2021 End of Year Bonuses Forum

[Anonymous User]

so what are the odds ropes matches Mintz in boston, at which point it also has to pay the same in NY? Could we be seeing a RopesMintz Scale as new top

I’m not gonna shit on Mintz like the poster above, but Ropes and Goodwin aren’t moving because of Mintz. Ropes loses people to Choate, K&E and Goodwin. Goodwin loses people to Ropes, K&E, Cooley and Gunderson. We get SA data from people who go to other firms. It’s not exactly a parade of Mintz acceptances

I'm not sure I agree re: other firms ignoring Mintz. As it stands, sure, but I think that's only because we literally don't know what's going on with Mintz. If some Mintz associate would FINALLY SPILL THE BEANS ABOUT ALL-IN 2020/2021 COMP and then if ATL posts an article about how Mintz is blowing higher ranked, more profitable firms out of the water, then I think other firms will have to listen. Alas, none of the Mintz associates seem to care about that.

Mintz associates: this is an important turning point for you. I am in Boston and I think I speak for others ITT when I say that I am prepared to give you top rankings on literally every market survey if you did indeed get top notch comp and tell us about it now. But if you stay silent, my opinion of Mintz will get worse, and it's zeros all around. Seriously, how hard is it to just come clean here?

[Anonymous User]

so what are the odds ropes matches Mintz in boston, at which point it also has to pay the same in NY? Could we be seeing a RopesMintz Scale as new top

I’m not gonna shit on Mintz like the poster above, but Ropes and Goodwin aren’t moving because of Mintz. Ropes loses people to Choate, K&E and Goodwin. Goodwin loses people to Ropes, K&E, Cooley and Gunderson. We get SA data from people who go to other firms. It’s not exactly a parade of Mintz acceptances

I'm not sure I agree re: other firms ignoring Mintz. As it stands, sure, but I think that's only because we literally don't know what's going on with Mintz. If some Mintz associate would FINALLY SPILL THE BEANS ABOUT ALL-IN 2020/2021 COMP and then if ATL posts an article about how Mintz is blowing higher ranked, more profitable firms out of the water, then I think other firms will have to listen. Alas, none of the Mintz associates seem to care about that.

Mintz associates: this is an important turning point for you. I am in Boston and I think I speak for others ITT when I say that I am prepared to give you top rankings on literally every market survey if you did indeed get top notch comp and tell us about it now. But if you stay silent, my opinion of Mintz will get worse, and it's zeros all around. Seriously, how hard is it to just come clean here?

Lol, if anything Mintz associates are coming out looking great here by just staying out of the fray. For law students, this is the type of people you get at top firms - they're neurotic psychos who can't wait a week until other firms publish bonus news and will vengefully take it out on you in any petty way possible. Now imagine owing them a deliverable.

[Joachim2017]

so what are the odds ropes matches Mintz in boston, at which point it also has to pay the same in NY? Could we be seeing a RopesMintz Scale as new top

I’m not gonna shit on Mintz like the poster above, but Ropes and Goodwin aren’t moving because of Mintz. Ropes loses people to Choate, K&E and Goodwin. Goodwin loses people to Ropes, K&E, Cooley and Gunderson. We get SA data from people who go to other firms. It’s not exactly a parade of Mintz acceptances

I'm not sure I agree re: other firms ignoring Mintz. As it stands, sure, but I think that's only because we literally don't know what's going on with Mintz. If some Mintz associate would FINALLY SPILL THE BEANS ABOUT ALL-IN 2020/2021 COMP and then if ATL posts an article about how Mintz is blowing higher ranked, more profitable firms out of the water, then I think other firms will have to listen. Alas, none of the Mintz associates seem to care about that.

Mintz associates: this is an important turning point for you. I am in Boston and I think I speak for others ITT when I say that I am prepared to give you top rankings on literally every market survey if you did indeed get top notch comp and tell us about it now. But if you stay silent, my opinion of Mintz will get worse, and it's zeros all around. Seriously, how hard is it to just come clean here?

lol, this guy sounds like a tool. get a grip, no one cares about your opinion of Mintz or how you fill out your rankings sheet.

[Definitely Not North]

yikes that is cringey

[Anonymous User]

lol, this guy sounds like a tool. get a grip, no one cares about your opinion of Mintz or how you fill out your rankings sheet.

Do you literally not care about making sure other firms at least match Mintz?

[Anonymous User]

ATL article from November 2nd on Mintz special bonuses. $20k for first and second years and $40k for 3rd year + which will be paid out at the end of March 2022. The email also mentions bonuses paid in September and says that these bonuses are additive and won't be credited against other bonuses (likely means EOY is still to come). Is this what everyone has been freaking out about for the past 10 pages?

https://abovethelaw.com/2021/11/mintz-s ... fall-2021/

[objctnyrhnr]

Has mintz even been at market with bonus/salary from at least tail end of 2020 through all of 2021?

I feel like I heard somewhere it wasn’t. (At the very least i believe it was sub market until relatively very recently.)

And if that’s true, then what are we all even doing here?

Anybody know for sure?

[zoomzoom888]

Can Cravath just move the market so we can all get on with our lives?!

[Anonymous User]

Can Cravath just move the market so we can all get on with our lives?!

That's an odd way to spell Milbank

[objctnyrhnr]

Can Cravath just move the market so we can all get on with our lives?!

That's an odd way to spell Milbank

Well played though I note the unnecessary anon usage. Regardless, I enjoyed the comment.

