (something like 1.5x-2x last year) w/ no commitment to mid-year retention or else they do something more modest EoY but signal that more money is coming in the spring and fall. If they don't do A or B then they're going to have massive attrition problems on their hands and it will be hilarious to watch (until it affects my practice and then I'll cry when I can't form teams because we have no attorneys left lol).

[2013]

Mintz announced special bonuses. $20k for first and second heard. $40k for all other class years.

Prob irrelevant cause they never paid it in the first instance

Apparently they paid bonuses in September too. So it is not irrelevant.

This is news - can someone confirm? Was that on TLS/ATL?

Yeah - is ATL behind on this? Says “no” on the special bonus section: https://abovethelaw.com/2021/06/salary- ... cker-2021/

Any Mintz folks care to share if these new bonuses come on top of this year's retention bonuses? The new $20k/$40k bonuses are now ATL official (https://abovethelaw.com/2021/11/mintz-s ... fall-2021/), but Staci is letting us down by ignoring that Mintz is still listed as no on retention bonuses.

I agree these are too small to make a difference for many, but it would be a good signal that something bigger is on its way.

Curious as well… the NEP Instagram post showed the first half of the email, which referenced a bonus that was paid out in September. I think Mintz is probably above market for junior and midlevel associates.

[Anonymous User]

Based on recent bonus calendars - with the first announcement as early as Nov. 7 - we are now in the days where a firm that wants to make a splash by setting a new scale could announce any day now. Who wants to be the Milbank of bonuses?

I'm gonna predict this happens, with the new end of year scale / a special bonus payable in late spring that gets announced at the same time:

2020: $20k / $10k
2019: $35k / $15k
2018: $65k / $25k
2017: $80k / $35k
2016: $100k / $45k
2015: $110k / $50k
2014+: $120k / $55k

Not sure I see this being the outcome. Announcing a spring bonus that is less than the combined special bonuses we've received each of the last two years - even if there's an even greater increase in the EOY - doesn't make a ton of sense. I could see the EOY bonuses increasing and a spring bonus being announced, but I would think a fall bonus would also be announced, bringing that second column total to at least what the specials have been in 2020 and 2021 - essentially a normalizing of the mid-year retention bonus schedule we've seen developing.

I don't think firms need to announce fall special bonuses at the same time as EOY ones. Recall that the 2021 special bonus announcement train began in late March and rolled into April. Announcing "here is your year end bonus, and here is some more in the spring if you stay" with a little language like "Additional special compensation will be evaluated after reviewing firm performance in Q1 2022" or whatever will basically indicate that fall special bonuses remain on the table if the market stays hot. It feels risky for a firm to commit to special bonuses of a dollar amount certain as much as 9 or 10 months in advance of paying them, so I don't expect it.

[njdevils2626]

Latham making a move to be the new market leader and to increase associate morale with its special bonus - a water bottle and a laptop sleeve.

I asked for the backpack, my current computer bag is shot so timing is good.

That said, suppppppeeeeerrrrrrrr lame attempt to boost morale

Wait, this was a serious post?

[Anonymous User]

Latham making a move to be the new market leader and to increase associate morale with its special bonus - a water bottle and a laptop sleeve.

I asked for the backpack, my current computer bag is shot so timing is good.

That said, suppppppeeeeerrrrrrrr lame attempt to boost morale

Wait, this was a serious post?

Sadly, yes. Latham sent out emails yesterday thanking associates for all the hard work and rewarding us with our choice of various sub-$20 garbage.

[objctnyrhnr]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

[Anonymous User]

Latham making a move to be the new market leader and to increase associate morale with its special bonus - a water bottle and a laptop sleeve.

I asked for the backpack, my current computer bag is shot so timing is good.

That said, suppppppeeeeerrrrrrrr lame attempt to boost morale

Wait, this was a serious post?

As cereal as Al Gore about Man-Bear-Pig in South Park.

Was amazed but also not the least bit surprised when we got the email. It was a magical moment.

[Anonymous User]

Latham making a move to be the new market leader and to increase associate morale with its special bonus - a water bottle and a laptop sleeve.

I asked for the backpack, my current computer bag is shot so timing is good.

That said, suppppppeeeeerrrrrrrr lame attempt to boost morale

Wait, this was a serious post?

As cereal as Al Gore about Man-Bear-Pig in South Park.

Was amazed but also not the least bit surprised when we got the email. It was a magical moment.

Not sure what you were expecting. Latham will match whatever becomes market but will never lead. We also generally take a while to match so wouldn’t expect to hear anything for several weeks.

[Ultramar vistas]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

Missing the Paul Weiss retention bonuses.

[Anonymous User]

Latham making a move to be the new market leader and to increase associate morale with its special bonus - a water bottle and a laptop sleeve.

I asked for the backpack, my current computer bag is shot so timing is good.

That said, suppppppeeeeerrrrrrrr lame attempt to boost morale

Wait, this was a serious post?

As cereal as Al Gore about Man-Bear-Pig in South Park.

Was amazed but also not the least bit surprised when we got the email. It was a magical moment.

Not sure what you were expecting. Latham will match whatever becomes market but will never lead. We also generally take a while to match so wouldn’t expect to hear anything for several weeks.

