Signing bonuses for corporate mid-level laterals? Forum

[VentureMBA]

Kirkland is paying $400-500k.

yeah show me a paystub

No reason to lie about this - I don't work at K&E but know 2 associates in the 5th-7th year range that both got $400k + guaranteed COVID and year end bonuses.

Just to be clear because I don't really believe what I'm reading. You are saying they got $400K right off the bat, on top of salary and EOY bonuses?

Correct - $400k-500k on Day 1 + guaranteed COVID bonuses + year end bonus.

[Anonymous User]

5th year, I was offered 125k signing plus guarantees on my EOY bonus from Kirkland due to their bonus period being offset. I've been told I was on the low end, but I wasn't coming from a prestigious firm.

Any clawback on these bonuses? I assume 1 year?

Also, how do these clawbacks work? If they terminate you without cause within the clawback period, do you still have to pay it back?

[Anonymous User]

Kirkland is paying $400-500k.

yeah show me a paystub

No reason to lie about this - I don't work at K&E but know 2 associates in the 5th-7th year range that both got $400k + guaranteed COVID and year end bonuses.

Just to be clear because I don't really believe what I'm reading. You are saying they got $400K right off the bat, on top of salary and EOY bonuses?

Correct - $400k-500k on Day 1 + guaranteed COVID bonuses + year end bonus.

Having accepted a K&E offer with a much much lower signing bonus, feeling a bit miffed at the moment.

[VentureMBA]

Kirkland is paying $400-500k.

yeah show me a paystub

No reason to lie about this - I don't work at K&E but know 2 associates in the 5th-7th year range that both got $400k + guaranteed COVID and year end bonuses.

Just to be clear because I don't really believe what I'm reading. You are saying they got $400K right off the bat, on top of salary and EOY bonuses?

Correct - $400k-500k on Day 1 + guaranteed COVID bonuses + year end bonus.

Having accepted a K&E offer with a much much lower signing bonus, feeling a bit miffed at the moment.

Did you negotiate it?

[Anonymous User]

What's the clawback policy for the bonus

[Anonymous User]

Kirkland is paying $400-500k.

yeah show me a paystub

No reason to lie about this - I don't work at K&E but know 2 associates in the 5th-7th year range that both got $400k + guaranteed COVID and year end bonuses.

Just to be clear because I don't really believe what I'm reading. You are saying they got $400K right off the bat, on top of salary and EOY bonuses?

Correct - $400k-500k on Day 1 + guaranteed COVID bonuses + year end bonus.

I'm a M&A/CapM 3rd year in Texas at a peer firm and would move for 1/2 that -- does anybody know if something like that is attainable?

[BigLawer]

Kirkland is paying $400-500k.

yeah show me a paystub

No reason to lie about this - I don't work at K&E but know 2 associates in the 5th-7th year range that both got $400k + guaranteed COVID and year end bonuses.

Just to be clear because I don't really believe what I'm reading. You are saying they got $400K right off the bat, on top of salary and EOY bonuses?

Correct - $400k-500k on Day 1 + guaranteed COVID bonuses + year end bonus.

I'm a M&A/CapM 3rd year in Texas at a peer firm and would move for 1/2 that -- does anybody know if something like that is attainable?

Its on the high side for a 3rd year, but I think it would be 6 figures (potentially even where you want). You can PM me if you want, we have a $50k referral bonus right now which I would gladly split with you (the $50k referral bump from $25k ends this month). Obviously if you have friends on the Houston/Dallas office they could also submit your materials. Right now is a great time to explore your options in the market, and obviously you have no obligation.

[Anonymous User]

As a counterpoint, I lateraled as a third year and the new firm aggressively said no. It's great that lots of people are getting signing bonuses and it may just have been a matter of timing for me but for all of you laterals out there, signing bonuses are not a done deal. Fight for what you're worth and walk away if you have to unless you have reasons you're dying to go to a particular firm (weird huh).

[Anonymous User]

As a counterpoint, I lateraled as a third year and the new firm aggressively said no. It's great that lots of people are getting signing bonuses and it may just have been a matter of timing for me but for all of you laterals out there, signing bonuses are not a done deal. Fight for what you're worth and walk away if you have to unless you have reasons you're dying to go to a particular firm (weird huh).

What was the timing of your move?

[Anonymous User]

Also a third year, although with a bit of a weird path to get there that wasn't doing me any favors, only got one lateral offer and it didn't have a bonus attached and wasn't able to get them to budge (might have been different if I could play them off of another firm).

[Anonymous User]

The signing bonuses for corp associates are also probably firm-specific. K&E’s M&A is having to turning down work because they don’t have enough associates and NSPs. Hence the high bonuses being mentioned in this thread.

[Anonymous User]

As a counterpoint, I lateraled as a third year and the new firm aggressively said no. It's great that lots of people are getting signing bonuses and it may just have been a matter of timing for me but for all of you laterals out there, signing bonuses are not a done deal. Fight for what you're worth and walk away if you have to unless you have reasons you're dying to go to a particular firm (weird huh).

+1. Also recently lateraled and while I did receive full guaranteed year-end bonus, I did not receive a signing bonus. Many of the old guard white shoe NY firms simply will not pay signing bonuses.

