Summer bonuses Forum

[TigerIsBack]

I think firms are waiting to see if any of the usual suspects (DPW, Cravath) come over the top. It was a bit strange for Milbank to cap the scale at class of 2019. It wouldn't shock me for a firm to raise the scale for the more senior ranks, particularly because it is relatively cheap to do so (far less CO2017 associates to pay than CO2022).

Seniors to $100k!!

[Anonymous User]

Honestly almost feels like that's what Milbank wants. They're not interested in a bidding war, they just want to be first movers. So they go to 6,10,15,20, 25, then let someone else expand it to 7500, 12, 20, 25, 30, 40, 50.

[Wanderingdrock]

I think firms are waiting to see if any of the usual suspects (DPW, Cravath) come over the top. It was a bit strange for Milbank to cap the scale at class of 2019. It wouldn't shock me for a firm to raise the scale for the more senior ranks, particularly because it is relatively cheap to do so (far less CO2017 associates to pay than CO2022).

Seniors to $100k!!

Most productive TLS poster (but not sarcastic this time)

[Anonymous User]

Honestly almost feels like that's what Milbank wants. They're not interested in a bidding war, they just want to be first movers. So they go to 6,10,15,20, 25, then let someone else expand it to 7500, 12, 20, 25, 30, 40, 50.

This was my first reaction to the scale as well, though I thought maybe there would just be a raise for upper classes. CSM partners meetings are Tuesdays, right? Today might be the day!

[TigerIsBack]

I think firms are waiting to see if any of the usual suspects (DPW, Cravath) come over the top. It was a bit strange for Milbank to cap the scale at class of 2019. It wouldn't shock me for a firm to raise the scale for the more senior ranks, particularly because it is relatively cheap to do so (far less CO2017 associates to pay than CO2022).

Seniors to $100k!!

Most productive TLS poster (but not sarcastic this time)

May or may not also be the same anon that started this thread back in May...[shrug emoji]

[Anonymous User]

No summer bonuses - you people are dreaming.

I stand by the accuracy of this prediction; unless you happen to work at Milbank, you will not see summer bonuses.

[Anonymous User]

This time feels different. These threads are usually 4 pages deep by now with rumors, guesses, and gripes. Even at my firm, there is less casual conversation about what's happening with the bonuses. We are missing the usual buzz that adds to the pressure campaign.

[Anonymous User]

This time feels different. These threads are usually 4 pages deep by now with rumors, guesses, and gripes. Even at my firm, there is less casual conversation about what's happening with the bonuses. We are missing the usual buzz that adds to the pressure campaign.

I'm optimistic about the silence. I think there are two things going on here:

1) After having been through a large number of raise/special bonus cycles in the last 4 years, everybody knows it's Cravath/DPW that need to speak first. They are the only ones who might raise further, so it's not worth anybody else's time to announce until those two speak speak first.

2) We're so used to Milbank being a market mover that it's not worth our energy speculating about whether others will fall in line. To me, it's just a question of when.

[Anonymous User]

At my firm we've gotten used to quietly matching 2 weeks after. There's nothing to agitate about, we know we're getting it it's just a question of when.

It's August, and it was a Jewish holiday earlier this week. Not unexpected that some firms are going to take a few days to react.

Also, the scale Milbank put out feels incomplete. If I'm a v10 that's not a market leader, I'm waiting for DPW or other firms that historically have raised, to see what happens.

[TigerIsBack]

This time feels different. These threads are usually 4 pages deep by now with rumors, guesses, and gripes. Even at my firm, there is less casual conversation about what's happening with the bonuses. We are missing the usual buzz that adds to the pressure campaign.

I'm optimistic about the silence. I think there are two things going on here:

1) After having been through a large number of raise/special bonus cycles in the last 4 years, everybody knows it's Cravath/DPW that need to speak first. They are the only ones who might raise further, so it's not worth anybody else's time to announce until those two speak speak first.

2) We're so used to Milbank being a market mover that it's not worth our energy speculating about whether others will fall in line. To me, it's just a question of when.

I'd also add that a massive function of the silence is due to the fact that this website is effectively defunct/dead. Everyone has migrated to fishbowl and other places, so the chatter isn't here because no one logs in anymore (and by now the historic users of this site have largely become senior enough to either get promoted or move on to other things, which in either case make someone who's a 2014+ grad unlikely to care about associate bonuses if they're not associates).

[Anonymous User]

There’s plenty of chatter and pointless anxiety about bonuses on Reddit and Fishbowl, where most of the activity seems to have moved.

[Anonymous User]

On a call with Milbank, Weil, SRZ and Latham this afternoon, a Weil partner imparted that they are waiting to see how other firms react to Milbank’s announcement, implying that Weil would not match unless other firms either also match or bump the scale.

[Anonymous User]

Maybe firms like Cravath and DPW realize they can pay you a teachers salary and you’ll still work there.

[Bramwell]

Firms are in no rush. Milbank payment is not until end of September. Better to wait until Q4 deal flow becomes more clear post-Labour Day and to await input from the rest of the compensation market leaders.

