K&E Bonus Multiplier Data Points Forum

[Anonymous User]

I'm a senior assoc in Chicago, and while I generally agree with this, I think a very likely scenario is that they squeeze low performers and "take care" of the top performers (meaning typical multiple plus Cravath special bonus scale). I don't think there's a world where we don't get the special bonus--partners might be greedy, but they're not stupid, and they care about being seen as peers with the top NY firms.

On timing, I got my bonus memo on Dec 18, so I presume we'll start seeing them mid-late this week or early next. I'm not concerned.

[Anonymous User]

I'm a senior assoc in Chicago, and while I generally agree with this, I think a very likely scenario is that they squeeze low performers and "take care" of the top performers (meaning typical multiple plus Cravath special bonus scale). I don't think there's a world where we don't get the special bonus--partners might be greedy, but they're not stupid, and they care about being seen as peers with the top NY firms.

On timing, I got my bonus memo on Dec 18, so I presume we'll start seeing them mid-late this week or early next. I'm not concerned.

I'm the other Chicago anon. Davis Polk and Latham both gave the fall bonus, no "squeezing" or cut-offs or any of that other nonsense. Cravath and Skadden did the same albeit with the fall component wrapped into the year-end (Skadden actually did better than scale at the top end). Etc. If KE wants to credibly compete for talent and justify its place in the V10, that's the bare minimum expectation on the firm right now. If they'd like to retain the claim to be a "compensation-leader," they'll need to put some sort of multiplier at least on the base, which I can't imagine they'd just stop doing although as has been discussed above they're getting increasingly stingy with the multiplier in recent years.

Law firm mgmt committees make bone-headed decisions all the time although I agree with you KE seems to be pretty smartly run and so hopefully they get this. Like I said, here in Chicago, having KE on your resume is an easy ticket to lateral or go to a cushy in-house spot and there was aggressive recruiting last year like I presume there will be again next year.

Hopefully this is all water under the bridge by the end of this upcoming week, but I agree with the other anon that the timing is a little weird right now.

[Anonymous User]

Firmwide bonus meeting set for Friday at 10 AM ET (sorry Cali associates). References sharing "the good news." Hope they actually back that up.

[Anonymous User]

10 AM ET the morning after the holiday party for a firm with three Pacific Time offices seems weird to me. But I imagine that we will get our bonus memos that afternoon and they don't want information to leak out before they hold the call - only reason I can think of.

I'll go ahead and predict that (1) the median or average multiplier, whichever one they decide to use on Friday's meeting, will go up from last year but only by a little, and (2) we'll get the fall bonus amounts slapped on top as a special bonus, not subject to the multipler.

[Anonymous User]

I'll go ahead and predict that (1) the median or average multiplier, whichever one they decide to use on Friday's meeting, will go up from last year but only by a little, and (2) we'll get the fall bonus amounts slapped on top as a special bonus, not subject to the multipler.

Agree on this prediction. Likely going to be a slight improvement on the average multiple and then they will add the special bonus to the top. Outside change that we are shattering the market, but doubt it.

[Anonymous User]

Just a data point: I'm an NSP in one of the large offices and as of this evening I still haven't gotten a rating (which usually comes by e-mail first week of December) or a review (which usually comes second week of December). I've talked to a few of my colleagues and we are all in the same boat. Not sure what is going on. Maybe we're all going to be made equity partner (lol no)

[Anonymous User]

How does timing work on this? Do we get our individual bonuses tomorrow and then hear how that fits in at Friday’s meeting (dick move to schedule it at 7am PT)? Or do they have the meeting and then do individual announcements.

Do we know if it’ll be emails or phone calls?

[Anonymous User]

How does timing work on this? Do we get our individual bonuses tomorrow and then hear how that fits in at Friday’s meeting (dick move to schedule it at 7am PT)? Or do they have the meeting and then do individual announcements.

Do we know if it’ll be emails or phone calls?

Meeting in the morning, calls / e-mails with bonus info start after the meeting wraps. At least that's how it would go pre-COVID. When I was an associate I would get phone calls; when I became an NSP I started getting an e-mailed comp memo but I've never figured out if that's an associate/NSP distinction or if they just switched everyone over to e-mailed comp memos now. I actually prefer the latter--with the phone call you could end up playing phone tag with some busy share partner for two days while you're trying to figure out your bonus.

