Fall bonuses Forum

[Anonymous User]

I know people who've billed multiple 350 hour months this year. What a cheap ass firm. Maybe they can't keep up with the market.

[Anonymous User]

I know people who've billed multiple 350 hour months this year. What a cheap ass firm. Maybe they can't keep up with the market.

Me too. I really doubt the last sentence, though. Kirkland is a machine, laser focused on maximizing partner profits. That’s it. The firm committee has made a call that this decision is best for PPP. Maybe it’s to deflate the fall bonus market, maybe it’s to end up paying out less than what fall + year-end combined would have been, maybe it’s to try to milk good PR for massive year-end bonuses that in reality include money the rest of the V10 got in Sept/Oct. Probably a combination of each.

5th years at DPW get 113k with fall + 2019 market year-end. Kirkland will get PR for SHATTERING at like 130k when that’s probably less than most KE 5th years would have gotten with fall + year-end separately.

[Anonymous User]

I know people who've billed multiple 350 hour months this year. What a cheap ass firm. Maybe they can't keep up with the market.

This seems to be commonplace among restructuring associates. Wouldn’t be surprised if there’s more turnover in that group this winter as compared to other years. Most folks I’ve spoken with are livid. The firm taking this proactive step to announce a lack of bonuses while they take home more money than ever is just gross. But I guess it’s all a matter of perspective... hopefully the rest of y’all get some bonuses at less greedy firms!

[DoveBodyWash]

Kirkland news is a buzzkill...either: (1) they’re incredibly sensitive to how this may appear to clients and think it’ll be easier to sweep under rug at year-end, (2) the minimum liquidity req under their line of credit and/or guarantees to partners can’t handle a sudden unexpected outflow at this level (lot more expensive for a firm like large firm like Kirkland than DPW/Milbank), (3) they actually mean what they say and view bonuses as a truly individual-specific payout and will take it into consideration later.

[Anonymous User]

Kirkland news is a buzzkill...either: (1) they’re incredibly sensitive to how this may appear to clients and think it’ll be easier to sweep under rug at year-end, (2) the minimum liquidity req under their line of credit and/or guarantees to partners can’t handle a sudden unexpected outflow at this level (lot more expensive for a firm like large firm like Kirkland than DPW/Milbank), (3) they actually mean what they say and view bonuses as a truly individual-specific payout and will take it into consideration later.

The firm bills fourth years out at ~$990 per hour, with fifth and sixth years well above $1,000. I've been in partners' offices for multiple calls with GCs about our way-too-high bills (silently, obviously, but passing notes to the partners when helpful) where the partners refuse to negotiate the bill even where associates are obviously goosing their hours to get a better bonus and instead stick to the message that "we charge premium rates for premium work." If they know they can get away with such objectively shitty behavior, I can assure you they do not give a single fuck about what this looks like to clients.

They're just cheap. The "shattering" thing ended a long time ago. These days, it's a lot of extra work for a little extra money.

[DoveBodyWash]

Kirkland news is a buzzkill...either: (1) they’re incredibly sensitive to how this may appear to clients and think it’ll be easier to sweep under rug at year-end, (2) the minimum liquidity req under their line of credit and/or guarantees to partners can’t handle a sudden unexpected outflow at this level (lot more expensive for a firm like large firm like Kirkland than DPW/Milbank), (3) they actually mean what they say and view bonuses as a truly individual-specific payout and will take it into consideration later.

The firm bills fourth years out at ~$990 per hour, with fifth and sixth years well above $1,000. I've been in partners' offices for multiple calls with GCs about our way-too-high bills (silently, obviously, but passing notes to the partners when helpful) where the partners refuse to negotiate the bill even where associates are obviously goosing their hours to get a better bonus and instead stick to the message that "we charge premium rates for premium work." If they know they can get away with such objectively shitty behavior, I can assure you they do not give a single fuck about what this looks like to clients.

They're just cheap. The "shattering" thing ended a long time ago. These days, it's a lot of extra work for a little extra money.

