2021 End of Year Bonuses Forum

[almostperfectt]

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.

So it sounds like if it's cravath making the move it will be the Monday after Thanksgiving. If it is any other firm matching, then it would be around this week. If it's another firm raising, then we aren't sure because it's been a few years. Does anyone know the announcement dates for bonus raising prior to 2014?

[Kikero]

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.

So it sounds like if it's cravath making the move it will be the Monday after Thanksgiving. If it is any other firm matching, then it would be around this week. If it's another firm raising, then we aren't sure because it's been a few years. Does anyone know the announcement dates for bonus raising prior to 2014?

I believe Cravath made the first move in 2018 the Monday before Thanksgiving. So if they move first it doesn’t have to be after Thanksgiving. Bonuses will get announced sometime during the next three weeks. Trying to predict the exact timing based on whether bonuses are up or flat is probably less precise than reading tea leaves.

[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.

This is true, though I think there’s an x-factor that should also be considered: the widely held hope (belief?) that firms will announce additional special bonuses coming down the pike as a way to curb attrition. If this is in any way a motivating factor for a firm, you’d think they’d be inclined to announce sooner rather than later, as there are undoubtedly associates beginning the job search on a daily basis with the goal of exiting as soon as the bonus hits their account.

[Anonymous User]

We need some tangible bonus news ASAP. The possibility of scale-breaking bonuses is about the only thing helping my burned-out self get by at this point.

[Anonymous User]

We need some tangible bonus news ASAP. The possibility of scale-breaking bonuses is about the only thing helping my burned-out self get by at this point.

Will echo this. All of this talk about potential retention strategies in this thread... At this point, if my firm wants someone around to work during the month of December, they better announce record breaking bonuses ASAP.

[Anonymous User]

WHERE. IS. MY. BONUSSSSSSSSS.

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

[Anonymous User]

We need some tangible bonus news ASAP. The possibility of scale-breaking bonuses is about the only thing helping my burned-out self get by at this point.

Will echo this. All of this talk about potential retention strategies in this thread... At this point, if my firm wants someone around to work during the month of December, they better announce record breaking bonuses ASAP.

Looking forward to the Above the Law article: Associate Retention Crisis-Biglaw partners stress over retention as many associates leave at once. One Cravath partner commented, "our biggest mistake, waiting until Thursday to announce bonuses."

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

My high PEP/V100 has historically been +$20k for 2300 / +$20k for 2500 for all class years. The thresholds were about 100 hours lower last year because of COVID and last year they started taking into account class year.

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

I've seen references in our V25's literature to extra discretionary bonuses for extraordinary associates, but a mid-level associate a few years back told me with what sounded like a fair degree of confidence that the partnership only begins considering you for those bonuses at a 2400-hour cutoff and the actual amount is paltry. (Meaning, the per-hour comp for the additional hours over your EOY bonus-qualifying cutoff is next to nothing when compared to the per-hour comp for the difference between the EOY bonus-qualifying cutoff and what you would have worked if that cutoff didn't exist.) I have not personally ever heard anyone mention having received or knowing anyone who received one. I assume it's used as a token signal of appreciation for more senior associates on partner track.

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

My V50 has a 15% boost for 2150 hours, a 25% boost for 2300 hours, and a 35% boost for 2500 hours. I'm sure there are commensurate boosts for 2500+ as well.

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

2200 and 2400 are for purely billables without any pro bono or shadowing etc, fwiw

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

I'm a different person than the OP but: yes, they announced this policy earlier in 2021

[Anonymous User]

[.]

[Anonymous User]

Have any Paul comma Weiss associates heard about their discretionary bonuses?

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

I’d also like to know which are transparent about this - which sounds like Dechert with its “Bill >2400, get 1.4x” type set up - and which are black box but consistently deliver something, even if it varies (Kirkland, Latham, Gibson are top of mind here).

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

I'm a different person than the OP but: yes, they announced this policy earlier in 2021

Impressive. My V25 offers a measly $5k for 2200 and then adds an extra $10k when you reach 2500, 2700, 2900, etc. PB and certain firm time count too. It's great if you're a high billing junior (I've made >2x market a couple times), but as you become more senior it sounds like we lag behind other firms that use multipliers. No threshold adjustment during COVID.

The firm also offers special (read: rare) merit bonuses on top of that. I've received $10k in the past, but I've heard of others getting up to $40k for mids/seniors, even pre-pandemic.

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

I'm a different person than the OP but: yes, they announced this policy earlier in 2021

Impressive. My V25 offers a measly $5k for 2200 and then adds an extra $10k when you reach 2500, 2700, 2900, etc. PB and certain firm time count too. It's great if you're a high billing junior (I've made >2x market a couple times), but as you become more senior it sounds like we lag behind other firms that use multipliers. No threshold adjustment during COVID.

The firm also offers special (read: rare) merit bonuses on top of that. I've received $10k in the past, but I've heard of others getting up to $40k for mids/seniors, even pre-pandemic.

FF is a 15% bump at 2200 and 30% bump at 2450.

[Anonymous User]

CWT is +20% at 2,200 billed (no pro bono, etc. counts)

[VentureMBA]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

I'm a different person than the OP but: yes, they announced this policy earlier in 2021

link?

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

I'm a different person than the OP but: yes, they announced this policy earlier in 2021

link?

https://abovethelaw.com/2021/06/dechert-salary-21/

[Wanderingdrock]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

I'm a different person than the OP but: yes, they announced this policy earlier in 2021

link?

https://abovethelaw.com/2021/06/dechert-salary-21/

Wait what does "eligible to receive" mean in that memo?

[Anonymous User]

While we are waiting on news, a question:

How many market matching v50s boost above market bonus for performance (defined by evals) and/or billing additional hundred/s of hours above target?

I had always thought most firms did this, but I was recently led to believe it was a rarity…which surprised me.

Dechert has a 30% boost for 2200 and 40% for 2400.

Are you saying Dechert delivers 1.4x market for 2400 hours? This is the first I've heard of this.

I'm a different person than the OP but: yes, they announced this policy earlier in 2021

link?

https://abovethelaw.com/2021/06/dechert-salary-21/

Wait what does "eligible to receive" mean in that memo?

Not at Dechert but assuming that it means it's a multiplier on whatever you would've gotten -- next questions are 1) does Dechert pay market and 2) did they pay the COVID bonuses and spring/fall bonuses this year? If this is just 40% on the "normal" rate and they didn't otherwise match, IDK how excited to get about that, but if they've been matching DPW pound for pound, this is nearly K&E-good.