[Anonymous User]

Associate here -- last year was all e-mails to my knowledge

[Anonymous User]

Associate here -- last year was all e-mails to my knowledge

Yeah I think the firm just grew too big in the last few years to be able to do the phone call thing anymore -- I'm showing my age remembering the phone call era

[Anonymous User]

Associate here -- last year was all e-mails to my knowledge

Yeah I think the firm just grew too big in the last few years to be able to do the phone call thing anymore -- I'm showing my age remembering the phone call era

It wasn't that long ago! We (associates) were getting bonus announcements via phone calls in 2018 I think and then in '19 the whole firm switched to emails for everyone.

[Anonymous User]

Any sense / temperature on attendance for this party? Normally I struggle to go to the live parties due to active deals, even though I usually want to go. This virtual party will be easier to attend even with deals going off (because all I have to do is throw on a sweater and alt+tab) but I’m not sure I will do anything more than jump on as a courtesy.

[Anonymous User]

I'm currently pulling my third night in a row of working past midnight. They can jump off a cliff if they think I'm going to another work function.

[Anonymous User]

How does timing work on this? Do we get our individual bonuses tomorrow and then hear how that fits in at Friday’s meeting (dick move to schedule it at 7am PT)? Or do they have the meeting and then do individual announcements.

Do we know if it’ll be emails or phone calls?

The 10am ET meeting will be about macro numbers: mean or median bonus multipliers, firm success this year, how us associates make more here than at any peer firm and will make much more here as partners, we are great. Stuff like that.

The individualized bonus emails will come later, though timing will be interesting. Looks like last year mine came just after 6pm ET. I imagine they don’t need to wait so long this year and we will get them during business hours.

Keep in mind that the bonus memo is sent as an NRL link only (no PDF or local copy) so you will want to make sure you aren’t gallivanting around with just a cell phone when the email comes in.

[Anonymous User]

I'm currently pulling my third night in a row of working past midnight. They can jump off a cliff if they think I'm going to another work function.

The KE holiday parties I’ve been to have always been more for staff than attorneys. The staff turnout is nearly 100% and they hang out for hours; attorney turnout is noticeably lower and many dip out after a drink.

[Anonymous User]

The individualized bonus emails will come later, though timing will be interesting. Looks like last year mine came just after 6pm ET. I imagine they don’t need to wait so long this year and we will get them during business hours.

If you search for files containing your last name and employee number on DMS, you will be able to find your bonus memos from previous years and the folder that they're contained in. Make sure to search all databases, not just legal. At least in my case, in previous years it looks like the memo was generated a few hours before it was emailed out. Starting tomorrow morning, you can probably start refreshing that folder to see the memo as soon as it's generated.

[Anonymous User]

The individualized bonus emails will come later, though timing will be interesting. Looks like last year mine came just after 6pm ET. I imagine they don’t need to wait so long this year and we will get them during business hours.

If you search for files containing your last name and employee number on DMS, you will be able to find your bonus memos from previous years and the folder that they're contained in. Make sure to search all databases, not just legal. At least in my case, in previous years it looks like the memo was generated a few hours before it was emailed out. Starting tomorrow morning, you can probably start refreshing that folder to see the memo as soon as it's generated.

That's how you end up finding an Excel sheet with a long list of associate names, with yours in red and crossed out. Jk

[Anonymous User]

The individualized bonus emails will come later, though timing will be interesting. Looks like last year mine came just after 6pm ET. I imagine they don’t need to wait so long this year and we will get them during business hours.

If you search for files containing your last name and employee number on DMS, you will be able to find your bonus memos from previous years and the folder that they're contained in. Make sure to search all databases, not just legal. At least in my case, in previous years it looks like the memo was generated a few hours before it was emailed out. Starting tomorrow morning, you can probably start refreshing that folder to see the memo as soon as it's generated.

That's how you end up finding an Excel sheet with a long list of associate names, with yours in red and crossed out. Jk

Yeah it's not even much of a joke. Don't do this it's stupid to start accessing internal comp documents like that, that's something they will fire you over.

