2015 Biglaw Boneus Thread Forum

[Big Shrimpin]

STAGNATION

[heythatslife]

What the hell's going on? No bonus this year?

[anonnymouse]

Chill. Last year was an anomaly for ITE. ITE Cravath announces on the Monday following Thanksgiving (2011, 2012, 2013). Last year I'm sure Cravath expected to announce on 12/1 but were trumped by STB then re-trumped by DPW.

Assuming no one tries to lead Cravath again, they'll probably announce 11/30.

[Big Shrimpin]

#boned

[Anonymous User]

#nobonus2015

[Monochromatic Oeuvre]

#nobonus2015

"We are pleased to announce that the year-end bonus amount for each associate class is as follows:

....................../´¯/)
....................,/¯../
.................../..../
............./´¯/'...'/´¯¯`·¸
........../'/.../..../......./¨¯\
........('(...´...´.... ¯~/'...')
.........\.................'...../
..........''...\.......... _.·´
............\..............(
..............\.............\...

Sincerely,
Allen Parker"

[Big Shrimpin]

#nobonus2015

"We are pleased to announce that the year-end bonus amount for each associate class is as follows:

....................../´¯/)
....................,/¯../
.................../..../
............./´¯/'...'/´¯¯`·¸
........../'/.../..../......./¨¯\
........('(...´...´.... ¯~/'...')
.........\.................'...../
..........''...\.......... _.·´
............\..............(
..............\.............\...

Sincerely,
Allen Parker"

cant wait 4 this

[Anonymous User]

Law360 has confirmed that bonuses are going up up up this year!

https://www.law360.com/articles/714429? ... ios-shared

Law Firms Set To Make It Snow With Bigger Holiday Bonuses

By Lisa Ryan
Law360, New York (November 24, 2015, 1:38 PM ET) -- BigLaw firms are gearing up to dole out hefty associate bonuses, likely surpassing last year’s impressive paydays in an attempt to retain top talent in an increasingly competitive associate market, experts say.

Last year, Simpson Thacher & bartlett llp set the bonus scale early in the season, ranging from $15,000 for class of 2012 associates to $100,000 for the classes of 2006 and 2007. That standard kicked off a closely watched arms race, with Davis Polk & Wardwell LLP, Cravath Swaine & Moore LLP, Simpson and others rushing to up the ante for midtenure associates.

Experts say last year’s bonus race was certainly fierce — but this year, it will be even more intense. The market to recruit and retain associates is more competitive than ever, and as a result, firms will be fighting tooth and nail to keep them happy.

“Given that this is such a competitive environment, the firms that are the strongest — and the increasingly smaller group of leading firms — are going to continue to make every effort to put more distance between them and the rest of the pack,” said Jack Zaremski of Hanover Legal Personnel Services Inc.

In previous years, associates flocked to major firms in major markets like New York and Los Angeles — where the standard starting salary is $160,000 — because these legal hubs were the only U.S. cities where they could kick-start a career that would give them BigLaw salaries.

However, law firms have started hiking up associates' salaries outside of the major markets, with the overall national median first-year pay rising to $135,000 this year from $125,000 in 2014, according to the National Association for Law Placement.

With lower costs of living and opportunity for potentially better proportioned work-life balance, associates are starting to consider job opportunities in these new markets, like Seattle or suburban Philadelphia, on the same level as those in the major cities.

The influx of new opportunities, coupled with tight competition to recruit top grads from top law schools, has transformed the associate market, so providing more financial incentive to keep their associates in place is a top priority for BigLaw, experts say.

“Firms are seeing the value in making sure they’re keeping the really talented people that they have more than in prior years, which would drive the bonuses up,” said Michael Rynowecer, the president and founder of The BTI Consulting Group Inc.

And BigLaw firms can afford to shell out these hefty bonuses. The legal sector is having a great year, even if it isn’t quite soaring to the same revenue heights as it was last year, according to Jill Huse, a partner at Society 54 LLC.

According to a Nov. 10 report from Citi Private Bank, law firm revenue increased modestly in the first three quarters of the year, but a decrease in productivity and increased expenses have caused the industry to lag slightly behind last year’s figures. The legal sector in the U.S. saw a 3.6 percent increase in revenue as it entered the fourth quarter of 2015, but at the same time last year, the industry’s revenue was up by 4 percent, the data showed.

“Demand is increasing — just not as quickly as most firms would like. It’s still slow and steady, but in-house counsel are more willing to loosen up on the tight holds they have on budgets and they are more freely using outside counsel than they were,” Huse said.

Firms are combating the fact that they aren’t experiencing growth as quickly as they’d like by actually increasing their rates, Huse added.

That’s one of the reasons why the financial success that firms are seeing will trickle down to their associates in the form of holiday bonuses, according to Huse.

The bonus rates will also be higher because the BigLaw firms setting the bonus pace are among those having excellent years. They’re aware that they’ve been demanding a lot of their associates, and they’re going to make sure to reward them for their assistance in making the year so successful, Rynowecer said.

However, not every pace-setting firm is having as good a year as its competitors — they’re doing fine, but just not as well as some others. Rynowecer said the uneven performance among the top firms won’t affect the end result of the bonus arms race, but it will cause the battle for the biggest bonus to kick off a little more slowly than in previous years.

“What’s going to be different than last year is that not every pace-setting firm is having as good of a year. No one wants to be left behind, but at the same time no one wants to be caught out there alone at the high or low end,” Rynowecer said.

