2021 Special Bonuses Forum

[Anonymous User]

Any update from Choate? I know they already have the above market long-term bonus but wanted to see if they made any adjustments based on the new special bonuses from the rest of the market.

[Anonymous User]

Can any Shearman associates confirm that the firm is providing chocolate eggs instead of a bonus?

[basketofbread]

Can any Shearman associates confirm that the firm is providing chocolate eggs instead of a bonus?

Accidental anon

[Anonymous User]

Fenwick, Cooley, Gunderson... where are you WSGR

[Anonymous User]

I'll give the long-shot argument for why KE won't "match" (I don't believe this to be clear, but I'll make the argument): Kirkland is making so much money and so full of themselves right now that they feel they can do no wrong. They know that we know (and they know that we know that they know) that at the end of the year, ultimately, they'll comp. us with a bonus at whatever the overall market did plus some multiple, maybe 1.1, maybe 2.0, who knows, but it'll be more than the equivalent attorney at Cravath. If you're so impatient that you can't wait a few more months to get trued up and then some, that's your problem, not the partnership's. Plenty of attorneys would fight for an opportunity to be here given everything great that's happening here and the market-leading comp. If you don't like how we're structuring the bonus, feel free to go somewhere else, there will be three warm bodies in the door by next week to replace you.

To be clear, I think this is idiotic thinking and will result in widespread lateraling at the exact time the firm can't afford it, but there's the argument / nightmare scenario since everyone has asked.

[Anonymous User]

Holy cow it's 6pm Central on Friday and Kirkland still hasn't announced. What gives. I've been looking at my inbox for that memo from the Firm Committee all day. This is crazy.

[Anonymous User]

It’s nice to see all of the K&E mid-levels in here. After the unending barrage of “farewell” emails from CH associates the last couple months, I thought I was the only one left. Sure felt like it while enduring the dozens of deal staffing calls/voicemails this week.

[Anonymous User]

K&E mid-level waiting as well here.

[ExpOriental]

More like Jerkland & Ellis huh guys

[Anonymous User]

We didn't match in the summer/fall last time and did a true-up EOY. if we don't match in the near term it's the same thing, it's because they want to pay a premium on-top and continue to claim it's market-leading comp.

Idk, it's hard to get excited over the situation. Either they'll true us up with the customary multiplier and everyone moves on, or they don't and oh boy will January/February 2022 be interesting.

[Anonymous User]

Kirkland is definitely matching. The lateral recruitment bonus doubled to $50k last month FFS. Not sure why they are operating more slowly but there’s no chance that a match isn’t announced next week.

[basketofbread]

Kirkland will match if not top and you’re a moron if you don’t think so ——> even if Kirkland doesn’t match it will true up at the end of the year with even more total comp so it’s as if they matched and you’re an idiot if you don’t think so.

[Anonymous User]

Nine months is a long time to defer compensation. "Lowly" Willkie Farr managed to announce a spring bonus on Monday to start an industry trend and then re-up the bonus to match DPW's beat in the same week! Over a dozen other elite firms followed suit this week. But somehow the "wealthiest firm in the world" working its attorneys to death couldn't get off its ass to announce a match by the end of the week. Dems the breaks guys. P.S. As I write this I'm about to bill another 4-5 hours. Will order some grubhub. Life is good.

[Anonymous User]

Nine months is a long time to defer compensation. "Lowly" Willkie Farr managed to announce a spring bonus on Monday to start an industry trend and then re-up the bonus to match DPW's beat in the same week! Over a dozen other elite firms followed suit this week. But somehow the "wealthiest firm in the world" working its attorneys to death couldn't get off its ass to announce a match by the end of the week. Dems the breaks guys. P.S. As I write this I'm about to bill another 4-5 hours. Will order some grubhub. Life is good.

Worst part of this for Kirkland people is that the Grubhub can't even be charged to the firm/client, even after a 14 hour day...

[Anonymous User]

Nine months is a long time to defer compensation. "Lowly" Willkie Farr managed to announce a spring bonus on Monday to start an industry trend and then re-up the bonus to match DPW's beat in the same week! Over a dozen other elite firms followed suit this week. But somehow the "wealthiest firm in the world" working its attorneys to death couldn't get off its ass to announce a match by the end of the week. Dems the breaks guys. P.S. As I write this I'm about to bill another 4-5 hours. Will order some grubhub. Life is good.