[Anonymous User]

On a call with Milbank, Weil, SRZ and Latham this afternoon, a Weil partner imparted that they are waiting to see how other firms react to Milbank’s announcement, implying that Weil would not match unless other firms either also match or bump the scale.

Again, you will not see a summer bonus if you do not work at Milbank. Good day.

[cornerstone]

On a call with Milbank, Weil, SRZ and Latham this afternoon, a Weil partner imparted that they are waiting to see how other firms react to Milbank’s announcement, implying that Weil would not match unless other firms either also match or bump the scale.

Again, you will not see a summer bonus if you do not work at Milbank. Good day.

Bad day, no?

[Anonymous User]

If November 2023 (the most recent round of Milbank kicking something like this off) is any indicator, the market has decided to start waiting until either Cravath or DPW speak before responding.

Last year, on November 9th, Milbank announced salary raises. No one responded until Cravath responded 20 days later on November 29th, announcing a slightly increased scale. Then within the next few days the floodgates opened and everyone started matching Cravath. Then DPW eventually came over the top a bit more, and everyone re-matched that.

So, we may be hearing from Cravath or DPW sometime this week or sometime closer to the end of August, but all indicators are that we will be hearing from them on these bonuses.

[Anonymous User]

If November 2023 (the most recent round of Milbank kicking something like this off) is any indicator, the market has decided to start waiting until either Cravath or DPW speak before responding.

Last year, on November 9th, Milbank announced salary raises. No one responded until Cravath responded 20 days later on November 29th, announcing a slightly increased scale. Then within the next few days the floodgates opened and everyone started matching Cravath. Then DPW eventually came over the top a bit more, and everyone re-matched that.

So, we may be hearing from Cravath or DPW sometime this week or sometime closer to the end of August, but all indicators are that we will be hearing from them on these bonuses.

In the bolded portion, you are confusing past practices as indicative of future results. Another key difference is that the prior situation you described regarded salary raises, not supplemental/seasonal bonuses. These may appear to be the same thing (insofar as they both represent cash compensation at least), but they are not.

[Anonymous User]

If November 2023 (the most recent round of Milbank kicking something like this off) is any indicator, the market has decided to start waiting until either Cravath or DPW speak before responding.

Last year, on November 9th, Milbank announced salary raises. No one responded until Cravath responded 20 days later on November 29th, announcing a slightly increased scale. Then within the next few days the floodgates opened and everyone started matching Cravath. Then DPW eventually came over the top a bit more, and everyone re-matched that.

So, we may be hearing from Cravath or DPW sometime this week or sometime closer to the end of August, but all indicators are that we will be hearing from them on these bonuses.

In the bolded portion, you are confusing past practices as indicative of future results. Another key difference is that the prior situation you described regarded salary raises, not supplemental/seasonal bonuses. These may appear to be the same thing (insofar as they both represent cash compensation at least), but they are not.

Gosh you freaks it's not a statutory interpretation thingy, take your lawyer hat off out of your ass for one minute.

The market will match.

[Anonymous User]

If November 2023 (the most recent round of Milbank kicking something like this off) is any indicator, the market has decided to start waiting until either Cravath or DPW speak before responding.

Last year, on November 9th, Milbank announced salary raises. No one responded until Cravath responded 20 days later on November 29th, announcing a slightly increased scale. Then within the next few days the floodgates opened and everyone started matching Cravath. Then DPW eventually came over the top a bit more, and everyone re-matched that.

So, we may be hearing from Cravath or DPW sometime this week or sometime closer to the end of August, but all indicators are that we will be hearing from them on these bonuses.

In the bolded portion, you are confusing past practices as indicative of future results. Another key difference is that the prior situation you described regarded salary raises, not supplemental/seasonal bonuses. These may appear to be the same thing (insofar as they both represent cash compensation at least), but they are not.

You're right I am. Because it's not just last year. Milbank has done this ~5 times in the past 6 or so years...and the market has matched. Every. Single. Time. Sometimes it's taken longer (like in more recent years since people have learned that someone else always comes over the top).

So yes, I am using past practice to be indicative of future results. When I dropoff my BMW at the dealership for an oil change, if the first 10 times that happens they finish my oil change in 2 hours despite telling me that it'll be ready by the end of the day, are you really saying I'm a crazy person for assuming that on the 11th time my oil change will be complete in 2 hours instead of 8 hours later?

[Anonymous User]

If November 2023 (the most recent round of Milbank kicking something like this off) is any indicator, the market has decided to start waiting until either Cravath or DPW speak before responding.

Last year, on November 9th, Milbank announced salary raises. No one responded until Cravath responded 20 days later on November 29th, announcing a slightly increased scale. Then within the next few days the floodgates opened and everyone started matching Cravath. Then DPW eventually came over the top a bit more, and everyone re-matched that.

So, we may be hearing from Cravath or DPW sometime this week or sometime closer to the end of August, but all indicators are that we will be hearing from them on these bonuses.

In the bolded portion, you are confusing past practices as indicative of future results. Another key difference is that the prior situation you described regarded salary raises, not supplemental/seasonal bonuses. These may appear to be the same thing (insofar as they both represent cash compensation at least), but they are not.