I hear you. I do think Kirkland—more than any of its peers—views its associate corp as a group of winners and losers and doesnt hesitate to use comp to cull the herd. I suspect the fall bonus will be distributed unevenly at year end with most of it going to the the high performers.

[Anonymous User]

Kirkland is not doing fall bonuses. Pretty fucked considering how much money they're making and how hard a lot of associates are working.

They just sent an email.

Kirkland.
Smdh.

[sms18]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

[Anonymous User]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

They were Covingttton for a while. Then they paid up but they stayed Covingttton. No one forgot that attempt to cheap out.

[Anonymous User]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

I think it comes down to if you've been happy with your bonus historically at K&E this isn't actually that big a deal because you trust they'll get it right and if you're unhappy with your bonus at K&E historically it's unclear why you'd expect something different this year. I've personally been happy with my bonus historically and don't get why getting paid on 10/31 and then again in December makes a huge difference, especially when we're talking about unexpected money that I wasn't already budgeting for. If they short change us in December I'll be annoyed, but until then I'd rather take my year end multiple and multiply a larger "market" base bonus that includes fall bonuses than take $20-40k off the table now and apply my multiple to a smaller "market" bonus that is based only off of what Milbank is paying end of year.

[JusticeSquee]

ATL just straight up linking to TLS threads now: https://abovethelaw.com/2020/09/kirklan ... -about-it/

Hopefully we get another match today!

[Anonymous User]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

I think it comes down to if you've been happy with your bonus historically at K&E this isn't actually that big a deal because you trust they'll get it right and if you're unhappy with your bonus at K&E historically it's unclear why you'd expect something different this year. I've personally been happy with my bonus historically and don't get why getting paid on 10/31 and then again in December makes a huge difference, especially when we're talking about unexpected money that I wasn't already budgeting for. If they short change us in December I'll be annoyed, but until then I'd rather take my year end multiple and multiply a larger "market" base bonus that includes fall bonuses than take $20-40k off the table now and apply my multiple to a smaller "market" bonus that is based only off of what Milbank is paying end of year.

Yeah, historically I’ve been pleased with mine. I’ve got medium-high hours (comfortable sweet spot) and above class review, so assuming I net out (dpw scale adjusted for KE “market” + dpw fall bonus) the same, I don’t really care. That’s not everyone’s situation but that’s how I’m going to hope it works out. I like the firm and have built up goodwill here so getting worked up about their approach here isn’t going to help me in any respect.

[malibustacy]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

I think it comes down to if you've been happy with your bonus historically at K&E this isn't actually that big a deal because you trust they'll get it right and if you're unhappy with your bonus at K&E historically it's unclear why you'd expect something different this year. I've personally been happy with my bonus historically and don't get why getting paid on 10/31 and then again in December makes a huge difference, especially when we're talking about unexpected money that I wasn't already budgeting for. If they short change us in December I'll be annoyed, but until then I'd rather take my year end multiple and multiply a larger "market" base bonus that includes fall bonuses than take $20-40k off the table now and apply my multiple to a smaller "market" bonus that is based only off of what Milbank is paying end of year.

You're assuming that you'll get a larger market base, and the multiple won't be cheaper.

This is nothing less than a money saving scheme. Even if the firm actually makes regular associates "whole", people who are "below class", fired, or have chosen to leave by then won't have to be paid.

They could have just waited to see how things played out, but proactively tried to jump the gun, which is even more infuriating.

[Anonymous User]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

I think it comes down to if you've been happy with your bonus historically at K&E this isn't actually that big a deal because you trust they'll get it right and if you're unhappy with your bonus at K&E historically it's unclear why you'd expect something different this year. I've personally been happy with my bonus historically and don't get why getting paid on 10/31 and then again in December makes a huge difference, especially when we're talking about unexpected money that I wasn't already budgeting for. If they short change us in December I'll be annoyed, but until then I'd rather take my year end multiple and multiply a larger "market" base bonus that includes fall bonuses than take $20-40k off the table now and apply my multiple to a smaller "market" bonus that is based only off of what Milbank is paying end of year.

You're assuming that you'll get a larger market base, and the multiple won't be cheaper.