Worst part of this for Kirkland people is that the Grubhub can't even be charged to the firm/client, even after a 14 hour day...

lol thanks for a little humor at the end of a bleak day. I can't believe they did us dirty like this we're busting our asses

[motojir]

Doesn’t look like K&E is going to do it. They just sent our weekly firmwide announcement and acknowledged how hard everyone is working.

That's a genius-level way of saying "fuck you" to associates. If it was in a sitcom you would say the writers got too schticky.

[Anonymous User]

I genuinely think Kirkland is waiting because they want to top their peer firms. Probably want to be 100% certain no one else can one-up them.

[Anonymous User]

I genuinely think Kirkland is waiting because they want to top their peer firms. Probably want to be 100% certain no one else can one-up them.

That's not Kirkland's M.O. They don't go over the top on salaries or other special bonuses like this. They will definitely match, though. And then they go over the top on year-end bonuses, but without trying to yank up the entire scale. They just want to be able to say that their bonuses on average are 20-25% above market, whatever "market" is. That's how they want to be known: being above the market, not being responsible for moving up the market.

Another piece of evidence for this is despite needing associates as much as, if not more than, any biglaw firm in Q1 2021, Kirkland wasn't the special bonus first mover. Instead they doubled their internal referral bonus. Kirkland's brand is "above market year end bonuses," and they don't want to make that more expensive for themselves by moving the entire market. They just play along and let others shape the market itself - and then beat it in December.

[Anonymous User]

How come Cravath — a supposed comp “leader” — dithers on bonuses like these?

Is it (a) if they match DPW the next day, it emphasizes that they are purely reactive copycats, (b) their internal approval process takes longer for some reason, (c) they would consider it embarrassing to match market only to have somebody else come over the top, or (d) something else entirely?

[Anonymous User]

How come Cravath — a supposed comp “leader” — dithers on bonuses like these?

Is it (a) if they match DPW the next day, it emphasizes that they are purely reactive copycats, (b) their internal approval process takes longer for some reason, (c) they would consider it embarrassing to match market only to have somebody else come over the top, or (d) something else entirely?

Let me ask you this? When's the last time Cravath *didn't* dither on a compensation move? I can't remember the last time it was Cravath changing a market norm it's always some other more aggressive firm.

[Anonymous User]

I genuinely think Kirkland is waiting because they want to top their peer firms. Probably want to be 100% certain no one else can one-up them.

You have to appreciate this level of self-delusion that Kirkland inculcates in their associates.

[Anonymous User]

K&E midlevel here. I had no idea we had so many whiny, entitled people. Complaining about a few days' delay in a bonus payout that is more than many people's annual salaries. Get some perspective.

[Burgkid808]

Can we please stop talking about Kirkland.

I'd honestly be interested in a break-down of which firms are requiring associates to be on pace to make a certain hour threshold. Is the consensus that most are not and it's just subject to "good standing"? Is it abotu 50/50?

[Anonymous User]

Can we please stop talking about Kirkland.

I'd honestly be interested in a break-down of which firms are requiring associates to be on pace to make a certain hour threshold. Is the consensus that most are not and it's just subject to "good standing"? Is it abotu 50/50?

Would also be interested on how hours threshold firms deal with laterals. I recently lateraled to a firm which just matched but with an hours cut off. It would suck if laterals get noboned when they otherwise would have gotten bonuses had they stayed.

[Anonymous User]

Can we please stop talking about Kirkland.

I'd honestly be interested in a break-down of which firms are requiring associates to be on pace to make a certain hour threshold. Is the consensus that most are not and it's just subject to "good standing"? Is it abotu 50/50?

Would also be interested on how hours threshold firms deal with laterals. I recently lateraled to a firm which just matched but with an hours cut off. It would suck if laterals get noboned when they otherwise would have gotten bonuses had they stayed.

When (not if) Kirkland matches, there won’t be an hours requirement. Can’t speak to other outstanding firms.