[Anonymous User]

As a counterpoint, I lateraled as a third year and the new firm aggressively said no. It's great that lots of people are getting signing bonuses and it may just have been a matter of timing for me but for all of you laterals out there, signing bonuses are not a done deal. Fight for what you're worth and walk away if you have to unless you have reasons you're dying to go to a particular firm (weird huh).

What was the timing of your move?

February

[Anonymous User]

Looks like $200K+ signing bonuses are hitting the press:

https://www.businessinsider.com/kirklan ... law-2021-5

As deal activity ramps up, law firms are scrambling to find additional associates to staff a flood of transactional activity that made the first quarter the hottest start to the year for dealmaking in 20 years.

And while firms have been dangling five- to six-figure signing bonuses to entice junior talent from competitors, the large Chicago-headquartered Kirkland & Ellis is going a step further than others, sources told Insider.

Kirkland has recently been offering more than $200,0000 signing bonuses to midlevel to senior corporate associate hires, according to three people familiar with the matter.

One sixth-year M&A associate on the East Coast received an offer with a signing bonus as high as $250,000, two of the people said.

Other industry sources contacted by Insider, including legal recruiters and attorneys at top law firms, said signing bonuses this high were unheard of in the legal industry. The people who spoke with Insider were granted anonymity to protect their relationships with the firm.

One senior attorney at a competitor law firm said a junior lawyer had recently been poached by Kirkland with an offer of a $200,000-plus signing bonus. "We offered something much lower, and he basically laughed at us," the attorney said.

Kirkland, the highest-grossing law firm in the US for several years now, has been known to cut big checks to recruit and retain associates. But the firm's more recent outsize offers appear to be a reflection of its busy dealmakers.

It has been active this year in mergers and acquisitions, working on more than $103 billion in deals in the first quarter of 2021, according to Bloomberg.

In just the past month, it represented Verizon in the $5 billion sale of its media brands to Apollo Global Management and advised the self-driving-truck company Plus and Wynn Resorts in deals with special-purpose acquisition companies.

Kay Hoppe, a recruiter in Chicago, said she viewed the bonuses as a necessity.

"People are functioning at their limit, and you've got to protect your talent and protect your clients," Hoppe said. "The work has to get done."

A Kirkland spokesperson did not respond to a request for comment.

[Anonymous User]

I'm ready to move with a bonus like that, at this point I will sell my hours to person paying me the most. Any need for an associate with experience in both M&A and VC work? I'm doubtful that my lack of full time M&A will get me a signing bonus of that size, but still worth a shot.

Random question for a friend looking to move and not a TLS member, does anyone know what Skadden's signing bonuses look like, if any?

[Best]

Kirkland does have clawbacks, though I don't know how negotiable they are. I know some firms will pay it for you if your'e a big enough deal.

Kirkland isn't in the business of giving a $250k signing bonus then having the person go in-house a month later.

[VentureMBA]

Kirkland does have clawbacks, though I don't know how negotiable they are. I know some firms will pay it for you if your'e a big enough deal.

Kirkland isn't in the business of giving a $250k signing bonus then having the person go in-house a month later.

My friend's is 1 year - which is the shortest you'd want to stay for resume purposes anyway. I guess they could fire you, but its pretty tough to get fired in less than a year.

[Anonymous User]

Not trying to derail the thread. Quick yes or no would be great.
But do these type of bonuses get pushed out for lit laterals as well?

[Anonymous User]

Not trying to derail the thread. Quick yes or no would be great.
But do these type of bonuses get pushed out for lit laterals as well?

No

[LittleRedCorvette]

Not trying to derail the thread. Quick yes or no would be great.
But do these type of bonuses get pushed out for lit laterals as well?

No

[Anonymous User]

Kirkland does have clawbacks, though I don't know how negotiable they are. I know some firms will pay it for you if your'e a big enough deal.

Kirkland isn't in the business of giving a $250k signing bonus then having the person go in-house a month later.

My friend's is 1 year - which is the shortest you'd want to stay for resume purposes anyway. I guess they could fire you, but its pretty tough to get fired in less than a year.

Will caveat that this is purely second hand so it may be bullshit but I heard from a reliable friend at my firm whose senior lateraled to K&E for a $300k signing bonus that there is a 3 year claw period with 1/3 of the signing bonus vesting every year

[Anonymous User]

Has anyone heard of firms like K&E offering retention bonuses to keep corporate juniors or mid-levels that receive outside offers?

[Anonymous User]

Has anyone heard of firms like K&E offering retention bonuses to keep corporate juniors or mid-levels that receive outside offers?

Paul Hastings offered someone I know $50k retention bonus-corporate third year.

[Anonymous User]

Has anyone heard of firms like K&E offering retention bonuses to keep corporate juniors or mid-levels that receive outside offers?

K&E has given a retention bonus to a third year. CapM. Supposedly $50k.

[Anonymous User]

Not trying to derail the thread. Quick yes or no would be great.
But do these type of bonuses get pushed out for lit laterals as well?

No

I will add to this that my husband just lateralled as a lit midlevel and couldn’t even successfully negotiate getting the full end-of-year bonus (he’ll get pro rated so like 60% bonus this year). The lit market is not even lukewarm right now.