This is nothing less than a money saving scheme. Even if the firm actually makes regular associates "whole", people who are "below class", fired, or have chosen to leave by then won't have to be paid.

They could have just waited to see how things played out, but proactively tried to jump the gun, which is even more infuriating.

As one of the K&E folks above, K&E's multiple is never below 1x if you get a 3 or greater (at least to my knowledge) so embrace the fact that you'll get paid more than you'd get paid if you were at Milbank and quit complaining, and if you think you'd get paid more or the same to work less if you went to Milbank by all means take that chance. It's ironic you're calling K&E cheap and Milbank extravagant when a vast majority of K&E folks will get paid more than they got paid if they worked at Milbank.

[Anonymous User]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

I think it comes down to if you've been happy with your bonus historically at K&E this isn't actually that big a deal because you trust they'll get it right and if you're unhappy with your bonus at K&E historically it's unclear why you'd expect something different this year. I've personally been happy with my bonus historically and don't get why getting paid on 10/31 and then again in December makes a huge difference, especially when we're talking about unexpected money that I wasn't already budgeting for. If they short change us in December I'll be annoyed, but until then I'd rather take my year end multiple and multiply a larger "market" base bonus that includes fall bonuses than take $20-40k off the table now and apply my multiple to a smaller "market" bonus that is based only off of what Milbank is paying end of year.

You're assuming that you'll get a larger market base, and the multiple won't be cheaper.

This is nothing less than a money saving scheme. Even if the firm actually makes regular associates "whole", people who are "below class", fired, or have chosen to leave by then won't have to be paid.

They could have just waited to see how things played out, but proactively tried to jump the gun, which is even more infuriating.

As one of the K&E folks above, K&E's multiple is never below 1x if you get a 3 or greater (at least to my knowledge) so embrace the fact that you'll get paid more than you'd get paid if you were at Milbank and quit complaining, and if you think you'd get paid more or the same to work less if you went to Milbank by all means take that chance. It's ironic you're calling K&E cheap and Milbank extravagant when a vast majority of K&E folks will get paid more than they got paid if they worked at Milbank.

I’m at KE, my prediction is that DPW/Milbank beat us out this year on overall compensation. But I guess we’ll find out soon enough. KE associates typically make a little more than those at Milbank/DPW, but the past two year those multiples have been shit. I think last year most folks only got like 1.05x-1.10x market. KE has higher hours on average than both Milbank and DPW. The move not to give out fall bonuses was shameful.

Lick boots if you want, but do it someplace else.

One thing you can’t argue with is that money today is better than money tomorrow.

[Anonymous User]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

Totally remember that Covington tried to stop the 190K salary raise with some lame statement and when they realized that they had failed, they ended up getting on the 190K train just like everyone else.

I have a feeling K&E may end up pulling a Covington here. Regardless of what KE is trying to do, we now have three or four firms with some sort of a fall bonus, two of which are generally seen as comp leaders (DPW and Milbank). There's not much that can stop this train (other than a major economic event) and KE isn't as a big "market leader" as they like to see themselves... their lame attempt will not change anything market-wise. (Some firms even might jump at this as an opportunity to poach some high-billing RX associates from KE.)

I think it comes down to if you've been happy with your bonus historically at K&E this isn't actually that big a deal because you trust they'll get it right and if you're unhappy with your bonus at K&E historically it's unclear why you'd expect something different this year. I've personally been happy with my bonus historically and don't get why getting paid on 10/31 and then again in December makes a huge difference, especially when we're talking about unexpected money that I wasn't already budgeting for. If they short change us in December I'll be annoyed, but until then I'd rather take my year end multiple and multiply a larger "market" base bonus that includes fall bonuses than take $20-40k off the table now and apply my multiple to a smaller "market" bonus that is based only off of what Milbank is paying end of year.

You're assuming that you'll get a larger market base, and the multiple won't be cheaper.

This is nothing less than a money saving scheme. Even if the firm actually makes regular associates "whole", people who are "below class", fired, or have chosen to leave by then won't have to be paid.

They could have just waited to see how things played out, but proactively tried to jump the gun, which is even more infuriating.