You're right I am. Because it's not just last year. Milbank has done this ~5 times in the past 6 or so years...and the market has matched. Every. Single. Time. Sometimes it's taken longer (like in more recent years since people have learned that someone else always comes over the top).

So yes, I am using past practice to be indicative of future results. When I dropoff my BMW at the dealership for an oil change, if the first 10 times that happens they finish my oil change in 2 hours despite telling me that it'll be ready by the end of the day, are you really saying I'm a crazy person for assuming that on the 11th time my oil change will be complete in 2 hours instead of 8 hours later?

Yes, it would be an unwarranted assumption to conclude that your 11th oil change will be completed in two hours. It is similarly an unwarranted assumption to conclude that all major firms will again match this particular round of Milbank summer bonuses. One's desire to receive a summer bonus should not cloud their judgment in this context.

[Anonymous User]

If November 2023 (the most recent round of Milbank kicking something like this off) is any indicator, the market has decided to start waiting until either Cravath or DPW speak before responding.

Last year, on November 9th, Milbank announced salary raises. No one responded until Cravath responded 20 days later on November 29th, announcing a slightly increased scale. Then within the next few days the floodgates opened and everyone started matching Cravath. Then DPW eventually came over the top a bit more, and everyone re-matched that.

So, we may be hearing from Cravath or DPW sometime this week or sometime closer to the end of August, but all indicators are that we will be hearing from them on these bonuses.

In the bolded portion, you are confusing past practices as indicative of future results. Another key difference is that the prior situation you described regarded salary raises, not supplemental/seasonal bonuses. These may appear to be the same thing (insofar as they both represent cash compensation at least), but they are not.

You're right I am. Because it's not just last year. Milbank has done this ~5 times in the past 6 or so years...and the market has matched. Every. Single. Time. Sometimes it's taken longer (like in more recent years since people have learned that someone else always comes over the top).

So yes, I am using past practice to be indicative of future results. When I dropoff my BMW at the dealership for an oil change, if the first 10 times that happens they finish my oil change in 2 hours despite telling me that it'll be ready by the end of the day, are you really saying I'm a crazy person for assuming that on the 11th time my oil change will be complete in 2 hours instead of 8 hours later?

Yes, it would be an unwarranted assumption to conclude that your 11th oil change will be completed in two hours. It is similarly an unwarranted assumption to conclude that all major firms will again match this particular round of Milbank summer bonuses. One's desire to receive a summer bonus should not cloud their judgment in this context.

And it would be an equally unwarranted assumption to conclude that because nobody has matched yet, nobody will.

Bro we're all just trying to read the evidence we have. Just because you disagree with how to interpret that doesn't mean you need to be a jerk. Chill.

[Anonymous User]

If November 2023 (the most recent round of Milbank kicking something like this off) is any indicator, the market has decided to start waiting until either Cravath or DPW speak before responding.

Last year, on November 9th, Milbank announced salary raises. No one responded until Cravath responded 20 days later on November 29th, announcing a slightly increased scale. Then within the next few days the floodgates opened and everyone started matching Cravath. Then DPW eventually came over the top a bit more, and everyone re-matched that.

So, we may be hearing from Cravath or DPW sometime this week or sometime closer to the end of August, but all indicators are that we will be hearing from them on these bonuses.

In the bolded portion, you are confusing past practices as indicative of future results. Another key difference is that the prior situation you described regarded salary raises, not supplemental/seasonal bonuses. These may appear to be the same thing (insofar as they both represent cash compensation at least), but they are not.

You're right I am. Because it's not just last year. Milbank has done this ~5 times in the past 6 or so years...and the market has matched. Every. Single. Time. Sometimes it's taken longer (like in more recent years since people have learned that someone else always comes over the top).

So yes, I am using past practice to be indicative of future results. When I dropoff my BMW at the dealership for an oil change, if the first 10 times that happens they finish my oil change in 2 hours despite telling me that it'll be ready by the end of the day, are you really saying I'm a crazy person for assuming that on the 11th time my oil change will be complete in 2 hours instead of 8 hours later?

Yes, it would be an unwarranted assumption to conclude that your 11th oil change will be completed in two hours. It is similarly an unwarranted assumption to conclude that all major firms will again match this particular round of Milbank summer bonuses. One's desire to receive a summer bonus should not cloud their judgment in this context.

And it would be an equally unwarranted assumption to conclude that because nobody has matched yet, nobody will.

Bro we're all just trying to read the evidence we have. Just because you disagree with how to interpret that doesn't mean you need to be a jerk. Chill.

It is interesting that you find a complete absence of matches as evidential indicia that matches are forthcoming.

[Anonymous User]

Heard from a friend at Cravath that they are fully remote for all of August so maybe the partners just haven't gotten together in the same room yet.

[Anonymous User]

It is interesting that you find a complete absence of matches as evidential indicia that matches are forthcoming.

You know you're just erecting a straw man, right? You have to know this is a straw man.

You're the only one here trying to prove your point with 100% certainty. You're certainly entitled to weigh the evidence and come to your own conclusions, but that's just like your opinion man. It's not fact, and others have reasonable views too. Can't we all just kumbaya and hope for some extra $$$?