[Anonymous User]

Bonus calls are starting to go out. I'm an NSP in lit, with class, billed about 2k, and I'll be getting about 1.3x market (market being 140k, I'll get about 180k) with the qualifier that about 40k of that will go directly into our retirement funding, which, for the associates ITT, is something KE does for all NSPs. KE is acknowledging the fall bonus that happened and including it as part of everyone's comp. Great news and it sounds like the firm had a very successful year. I'm curious to hear what some of my colleagues doing more like 2,500, 2,750 hours over on the transactional side are going to get, I wouldn't be surprised to hear 2x market and it would be well deserved. Good luck to everyone.

Edit: From another discussion elsewhere, it was 1.4x on the base bonus plus they added the fall bonus at market rate (40k) on top of it.

[Anonymous User]

Yeah it's not even much of a joke. Don't do this it's stupid to start accessing internal comp documents like that, that's something they will fire you over.

To be clear, the documents I was directing people to are the exact bonus memos that have been sent to us previous years. The point is that by looking in the folder you might be able to find a copy of the memo before they email it to you, but it would still be your own memo and it's hard to see why you wouldn't be allowed to access it since it's something they'll email out to you anyway. Agree that now is not the time to start poking through the DMS looking for things that you're not entitled to. Even if you're curious to see what you can find, wait until the check clears before doing something that could get you fired.

[Anonymous User]

Yeah it's not even much of a joke. Don't do this it's stupid to start accessing internal comp documents like that, that's something they will fire you over.

To be clear, the documents I was directing people to are the exact bonus memos that have been sent to us previous years. The point is that by looking in the folder you might be able to find a copy of the memo before they email it to you, but it would still be your own memo and it's hard to see why you wouldn't be allowed to access it since it's something they'll email out to you anyway. Agree that now is not the time to start poking through the DMS looking for things that you're not entitled to. Even if you're curious to see what you can find, wait until the check clears before doing something that could get you fired.

Can confirm that many associates have done this without repercussions. I don't dare, but I'm nervous by nature, but my understanding is that you can only access your own.

[Anonymous User]

The individualized bonus emails will come later, though timing will be interesting. Looks like last year mine came just after 6pm ET. I imagine they don’t need to wait so long this year and we will get them during business hours.

If you search for files containing your last name and employee number on DMS, you will be able to find your bonus memos from previous years and the folder that they're contained in. Make sure to search all databases, not just legal. At least in my case, in previous years it looks like the memo was generated a few hours before it was emailed out. Starting tomorrow morning, you can probably start refreshing that folder to see the memo as soon as it's generated.

That's how you end up finding an Excel sheet with a long list of associate names, with yours in red and crossed out. Jk

Yeah it's not even much of a joke. Don't do this it's stupid to start accessing internal comp documents like that, that's something they will fire you over.

Whatever. If they fire me because they're too stupid to keep docs with my own name on it private on the DMS, I'll happily walk out that door.

[Anonymous User]

The individualized bonus emails will come later, though timing will be interesting. Looks like last year mine came just after 6pm ET. I imagine they don’t need to wait so long this year and we will get them during business hours.

If you search for files containing your last name and employee number on DMS, you will be able to find your bonus memos from previous years and the folder that they're contained in. Make sure to search all databases, not just legal. At least in my case, in previous years it looks like the memo was generated a few hours before it was emailed out. Starting tomorrow morning, you can probably start refreshing that folder to see the memo as soon as it's generated.

That's how you end up finding an Excel sheet with a long list of associate names, with yours in red and crossed out. Jk

Yeah it's not even much of a joke. Don't do this it's stupid to start accessing internal comp documents like that, that's something they will fire you over.

Whatever. If they fire me because they're too stupid to keep docs with my own name on it private on the DMS, I'll happily walk out that door.

lol some srs neurosis in this thread. They literally send you the link to the DMS file -- it is there for you to access. Pretty sure Ballis isn't going around checking to see if any associates accessed the file before it was formally emailed to them.

[Anonymous User]

What in the hell was that bonus meeting. No substance, all bullshit. The bonuses better back up all that shit they just talked...

[Anonymous User]

What in the hell was that bonus meeting. No substance, all bullshit. The bonuses better back up all that shit they just talked...

You could glean the key facts. They're not going to blast firm statistics for people to record or take screenshots.

Higher multiples than usual year. No cap on bonus for high billers. All associates in good standing get above market bonuses.

We will see how it turns out with the actual numbers.