2021 End of Year Bonuses Forum

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

[Wanderingdrock]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

The "eligible to receive" language made it sound like discretionary bonuses for which you could be considered if you hit those hour marks. But you're saying these are concrete targets above which you get the multiplier, simple as that. And that's not just "good all things considered," that's legit baller.

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

The "eligible to receive" language made it sound like discretionary bonuses for which you could be considered if you hit those hour marks. But you're saying these are concrete targets above which you get the multiplier, simple as that. And that's not just "good all things considered," that's legit baller.

Yeah I would not read into the "eligible to receive" wording. Everyone here knows you get the multiplier if you hit the 2200/2400 levels. People are very happy.

[Anonymous User]

Mayer Brown pays 1.15x market for 2100 hours, 1.2x for 2200 hours and 1.3x for 2300 hours.

[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).

As a high billing senior associate at Gibson, I unfortunately can say GDC should be removed from this list. We move slow and pay market, but that’s it. No multiplier.

[Anonymous User]

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

Heard that individual calls were made today to those who received them.

[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).

As a high billing senior associate at Gibson, I unfortunately can say GDC should be removed from this list. We move slow and pay market, but that’s it. No multiplier.

I was under the impression Gibson pays high billers above market bonuses.

[Lesion of Doom]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

The "eligible to receive" language made it sound like discretionary bonuses for which you could be considered if you hit those hour marks. But you're saying these are concrete targets above which you get the multiplier, simple as that. And that's not just "good all things considered," that's legit baller.

Yeah I would not read into the "eligible to receive" wording. Everyone here knows you get the multiplier if you hit the 2200/2400 levels. People are very happy.

How the fuck did I not know this? I feel like I just pulled 50k out of my pocket. Wish I had been aware while lateraling.

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

The "eligible to receive" language made it sound like discretionary bonuses for which you could be considered if you hit those hour marks. But you're saying these are concrete targets above which you get the multiplier, simple as that. And that's not just "good all things considered," that's legit baller.

Yeah I would not read into the "eligible to receive" wording. Everyone here knows you get the multiplier if you hit the 2200/2400 levels. People are very happy.

How the fuck did I not know this? I feel like I just pulled 50k out of my pocket. Wish I had been aware while lateraling.

Anon who posed the question. For some reason this piece isn’t front and center on ATL, and therefore it is also not front and center on associates’ minds. My firm does a good bump as well. We all assumed everybody did it. When we found out that they didn’t, given how badly we need people, we found ourselves wondering why this isn’t used as a way to market our v30 to potential associates.

Anyway, ATL should get on this.

[TigerIsBack]

I hope today turns out to be a great day to be a Milbank associate.

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

The "eligible to receive" language made it sound like discretionary bonuses for which you could be considered if you hit those hour marks. But you're saying these are concrete targets above which you get the multiplier, simple as that. And that's not just "good all things considered," that's legit baller.

Yeah I would not read into the "eligible to receive" wording. Everyone here knows you get the multiplier if you hit the 2200/2400 levels. People are very happy.

How the fuck did I not know this? I feel like I just pulled 50k out of my pocket. Wish I had been aware while lateraling.

Anon who posed the question. For some reason this piece isn’t front and center on ATL, and therefore it is also not front and center on associates’ minds. My firm does a good bump as well. We all assumed everybody did it. When we found out that they didn’t, given how badly we need people, we found ourselves wondering why this isn’t used as a way to market our v30 to potential associates.

Anyway, ATL should get on this.

As a senior associate billing 2700+ this year at a V50 that does not give any kickers to high billers, ATL should make a tracker of every firm that does and doesn't do this. It will be viewed and shared multiple times by every associate that doesn't get one.

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

I don't know what the exact formula here is at Latham, but you similarly get a sizeable above market bonus for high billables and it increases with seniority. FWIW, 1.5x for 2400 is what I've seen.

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

I don't know what the exact formula here is at Latham, but you similarly get a sizeable above market bonus for high billables and it increases with seniority. FWIW, 1.5x for 2400 is what I've seen.

Additional bonuses for high hours and other additional "merit" bonuses are not consistent but they are done at various firms across the Vault spectrum. As another data point, Katten pays an additional bonus for each 100 hours above 2000, so an associates makes $x above market bonus at 2100, 2200, etc. and it increases by hours and seniority (maybe +$20k or so for a midlevel billing 2200 hours for example)

[Anonymous User]

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.

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

The "eligible to receive" language made it sound like discretionary bonuses for which you could be considered if you hit those hour marks. But you're saying these are concrete targets above which you get the multiplier, simple as that. And that's not just "good all things considered," that's legit baller.

Yeah I would not read into the "eligible to receive" wording. Everyone here knows you get the multiplier if you hit the 2200/2400 levels. People are very happy.