[Anonymous User]

Has anyone else read this article? https://www.abajournal.com/news/article ... t-sinkhole

If so, curious to see what you think. My own take is that is is a poorly timed and generally misguided attempt by partners to forecast that they don’t want to raise eoy bonuses…

[Anonymous User]

Has anyone else read this article? https://www.abajournal.com/news/article ... t-sinkhole

If so, curious to see what you think. My own take is that is is a poorly timed and generally misguided attempt by partners to forecast that they don’t want to raise eoy bonuses…

This article is quite funny. It scaremongers about the “hundreds of thousands of dollars” firms pay associates, but talks nothing about that same associate clearing $1.25—2.0MM of revenue in any given year. Just myopic boomer world view.

Where is the article focusing on my firm’s equity partners taking home $2.25MM in comp?

[Anonymous User]

The only logical reason they haven't yet announced a doubling of the scale is to increase the dramatic nature of the announcement when it comes out at triple the scale.

[Anonymous User]

The only logical reason they haven't yet announced a doubling of the scale is to increase the dramatic nature of the announcement when it comes out at triple the scale.

Now that's what I'm talking about.

[NoLongerALurker]

Spanx shatters market w/ first class plane tix.

https://www.npr.org/2021/10/26/10493403 ... -and-10000

[Lesion of Doom]

This thread beautifully encapsulates the neurotic nature of biglaw associates. I'm still laughing at the concept of a "V80 firm".

Of course Mintz will not top the scale, but also of course Mintz matters. It will compel Choate and others to match, and Choate matching will compel the NYC firms inhabiting Boston to do so and you go from there.

More significantly, in my view, Mintz going first suggests that associates are undercompensated. No market NYC firm can claim that it's stretching to meet associate needs when Mintz is pushing ahead.

These incremental raises are horseshit, anyway. We should be thinking about our compensation as a percentage of our realization. Billing doesn't work that way, but in my very typical case as a busy junior I will have billed just under $2M in raw terms this year. Let's say my realization is $1.5M, a conservative number. I think 20% would be reasonable for a junior, thus $300k should by my all-in comp. And then reward your mids and seniors with a slightly higher percentage.

[Elvis_Dumervil]

This thread beautifully encapsulates the neurotic nature of biglaw associates. I'm still laughing at the concept of a "V80 firm".

Of course Mintz will not top the scale, but also of course Mintz matters. It will compel Choate and others to match, and Choate matching will compel the NYC firms inhabiting Boston to do so and you go from there.

More significantly, in my view, Mintz going first suggests that associates are undercompensated. No market NYC firm can claim that it's stretching to meet associate needs when Mintz is pushing ahead.

These incremental raises are horseshit, anyway. We should be thinking about our compensation as a percentage of our realization. Billing doesn't work that way, but in my very typical case as a busy junior I will have billed just under $2M in raw terms this year. Let's say my realization is $1.5M, a conservative number. I think 20% would be reasonable for a junior, thus $300k should by my all-in comp. And then reward your mids and seniors with a slightly higher percentage.

That's the labor theory of value. It has been implemented elsewhere...

[Anonymous User]

So bets on when this week the news will drop?

[TUwave]

Has anyone else read this article? https://www.abajournal.com/news/article ... t-sinkhole

If so, curious to see what you think. My own take is that is is a poorly timed and generally misguided attempt by partners to forecast that they don’t want to raise eoy bonuses…

This article is quite funny. It scaremongers about the “hundreds of thousands of dollars” firms pay associates, but talks nothing about that same associate clearing $1.25—2.0MM of revenue in any given year. Just myopic boomer world view.

Where is the article focusing on my firm’s equity partners taking home $2.25MM in comp?

Lol I love calling associates a "profit sinkhole" when we're literally the reason for profits at law firms.

[Anonymous User]

Has anyone else read this article? https://www.abajournal.com/news/article ... t-sinkhole

If so, curious to see what you think. My own take is that is is a poorly timed and generally misguided attempt by partners to forecast that they don’t want to raise eoy bonuses…

This article is quite funny. It scaremongers about the “hundreds of thousands of dollars” firms pay associates, but talks nothing about that same associate clearing $1.25—2.0MM of revenue in any given year. Just myopic boomer world view.

Where is the article focusing on my firm’s equity partners taking home $2.25MM in comp?

Lol I love calling associates a "profit sinkhole" when we're literally the reason for profits at law firms.

Also enjoyed the assertion that raises haven't helped retention when we have no idea what retention would have looked like without the raises.

[Definitely Not North]

is this week the week? I think this is around when we got the announcement last year.

[rgn122000]

is this week the week? I think this is around when we got the announcement last year.

My bet is Thursday though hoping its earlier.

[Anonymous User]

is this week the week? I think this is around when we got the announcement last year.

First bonus announcement in the last two years:

2020 - November 11, Baker McKenzie
2019 - November 7, Milbank

So it could be any day now.

[Anonymous User]

is this week the week? I think this is around when we got the announcement last year.

First bonus announcement in the last two years:

2020 - November 11, Baker McKenzie
2019 - November 7, Milbank

So it could be any day now.

Guy who rains on parades: Historically those were both early announcement dates. Although for all our sakes I hope it happens soon there's also no reason we couldn't see a first announcement around e.g., Thanksgiving.

[Anonymous User]

is this week the week? I think this is around when we got the announcement last year.

First bonus announcement in the last two years:

2020 - November 11, Baker McKenzie
2019 - November 7, Milbank

So it could be any day now.

Guy who rains on parades: Historically those were both early announcement dates. Although for all our sakes I hope it happens soon there's also no reason we couldn't see a first announcement around e.g., Thanksgiving.

The traditional announcement date was the Monday after Thanksgiving (when Cravath holds its all-partners meeting). But years where the bonus scale went up happened earlier: 2014 when STB raised the scale to where it is now I think it was the Monday before Thanksgiving, and as noted in 2019 and 2020 it was in early November.