As one of the K&E folks above, K&E's multiple is never below 1x if you get a 3 or greater (at least to my knowledge) so embrace the fact that you'll get paid more than you'd get paid if you were at Milbank and quit complaining, and if you think you'd get paid more or the same to work less if you went to Milbank by all means take that chance. It's ironic you're calling K&E cheap and Milbank extravagant when a vast majority of K&E folks will get paid more than they got paid if they worked at Milbank.

I’m at KE, my prediction is that DPW/Milbank beat us out this year on overall compensation. But I guess we’ll find out soon enough. KE associates typically make a little more than those at Milbank/DPW, but the past two year those multiples have been shit. I think last year most folks only got like 1.05x-1.10x market. KE has higher hours on average than both Milbank and DPW. The move not to give out fall bonuses was shameful.

Lick boots if you want, but do it someplace else.

One thing you can’t argue with is that money today is better than money tomorrow.

I have full faith that they will make us whole for the time value of money.

[Anonymous User]

I’m guessing KE will come in at “market year-end + Milbank’s 110% fall + maybe 2-10k on top” as its median bonus. Some of my colleagues are more bearish, though.

Anything less than this will mean KE loses more shine as an above-market form, even more than what it’s lost in the last few years as its median multiple has slid.

KE is undoubtedly one of the best V20s relative to its peers in 2020 in terms of PPP, thanks to the pandemic actually bolstering some of its practices. It would be really shameful for the firm to cut back on its associate comp edge because it thinks it can get away with it, just to boost PPP to even more insane heights.

[Anonymous User]

I wonder if decision makers in, say, any two or three of the V7 get on the phone (or a group chat) with each other and credibly commit to not raising bonuses.

PW midlevel here. Fwiw, our chairman has made it clear on multiple occasions that he regularly speaks with the leadership at the rest of the V10 to coordinate on lots of things. While he has intentionally stayed away from ever mentioning that they coordinate on comp and bonuses, you'd have to think they do that too.

We also represent DPW in certain cases and our chairman is particularly close with the brass there. Would be shocked if our chair didn't know about these bonuses beforehand or at the very least, picked up a phone after he heard the news.

[Anonymous User]

Ok bootlickers, let's do some math. A class of 2015 grad at Milbank who is 110% utilized can expect the following bonus this year, as of now:
$32,500 fall bonus
$16,250 fall bonus bump for utilization
$80,000 end of year bonus
$128,750 total bonus comp

IF Kirkland were a comp leader, as they seem to indicate that they will be in their email, a class of 2015 grad at KE with good hours and reviews should expect the following:
$32,500 fall bonus
$16,250 fall bonus bump for hours to match Milbank
$80,000 end of year bonus
$30,000 end of year bonus bump for KE shatters the market
$158,750 total bonus comp

Most associates I know at Kirkland are either getting killed or are pretty busy. No one seems to be slow. Do you really think that KE is going to pay every well-performing fifth year with good hours (which should be most of the associates, unless they foresaw this and gave out lots of 3s and 4s to more senior associates) $160,000 in bonus comp at the end of this year?

I'd expect it will be something along the lines of:
$32,500 fall bonus
$80,000 end of year bonus
$30,000 end of year bonus bump for KE shatters the market
$142,500 total bonus comp

Still higher than Milbank, still a market leader, but it gives them wiggle room to mess with the totals more.

[Anonymous User]

Ok bootlickers, let's do some math. A class of 2015 grad at Milbank who is 110% utilized can expect the following bonus this year, as of now:
$32,500 fall bonus
$16,250 fall bonus bump for utilization
$80,000 end of year bonus
$128,750 total bonus comp

IF Kirkland were a comp leader, as they seem to indicate that they will be in their email, a class of 2015 grad at KE with good hours and reviews should expect the following:
$32,500 fall bonus
$16,250 fall bonus bump for hours to match Milbank
$80,000 end of year bonus
$30,000 end of year bonus bump for KE shatters the market
$158,750 total bonus comp

Most associates I know at Kirkland are either getting killed or are pretty busy. No one seems to be slow. Do you really think that KE is going to pay every well-performing fifth year with good hours (which should be most of the associates, unless they foresaw this and gave out lots of 3s and 4s to more senior associates) $160,000 in bonus comp at the end of this year?

