Kirkland Bonuses? Forum

[Anonymous User]

Apologies for the off topic question but seem to be a decent amount of KE laterals here so I'm curious, how different/ how much worse was KE than your previous firm?

[Anonymous User]

Well, today's the day for the NSPs to get screwed. Everyone enjoy.

What time did they say the memos were coming around?

I don't specifically recall from the VM but I'm assuming it will be the usual deal of SPs making quick phone calls throughout the day and then memos coming out in the evening. If you look up-thread the associates were supposed to get their memos "at 5pm Eastern" but it looks like it was actually a multi-hour process as e-mails rolled out; assuming it will be similar for us.

[Anonymous User]

Apologies for the off topic question but seem to be a decent amount of KE laterals here so I'm curious, how different/ how much worse was KE than your previous firm?

Not trying to be a PITA but that's a super off topic Q that risks turning this into a totally different discussion when it's been solidly focused on just end of year comp. news. Why don't you just start a new post on the main board? There are tons of K&E people here who will answer you.

[Anonymous User]

Apologies for the off topic question but seem to be a decent amount of KE laterals here so I'm curious, how different/ how much worse was KE than your previous firm?

Not trying to be a PITA but that's a super off topic Q that risks turning this into a totally different discussion when it's been solidly focused on just end of year comp. news. Why don't you just start a new post on the main board? There are tons of K&E people here who will answer you.

Fair point, I withdraw the question.

[Anonymous User]

Can any NSPs confirm if calls are starting to go out? It's almost 1pm in NY and haven't heard a peep yet.

[Anonymous User]

Can any NSPs confirm if calls are starting to go out? It's almost 1pm in NY and haven't heard a peep yet.

maybe the delay is because they're recalibrating the numbers given the overwhelming negative feedback from associates last week and the ATL article

[Anonymous User]

Can any NSPs confirm if calls are starting to go out? It's almost 1pm in NY and haven't heard a peep yet.

maybe the delay is because they're recalibrating the numbers given the overwhelming negative feedback from associates last week and the ATL article

Lol wishful thinking

[Anonymous User]

Can any NSPs confirm if calls are starting to go out? It's almost 1pm in NY and haven't heard a peep yet.

maybe the delay is because they're recalibrating the numbers given the overwhelming negative feedback from associates last week and the ATL article

Yea, they probably realized the bonuses aren’t going to go over well so they should lower NSP bonuses and see if they can hit $6.9 million PPP just for shits and gigs.

[Anonymous User]

It’s middle of the workday. We aren’t hearing until after memos have gone out, people are working

[Anonymous User]

It’s middle of the workday. We aren’t hearing until after memos have gone out, people are working

Historically at least my experience has been they try to do the calls before the memos go out -- I sense there's a preference to have the conversation first before there's a document in your inbox. Maybe that's practice group dependent & YMMV but I've never had a year where the memo hit before I had a call. Having said that, it's approaching 2:30 pm eastern ....

[Anonymous User]

Can any NSPs confirm if calls are starting to go out? It's almost 1pm in NY and haven't heard a peep yet.

maybe the delay is because they're recalibrating the numbers given the overwhelming negative feedback from associates last week and the ATL article

hahahahahaha we can dream

[Anonymous User]

Can any NSPs confirm if calls are starting to go out? It's almost 1pm in NY and haven't heard a peep yet.

maybe the delay is because they're recalibrating the numbers given the overwhelming negative feedback from associates last week and the ATL article

Yea, they probably realized the bonuses aren’t going to go over well so they should lower NSP bonuses and see if they can hit $6.9 million PPP just for shits and gigs.

Now that is more realistic

[Anonymous User]

It’s middle of the workday. We aren’t hearing until after memos have gone out, people are working

Historically at least my experience has been they try to do the calls before the memos go out -- I sense there's a preference to have the conversation first before there's a document in your inbox. Maybe that's practice group dependent & YMMV but I've never had a year where the memo hit before I had a call. Having said that, it's approaching 2:30 pm eastern ....

lol I’m not clinging to hope, my call is coming in at 630

[Anonymous User]

Anyone know if litigation is the same? How would a group like IP lit compare to corporate where all the revenue comes from.

[Anonymous User]

Anyone know if litigation is the same? How would a group like IP lit compare to corporate where all the revenue comes from.

Same as what?

[Anonymous User]

Any NSPs hear anything yet?

[Anonymous User]

Any NSPs hear anything yet?

Nothing.

[Anonymous User]

wtf is going on here?

[Anonymous User]

Deleted

[Anonymous User]

This is insane. I, and a few other people I know, got lateral offers for a busy group this year. Most were offered 6 figure signing bonuses and six figure guaranteed year end bonuses that would have been more than 1.25 of market inclusive of special bonuses (no hours requirements). This was for CO 2017.

It’s insane that Kirkland screwed over its associates like this when it knows that people talk and everyone knows Kirkland was throwing money at laterals this year.

[Anonymous User]

Letters just went out for NSPs. Can someone explain how the 401k plan contribution part works with this? Not sure whether to be merely underwhelmed with my multiple or pretty upset about it.

[Anonymous User]

Letters just went out for NSPs. Can someone explain how the 401k plan contribution part works with this? Not sure whether to be merely underwhelmed with my multiple or pretty upset about it.

Haha welcome to the realities of being an NSP. They take out $38,500 this year from your top line payment and put it directly into your 401k plan. Enjoy (like I am) having a bonus that says you've beaten the market by a certain multiplier but in fact you get less cash in hand than your peers at Latham or Skadden. I'm sure I'll appreciate this when I'm 60 but it burns a little now.

[Anonymous User]

Letters just went out for NSPs. Can someone explain how the 401k plan contribution part works with this? Not sure whether to be merely underwhelmed with my multiple or pretty upset about it.

Haha welcome to the realities of being an NSP. They take out $38,500 this year from your top line payment and put it directly into your 401k plan. Enjoy (like I am) having a bonus that says you've beaten the market by a certain multiplier but in fact you get less cash in hand than your peers at Latham or Skadden. I'm sure I'll appreciate this when I'm 60 but it burns a little now.

Wait, but this $38,500 (or $20,000 I believe for first year NSPs), is in addition to market bonus right? So minimum bonus for a class of 2014 this year would be $115,000 base bonus + $23,000 special bonus + $20,000 (which would be $38,500 after your first year) 401K contribution - for a minimum no multiple bonus of $158,000?

[Anonymous User]

No the match comes out of your bonus and doesn’t increase your bonus at all.

[Anonymous User]

Letters just went out for NSPs. Can someone explain how the 401k plan contribution part works with this? Not sure whether to be merely underwhelmed with my multiple or pretty upset about it.

Haha welcome to the realities of being an NSP. They take out $38,500 this year from your top line payment and put it directly into your 401k plan. Enjoy (like I am) having a bonus that says you've beaten the market by a certain multiplier but in fact you get less cash in hand than your peers at Latham or Skadden. I'm sure I'll appreciate this when I'm 60 but it burns a little now.

Wait, but this $38,500 (or $20,000 I believe for first year NSPs), is in addition to market bonus right? So minimum bonus for a class of 2014 this year would be $115,000 base bonus + $23,000 special bonus + $20,000 (which would be $38,500 after your first year) 401K contribution - for a minimum no multiple bonus of $158,000?

False.