I was expecting firm leadership to not be so tone deaf that they send out an email during bonus season thanking us for all our hard work and offering a "small token of appreciation" that turns out to be garbage nobody wants. I'd prefer to get nothing.

[Anonymous User]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

All correct, but also PW announced bonuses for select few as well - one amount payable this month and another payable early next year.

[objctnyrhnr]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

Missing the Paul Weiss retention bonuses.

Ah good call.

Honestly I feel like the worst thing that could happen for associates is that the timing, amount, and selectivity of these bonuses gets so mishmashed across firms that it just becomes completely opaque. Then those reliable v30-ish or even v50-ish market followers have plausible deniability in not matching.

Put another way, I’m concerned that when it comes to bonuses, we’ll lose the concept of “market” to some degree…and as a result a bunch of firms will have a decent excuse to shortchange associates.

Anybody else worried about this?

[Anonymous User]

Can confirm all of other Latham associates I’ve spoken to about this water bottle/laptop sleeve email are very unhappy. Completely tone deaf.

[Anonymous User]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

Missing the Paul Weiss retention bonuses.

Ah good call.

Honestly I feel like the worst thing that could happen for associates is that the timing, amount, and selectivity of these bonuses gets so mishmashed across firms that it just becomes completely opaque. Then those reliable v30-ish or even v50-ish market followers have plausible deniability in not matching.

Put another way, I’m concerned that when it comes to bonuses, we’ll lose the concept of “market” to some degree…and as a result a bunch of firms will have a decent excuse to shortchange associates.

Anybody else worried about this?

Signing bonuses and matching offers are also manifestations of that. They're a way to pay high performers or people in high-demand groups more, but are completely opaque.

[Anonymous User]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

Missing the Paul Weiss retention bonuses.

Ah good call.

Honestly I feel like the worst thing that could happen for associates is that the timing, amount, and selectivity of these bonuses gets so mishmashed across firms that it just becomes completely opaque. Then those reliable v30-ish or even v50-ish market followers have plausible deniability in not matching.

Put another way, I’m concerned that when it comes to bonuses, we’ll lose the concept of “market” to some degree…and as a result a bunch of firms will have a decent excuse to shortchange associates.

Anybody else worried about this?

I'm not so worried about this. At the end of the day, the market will be determined by whatever Cravath, DPW and Milbank decide to do wrt to EOY, special/retention, and/or discretionary bonuses. It is possible the discretionary bonuses become a bit of a mish-mash given the lack of a paper trail or actual dollar figures from any of these firms (Skadden, PW, STB), but those aren't what most of us are worried about anyway since they're only given to a small number of associates. The market will follow the market leaders on EOY and special/retention bonuses, and those announcements will include specific numbers and will leak as always.

[Anonymous User]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

Have any juniors gotten this for STB or is this a mid level/senior associate thing?

[Anonymous User]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

Missing the Paul Weiss retention bonuses.

Ah good call.

Honestly I feel like the worst thing that could happen for associates is that the timing, amount, and selectivity of these bonuses gets so mishmashed across firms that it just becomes completely opaque. Then those reliable v30-ish or even v50-ish market followers have plausible deniability in not matching.

Put another way, I’m concerned that when it comes to bonuses, we’ll lose the concept of “market” to some degree…and as a result a bunch of firms will have a decent excuse to shortchange associates.

Anybody else worried about this?

I'm not so worried about this. At the end of the day, the market will be determined by whatever Cravath, DPW and Milbank decide to do wrt to EOY, special/retention, and/or discretionary bonuses. It is possible the discretionary bonuses become a bit of a mish-mash given the lack of a paper trail or actual dollar figures from any of these firms (Skadden, PW, STB), but those aren't what most of us are worried about anyway since they're only given to a small number of associates. The market will follow the market leaders on EOY and special/retention bonuses, and those announcements will include specific numbers and will leak as always.

How is this working in practice in terms of the no paper trail/secretive nature? But none of it makes sense to me.

My understanding is that these super secret bonuses are all being tied to continued employment in 2022 and can be clawed back? Or is it that they're not being paid until 2022 and you're just supposed to trust whoever tells you this? Don't see how you accomplish the goal of keeping secret/keeping the stick of you actually have to stay and work.

Personally, I think it will be interesting to see what happens at slightly lower ranked firms. Think there is an even bigger divide in how bad things are at a V40 in terms of profitable drowning groups and less profitable ones where the associates are collecting the same paycheck. I'm a senior associate in profitable corporate practice on pace to bill 2800+ hours who is only sticking around because I will (hopefully) soon be partner.

I have no idea how we are going to retain junior/midlevel associates, when our literal worst juniors and midlevels are taking bigger paychecks to go to V15s, without doing something similar.

[Anonymous User]

Sidley is gifting AirPods Pro, SHATTERING the Latham scale (water bottle/laptop sleeve)

[Anonymous User]

So just clarifying right now, to recap as of today’s date and time, where we stand is:

Big Skadden retention bonuses for select few announced, to be paid mid year next year

STB retention bonuses to be paid soon for select few

Mintz levin (of all places) 40k retention bonuses across the board…


And nothing about scale of normal annual bonus?

Is that all correct, more or less?

The STB special retention bonuses were paid in August.