How the fuck did I not know this? I feel like I just pulled 50k out of my pocket. Wish I had been aware while lateraling.

Anon who posed the question. For some reason this piece isn’t front and center on ATL, and therefore it is also not front and center on associates’ minds. My firm does a good bump as well. We all assumed everybody did it. When we found out that they didn’t, given how badly we need people, we found ourselves wondering why this isn’t used as a way to market our v30 to potential associates.

Anyway, ATL should get on this.

I'm also at a firm (Baker Botts) that has historically paid a multiplier at various thresholds and I don't understand why this is isn't the first thing said in any recruiting pitch.

[Anonymous User]

Cadwalader pays a 20% kicker for 2200+ billables.

[Anonymous User]

Re "why isn't this part of recruiting" because students don't want to hear "you'll make above market if you bill 2500". They want to hear "we're a lifestyle firm where you can bill 2000 and that's it".

[Anonymous User]

Arnold & Porter does a 20% kicker at 2400 hours, with the important caveat that 2,200 of those must be client billed (pro bono and BD strictly capped at 200).

[Anonymous User]

Pretty sure Dechert matched everything and frankly it's not that uncommon though typically to lesser degrees than the 1.4 of Dechert. My V80 paid every bonus and historically pays flat $20k for 2300 and flat $40k for 2500. So 2500 hours would be 1.5x market for a 5th year or 3.5x market for a 1st year.

The moral of the story is rich V10s with $5mm+ PEP are not paying enough.

I can't tell if the original OP is joking lol. I'm a Dechert associate. We pay market and paid full covid bonuses, aka we paid top of market, "matching DPW pound for pound."

If you bill 2200 hours you get 130% of your bonus. If you bill 2400 you get 140% of your bonus.

Simple as that.

Also the firm is good all things considered tbh. Y'all should come by.

The "eligible to receive" language made it sound like discretionary bonuses for which you could be considered if you hit those hour marks. But you're saying these are concrete targets above which you get the multiplier, simple as that. And that's not just "good all things considered," that's legit baller.

Yeah I would not read into the "eligible to receive" wording. Everyone here knows you get the multiplier if you hit the 2200/2400 levels. People are very happy.

How the fuck did I not know this? I feel like I just pulled 50k out of my pocket. Wish I had been aware while lateraling.

Anon who posed the question. For some reason this piece isn’t front and center on ATL, and therefore it is also not front and center on associates’ minds. My firm does a good bump as well. We all assumed everybody did it. When we found out that they didn’t, given how badly we need people, we found ourselves wondering why this isn’t used as a way to market our v30 to potential associates.

Anyway, ATL should get on this.

I'm also at a firm (Baker Botts) that has historically paid a multiplier at various thresholds and I don't understand why this is isn't the first thing said in any recruiting pitch.

It's not a great recruiting tool - most of the top firms reward their most valuable associates in some similar way. Also, recruiting is not looking for mercenaries - mercenaries leave when more money comes in elsewhere. They try to sell things that can't be found elsewhere or bought. For example, when I do interviews, I sell laterals/1Ls on the fact that no one gives a shit about facetime here and how our partners are much younger than average and they "get it" and actually work rather than have you read a PDF to them.

[lawdude31]

Re "why isn't this part of recruiting" because students don't want to hear "you'll make above market if you bill 2500". They want to hear "we're a lifestyle firm where you can bill 2000 and that's it".

LOL that "lifestyle" is billing 2000. I get it that it can get (and definitely is) much worse. But 2k is NOT "lifestyle".

[NoLongerALurker]

Agree. Even 1800 isn't actually lifestyle.

"Lifestyle" means 1600 or less as far as I'm concerned --- that means 2 weeks vacation, holidays off, and billing a little over 5 hours a day (like you're "at work" for 6-7 hours but taking some lunches and coffee breaks and shooting the shit like you would in any non-insane job).

[Anonymous User]

Re "why isn't this part of recruiting" because students don't want to hear "you'll make above market if you bill 2500". They want to hear "we're a lifestyle firm where you can bill 2000 and that's it".

LOL that "lifestyle" is billing 2000. I get it that it can get (and definitely is) much worse. But 2k is NOT "lifestyle".

Of course it's not. But it's marketed that way. 90% of firms market themselves "We're not like the other biglaw sweatshops" and everyone knows they're lying and students lie to themselves too.

[TigerIsBack]

What time do the first bonus announcements usually come? Like 3pm?

[Anonymous User]

What time do the first bonus announcements usually come? Like 3pm?

ATL stories were before noon in 2019 and 2020, but afternoon in 2018.

https://abovethelaw.com/2020/11/breakin ... t-cravath/
https://abovethelaw.com/2019/11/breakin ... -are-here/
https://abovethelaw.com/2018/11/breakin ... l-bonuses/

[Anonymous User]

.