[Big Shrimpin]

read that earlier this morning

what a FARCE

clearly cobbled together as recruiter propaganda

[smaug]

read that earlier this morning

what a FARCE

clearly cobbled together as recruiter propaganda

gotta get dem page views

[Big Shrimpin]

read that earlier this morning

what a FARCE

clearly cobbled together as recruiter propaganda

gotta get dem page views

yerp, this is why I hate law360

it's the newsstand gossip mag 4 lawyers

[anonnymouse]

However, not every pace-setting firm is having as good a year as its competitors — they’re doing fine, but just not as well as some others. Rynowecer said the uneven performance among the top firms won’t affect the end result of the bonus arms race, but it will cause the battle for the biggest bonus to kick off a little more slowly than in previous years.

“What’s going to be different than last year is that not every pace-setting firm is having as good of a year. No one wants to be left behind, but at the same time no one wants to be caught out there alone at the high or low end,” Rynowecer said.

What complete horseshit in the bolded. Firms want to retain talent so the're going to pay more but they're afraid of paying above other firms? No, just no. Everyone is just waiting for Cravath to announce on Monday.

Based on the Bloomberg league tables in the 190k thread, Cravath had an average deal year. Expect Cyber Monday NOBONUS. Then be happy with your set of steak knives.

[Anonymous User]

and Skadden already gave up on bonuses even though they had an amazing year

[Johann]

The first bonus news of the season is out on ATL's front page!!!

Nevermind just another law firm closing up shop and 60 lawyers being shitcanned.

[cookiejar1]

Based on the Bloomberg league tables in the 190k thread, Cravath had an average deal year. Expect Cyber Monday NOBONUS. Then be happy with your set of steak knives.

Bro, those league tables are just for the first half of 2015. Don't forget about the firms that now have DAT PFIZER / ANHEUSER BUSCH BIG MONEY.

[Monochromatic Oeuvre]

“Firms are seeing the value in making sure they’re keeping the really talented people that they have more than in prior years, which would drive the bonuses up,” said Michael Rynowecer, the president and founder of The BTI Consulting Group Inc.

...

The bonus rates will also be higher because the BigLaw firms setting the bonus pace are among those having excellent years. They’re aware that they’ve been demanding a lot of their associates, and they’re going to make sure to reward them for their assistance in making the year so successful, Rynowecer said.

Guys, if you're gonna flame Law360 you have to pick a better name than "Michael Rynowecer."

[Mad Hatter]

I kind of hope all the V10 Chairmen agreed to release bonuses on Wednesday night/Thanksgiving morning to screw ATL.

[Single-Malt-Liquor]

When is the best time to shatter the market?

[bearsfan23]

I love how OP acts like he's an expert on biglaw compensation even though he's still a law student.

Considering how 100% of OP's posts are negative, I'm sure he'll be butthurt regardless of what happens.

[jbagelboy]

I love how OP acts like he's an expert on biglaw compensation even though he's still a law student.

Considering how 100% of OP's posts are negative, I'm sure he'll be butthurt regardless of what happens.

Dude, you deflect at weird things.

Also, fingers crossed that STB/DPW/S&C are waiting this year to gouge the market after the flat last-year's-dpw cravath release. Starting the race early last year meant a little less opportunity for awkward one-upping.

But of course as usual we're probably all just fucked. #NYto190, morituri te salutant

[Tiago Splitter]

I love how OP acts like he's an expert on biglaw compensation even though he's still a law student.

Considering how 100% of OP's posts are negative, I'm sure he'll be butthurt regardless of what happens.

Dude, you deflect at weird things.

Also, fingers crossed that STB/DPW/S&C are waiting this year to gouge the market after the flat last-year's-dpw cravath release. Starting the race early last year meant a little less opportunity for awkward one-upping.

But of course as usual we're probably all just fucked. #NYto190, morituri te salutant

I'd love to be an optimist but I don't see how everyone waiting until Cravath announces is anything but bad news for anyone hoping for a bump over last year.

[Anonymous User]

I love how OP acts like he's an expert on biglaw compensation even though he's still a law student.

Considering how 100% of OP's posts are negative, I'm sure he'll be butthurt regardless of what happens.

Dude, you deflect at weird things.

Also, fingers crossed that STB/DPW/S&C are waiting this year to gouge the market after the flat last-year's-dpw cravath release. Starting the race early last year meant a little less opportunity for awkward one-upping.

But of course as usual we're probably all just fucked. #NYto190, morituri te salutant

I'd love to be an optimist but I don't see how everyone waiting until Cravath announces is anything but bad news for anyone hoping for a bump over last year.

Yes and no. Last year, both STB and DPW had approved bonus increases, separately. STB planned its announcement to be pre-Cravath, but DPW planned to be post-Cravath. Then STB announced early, and DPW scrambled to publish earlier than they expected. DPW's approved scale was more generous than STB's, but it wasn't intentional one-ups-manship. They had just approved a slightly more generous scale in their internal meetings. There were a lot at STB who felt somewhat burned by going early. Even if STB were to increase again this year (which I don't necessarily think is likely), I'd bet they would wait until after Cravath in any case so that they can be more certain they won't be trumped. Same for DPW, S&C, etc.

[Monochromatic Oeuvre]

I love how OP acts like he's an expert on biglaw compensation even though he's still a law student.

Considering how 100% of OP's posts are negative, I'm sure he'll be butthurt regardless of what happens.

All that info is public; no need to be an expert. If your speculation is more useful/contains fewer expletives than mine, feel free to add it.

As to the negativity, if you feel good about the direction associates have been taking in the past 15 years, more power to you.

[Big Shrimpin]

What time are we thinking for the NOBONUSES/NORAISES announcement?

[wiseowl]

What time are we thinking for the NOBONUSES/NORAISES announcement?

dunno but this combined with the end of a slow billing month and readjusting from the holiday means NOBILL today.