I'd expect it will be something along the lines of:
$32,500 fall bonus
$80,000 end of year bonus
$30,000 end of year bonus bump for KE shatters the market
$142,500 total bonus comp

Still higher than Milbank, still a market leader, but it gives them wiggle room to mess with the totals more.

Where does the $30k come from? That's 1.375x market. From what I hear, average KE bonuses have been down to 1.15-1.25x these days. $142,500 calculation would match that:

$32,500 fall bonus
$16,250 fall bonus bump for hours to match Milbank (assume if you're average at KE you're above 2200)
$80,000 end of year bonus
$13,750 end of year bonus bump for KE shatters the market at ~1.17x
$142,500 total bonus comp

[Anonymous User]

Latham associate here. The K&E news is a big bummer, since they’re viewed as our #1 competitor in many aspects. That said, I don’t know how the market isn’t pressured to move. For example, how can Cravath, S&C, STB, Skadden, Paul Weiss, Cleary, Weil, Debevoise, etc. get away with not matching the DPW bonuses (real match, not the K&E delayed crap). And the Latham brass views us in the same tier as the others mentioned, so we would presumably have to do whatever the rest does at the same time.

I’m not sure I care about timing that much since I plan to stick around, and I’m pretty confident that whatever Latham does will be fair and not in the black box nature. But obviously would love to have the $$$ sooner.

[middlemarch]

I wonder if decision makers in, say, any two or three of the V7 get on the phone (or a group chat) with each other and credibly commit to not raising bonuses.

PW midlevel here. Fwiw, our chairman has made it clear on multiple occasions that he regularly speaks with the leadership at the rest of the V10 to coordinate on lots of things. While he has intentionally stayed away from ever mentioning that they coordinate on comp and bonuses, you'd have to think they do that too.

We also represent DPW in certain cases and our chairman is particularly close with the brass there. Would be shocked if our chair didn't know about these bonuses beforehand or at the very least, picked up a phone after he heard the news.

Take a second and think about the kind of conspiracy you are imagining here.

If the management of competitor law firms attempted to "coordinate" on employee salary or bonuses, it would be a clear, per se antitrust violation (naked price-fixing/wage-fixing). I would hope the chairman of PW would be smart enough and ethical enough not to do so generally, and certainly not on non-privileged calls/chats with other lawyers or litigators.

[POPTOP]

lol spot the 1l

[Anonymous User]

Latham associate here. The K&E news is a big bummer, since they’re viewed as our #1 competitor in many aspects. That said, I don’t know how the market isn’t pressured to move. For example, how can Cravath, S&C, STB, Skadden, Paul Weiss, Cleary, Weil, Debevoise, etc. get away with not matching the DPW bonuses (real match, not the K&E delayed crap). And the Latham brass views us in the same tier as the others mentioned, so we would presumably have to do whatever the rest does at the same time.

I’m not sure I care about timing that much since I plan to stick around, and I’m pretty confident that whatever Latham does will be fair and not in the black box nature. But obviously would love to have the $$$ sooner.

Also at L&W, the head of our LA office actually sent around an email about a week or two ago before any of this bonus stuff noting how high pace reports are right now. Will be extraordinarily unhappy if we don’t at least match Milbank.

[Anonymous User]

I’m guessing KE will come in at “market year-end + Milbank’s 110% fall + maybe 2-10k on top” as its median bonus. Some of my colleagues are more bearish, though.

Anything less than this will mean KE loses more shine as an above-market form, even more than what it’s lost in the last few years as its median multiple has slid.

KE is undoubtedly one of the best V20s relative to its peers in 2020 in terms of PPP, thanks to the pandemic actually bolstering some of its practices. It would be really shameful for the firm to cut back on its associate comp edge because it thinks it can get away with it, just to boost PPP to even more insane heights.

In some respects, seems like Kirkland already has lost a bit of its shine. All in an attempt to screw over associates billing 2100+ hours.
Pretty shitty imo