2021 Special Bonuses Forum

[Anonymous User]

STB matched if people still care about that news in this thread. Paid in June and September, no hours requirement.

Plenty of us still care about news vs. forum gossip. And that's great news, it solidifies this across the market.
What is going on with Sullivan, Cravath, Kirkland, Latham? I hate how some of the "elite" firms drag ass whenever there's a comp. announcement like they don't want to accidentally announce too soon and then have to redo if someone beats them for "reputational" reasons. No one cares, just release the memo so we can get back to focusing on work again and making you money.

One can hope that Kirkland is waiting for everyone to match the bonuses, only to blow everyone out of the water and match bonuses + give a salary increase

Re Latham, the firm has given "standing" guidance that we will never move first, will always match, and it will always be a bit of the delay. I think it has to do with figuring out exactly how this kind of thing is implemented in our foreign markets and the sheer size of firm, although of course Skadden seems to be able to move a lot more quickly. It, like the January bonus payment, is kind of frustrating, but we never have any doubt that we'll match (and I imagine Sullivan, Cravath, and Kirkland don't either).

[showusyourtorts]

I wonder how far down the rankings this round of bonuses will go, given that it's more than last year's special bonus (i.e., whether fewer, more, or different firms that previously matched will match this one).

[Anonymous User]

STB matched if people still care about that news in this thread. Paid in June and September, no hours requirement.

Plenty of us still care about news vs. forum gossip. And that's great news, it solidifies this across the market.
What is going on with Sullivan, Cravath, Kirkland, Latham? I hate how some of the "elite" firms drag ass whenever there's a comp. announcement like they don't want to accidentally announce too soon and then have to redo if someone beats them for "reputational" reasons. No one cares, just release the memo so we can get back to focusing on work again and making you money.

One can hope that Kirkland is waiting for everyone to match the bonuses, only to blow everyone out of the water and match bonuses + give a salary increase

Re Latham, the firm has given "standing" guidance that we will never move first, will always match, and it will always be a bit of the delay. I think it has to do with figuring out exactly how this kind of thing is implemented in our foreign markets and the sheer size of firm, although of course Skadden seems to be able to move a lot more quickly. It, like the January bonus payment, is kind of frustrating, but we never have any doubt that we'll match (and I imagine Sullivan, Cravath, and Kirkland don't either).

Another Latham associate here. No doubt we will match. The question is what does "match" mean this time around - timing of payments is all over the place.

[2013]

I wonder how far down the rankings this round of bonuses will go, given that it's more than last year's special bonus (i.e., whether fewer, more, or different firms that previously matched will match this one).

I think the firms in V30 that normally match will match. And whatever profitable firms that are a little further down (SRZ, Fried Frank, Shearman, etc.).

[Anonymous User]

I wonder how far down the rankings this round of bonuses will go, given that it's more than last year's special bonus (i.e., whether fewer, more, or different firms that previously matched will match this one).

Foley & Lardner associate here. We're bleeding associates to K&E and firms paying higher salaries and better bonuses, especially in Milwaukee and major markets. Associates are getting crushed with work so might as well get paid more to be crushed. They didn't do summer/special bonuses last year (to be fair they also didn't lay-off lawyers or cut salaries) and had one of the best years ever last year (revenue and profit) so I have zero faith they will do so this year, in any capacity. We don't even offer referral bonuses because "culture should make you want people to work her, not a bonus". I'm in the sweet spot to leave and actively looking to do so, likely not to a firm, but in house.

[Definitely Not North]

is someone, like, deleting and restoring the google doc every couple seconds...? god law students/lawyers suck so much

[Anonymous User]

I wonder how far down the rankings this round of bonuses will go, given that it's more than last year's special bonus (i.e., whether fewer, more, or different firms that previously matched will match this one).

Even though the bonus amount is higher, theoretically the incentive to match is stronger. Since the bonus is structured as two delayed payments, associates could lateral to a firm who announced a match to collect their bonus.

I think more will match this than the last.

[objctnyrhnr]

I wonder how far down the rankings this round of bonuses will go, given that it's more than last year's special bonus (i.e., whether fewer, more, or different firms that previously matched will match this one).

Even though the bonus amount is higher, theoretically the incentive to match is stronger. Since the bonus is structured as two delayed payments, associates could lateral to a firm who announced a match to collect their bonus.

I think more will match this than the last.

My thinking as well. If you’re v50 and you don’t match, goodbye fourth years. With all this business, that’s certainly not what firms need right now.

[bruinfan10]

To be fair, your PPP can increase 10+% in a normal year even with flat demand with rate increases and increasing de-equitization/no new promotions or non-rainmaker hires. Then throw in Covid eliminating a lot of your biggest expenses (many firms didn't pay rent for at least a chunk of the year or hire worthless first-years until January) and see how high you can go.

Not to say that demand didn't go up--no clue. Just that it doesn't need to be true, or at least not the primary culprit, to see big PPP spikes.

It's so trippy seeing people who were commenting with me in law school admissions and OCI forums now taking on the mantle of jaded seniors.

But yeah I'm with you, you don't want high-billers to feel left out in the cold. They should just leave some room to give megabillers more than the standard rate. Aren't some firms already saying top earners may get more spring $$$?

I started reading this forum in high school and posted for the first time at age 20. I now have a special massager for my back.

My second-to-last post here, before this website gets fully cannibalized into Reddit, will be a lengthy screed on all the things I fucked up, starting with the first time I failed a biology test at 14 and went home the same night and Googled "what will I need to get into law school", and ending with my perma-counseling and/or heart attack. And my last post will be about the OCI implications of Kirkland buying Amazon and achieving a majority in the Senate.

That will be a glorious ride off into the sunset. Until the K/E-Amazon drone fires a thought-police missile to silence your dissenting ass.

[Definitely Not North]

is someone, like, deleting and restoring the google doc every couple seconds...? god law students/lawyers suck so much

yeah this thing keeps flashing colors. i guess it shouldn't be a surprise that some insufferable TLS poster is making a helpful thing shitty for ??? reason

[Anonymous User]

is someone, like, deleting and restoring the google doc every couple seconds...? god law students/lawyers suck so much

yeah this thing keeps flashing colors. i guess it shouldn't be a surprise that some insufferable TLS poster is making a helpful thing shitty for ??? reason

... why would anyone do this...
maybe should restrict access and only allow a few ppl to update the sheet according to comments

[bruinfan10]

California firms and elite lit boutiques are really waiting until the last minute here guys....is NYC's ascendency at hand?

[yejeje]

California firms and elite lit boutiques are really waiting until the last minute here guys....is NYC's ascendency at hand?

Did the California elite lit boutiques even match last year's fall bonuses? I hear they are also very busy, though it sounds like it's really the transactional work that's been driving things.

[avenuem]

California firms and elite lit boutiques are really waiting until the last minute here guys....is NYC's ascendency at hand?

If by at hand, you mean the hand of a clock pointing at a six, by which, in military terminology, would mean behind you, by which you mean that NYC has already ascended, by which you mean decades ago, then yes.

Imagine thinking anywhere is remotely better in any way other than being bad than NYC.

[bruinfan10]

California firms and elite lit boutiques are really waiting until the last minute here guys....is NYC's ascendency at hand?

Did the California elite lit boutiques even match last year's fall bonuses? I hear they are also very busy, though it sounds like it's really the transactional work that's been driving things.

Munger, Keker, HH, Irell, et al. all matched or topped the special bonuses last year. Deafening silence from them on the current round of bonuses though.

[Popopo2019]

California firms and elite lit boutiques are really waiting until the last minute here guys....is NYC's ascendency at hand?

If by at hand, you mean the hand of a clock pointing at a six, by which, in military terminology, would mean behind you, by which you mean that NYC has already ascended, by which you mean decades ago, then yes.

Imagine thinking anywhere is remotely better in any way other than being bad than NYC.

This is the way

[KissMyAxe]

California firms and elite lit boutiques are really waiting until the last minute here guys....is NYC's ascendency at hand?

If by at hand, you mean the hand of a clock pointing at a six, by which, in military terminology, would mean behind you, by which you mean that NYC has already ascended, by which you mean decades ago, then yes.

Imagine thinking anywhere is remotely better in any way other than being bad than NYC.

Imagine being this delusional. I cannot imagine a place I would like to live in less than NYC. Is it the overwhelming crowds of stressed, unfriendly people, the unpleasant smells, the almost 4% city tax rate (in addition to one of the higher state tax rates), or the astronomically high price of everything you particularly like?

[bruinfan10]

California firms and elite lit boutiques are really waiting until the last minute here guys....is NYC's ascendency at hand?

If by at hand, you mean the hand of a clock pointing at a six, by which, in military terminology, would mean behind you, by which you mean that NYC has already ascended, by which you mean decades ago, then yes.

Imagine thinking anywhere is remotely better in any way other than being bad than NYC.

Imagine being this delusional. I cannot imagine a place I would like to live in less than NYC. Is it the overwhelming crowds of stressed, unfriendly people, the unpleasant smells, the almost 4% city tax rate (in addition to one of the higher state tax rates), or the astronomically high price of everything you particularly like?

stop stop for god's sake, stop, let them have this one! there would be mass hysteria if they figured out that their sense of superiority just means they get the same pay as bigtexans in houston with 10x the COL.

[lolwutpar]

This lack of bonus movement is really gonna turn this into another NYC thread

[Anonymous User]

But it's also at least partly because there's no "market" right now as far as payment dates will be made. I'm assuming most firms will need committee meetings to figure at least that out, even if the amounts are more or less set in stone.

In a futile attempt to stop this thread from devolving into arguments about New York City and Kirkland like every other thread, I think this comment is right. Not only is there no “market” about when to pay, but there’s differences in how much each bonus is. Some firms are backloading while others are doing equal splits.

For what it’s worth I think June/September timing with equal splits is going to win the day for most firms. We’ll see

[Anonymous User]

Paul Hastings just matched. May and October.

[Anonymous User]

Goodwin just announced with 1850 annualized hours req and July 1/October 1 payment dates...

[Anonymous User]

Goodwin just announced with 1850 annualized hours req and July 1/October 1 payment dates...

The announcement also made clear that for associates who join between April and the end of May or between July and the end of August will be eligible for the July / October bonuses as well irrespective of whether they hit the 1850 or not. So if anyone wants to come over to Goodwin and help alleviate my 2900-hour pace, let me know...

[Anonymous User]

Paul Hastings just matched. May and October.

Do you read their announcement as including an hours requirement? It seems ambiguous to me

[Anonymous User]

But it's also at least partly because there's no "market" right now as far as payment dates will be made. I'm assuming most firms will need committee meetings to figure at least that out, even if the amounts are more or less set in stone.

In a futile attempt to stop this thread from devolving into arguments about New York City and Kirkland like every other thread, I think this comment is right. Not only is there no “market” about when to pay, but there’s differences in how much each bonus is. Some firms are backloading while others are doing equal splits.

For what it’s worth I think June/September timing with equal splits is going to win the day for most firms. We’ll see

I mean there does seem to be a fairly consistent market here, which is a payment in the spring (April or May) and another in the fall (September or October). I think those are the general bounds that most firms are restricted by. The fact that Skadden was a weirdo and did a June / December structure -- maybe they're not as healthy as they claim to be? some big debt note coming due? -- doesn't change that.