2014 Biglaw Bonus Thread Forum

[patagonia93]

Awesome. Pretty much guarantees every major New York player will follow. WILL CRAVATH, SKADDEN, S&C OR DPW TOP IT?!!!

No one will top it. Pump the breaks there, champ.

I'd admit you are right but because your ID is Biglaw_Associate_V20 I'm just going to say you are wrong

[Yardbird]

Awesome. Pretty much guarantees every major New York player will follow. WILL CRAVATH, SKADDEN, S&C OR DPW TOP IT?!!!

No one will top it. Pump the breaks there, champ.

I'd admit you are right but because your ID is Biglaw_Associate_V20 I'm just going to say you are wrong

I predict at least one V10 will top the STB bonus scale.

[run26.2]

That's a much more relevant poll topic, now. But I don't see it happening. Why would they? Associates will likely be placated, nay happy, on the new scale.

[Nat Sherman]

It need not even be mentioned that many biglaw firms already set compensation at the same level: 160. They could easily set up structures in advance to deal with an early mover, e.g., voting in advance to approve a match of any other firm's announced bonuses up to a certain amount. Doing this would make sense for a firm that was having a great year, but was perhaps not mentioned among the very top firms and were hoping to improve their reputation in that regard. Not saying this is what happened, but it's one way it could have.

A firm internally agreeing to match any bonus increases is a whole different story from firms collectively agreeing.

[WhirledWorld]

I predict at least one V10 will top the STB bonus scale.

I predict at least one V9 will SHATTER. Possibly by making all the associates and a handful of paralegals and secretaries partners.

[84651846190]

Awesome. Pretty much guarantees every major New York player will follow. WILL CRAVATH, SKADDEN, S&C OR DPW TOP IT?!!!

No one will top it. Pump the breaks there, champ.

I'd admit you are right but because your ID is Biglaw_Associate_V20 I'm just going to say you are wrong

I predict at least one V10 will top the STB bonus scale.

Some of the boutiques (Susman, WLRK) will top it, obviously. But I doubt SullCrom or Skadden (the most likely, IMO) will top it.

Also, just lol @ Kirkland.

[Yardbird]

I predict at least one V10 will top the STB bonus scale.

Some of the boutiques (Susman, WLRK) will top it, obviously. But I doubt SullCrom or Skadden (the most likely, IMO) will top it.

Also, just lol @ Kirkland.

I was jokingly referring to WLRK, but I definitely laughed at the Kirkland trolling.

[B.B. Homemaker]

I predict at least one V10 will top the STB bonus scale.

I predict at least one V9 will SHATTER. Possibly by making all the associates and a handful of paralegals and secretaries partners.

[Desert Fox]

I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?

[utahraptor]

I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?

They're just jealous they'll never be a PARTNER.

[Old Gregg]

I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?

They actually used to be legit. Back in the boom years, a junior billing around 2500 could expect close to six figures.

[Monochromatic Oeuvre]

Oh, so Cravath.

I'd assume he means 2M PPP is an arbitrary line and many firms below it can afford and will pay it.

See, this is better than the whole socratic "figure it out for yourself" method of posting.

Sorry. I'm not trying to be a dick. I'm just too busy to type a long post about this only to have someone come back and argue with like three lines, and then for me to go back and do the same. But DF was getting at it (and there are a whole host of other reasons too, I think). Overall, his statement is just wrong. It's also dumb. But it's bonus season and we're all emotional, so everyone gets a bye.

I mean, it's just my opinion. If you think mine is "wrong," then I'd like to hear yours. I thought it would be pretty uncontroversial to suggest that since (1) it's a foregone conclusion that all the rich firms who follow Cravath would follow STB, (2) it's NOT a foregone conclusion (I think) that all the not-as-rich firms who follow Cravath would follow STB, and (3) if a not-as-rich firm follows STB, it makes it much more likely they all will, that the next piece of information that would reveal something previously unknown would be action from the not-as-rich firms. Yeah, $2M might be an arbitrary cutoff, but you get the point.

[Hopefully2012]

Can anyone more in the know than me confirm that STB is having another record-breaking year?

It looks like they are, but it's definitely buoyed by dramatic overall increase in deal activity this year.

See http://www.mergermarket.com/pdf/Mergerm ... Tables.pdf

(These tables for H1 obviously don't include STB's $25bn Alibaba IPO, proposed $13bn TRW sale, and postponed $8bn Family Dollar hostile merger.)

[Monochromatic Oeuvre]

I never got the kirkland shatters trolling. Jelly as fuck Cravath attorneys grapsing to their prestige?

Yeah, I always thought the meme sort of missed the point on that. The whole partners and the cream-colored business cards thing was a lot more lulzworthy.

[lhanvt13]

so as of now it's STB, Cleary, and PW?

[Old Gregg]

(1) it's a foregone conclusion that all the rich firms who follow Cravath would follow STB, (2) it's NOT a foregone conclusion (I think) that all the not-as-rich firms who follow Cravath would follow STB, and (3) if a not-as-rich firm follows STB, it makes it much more likely they all will, that the next piece of information that would reveal something previously unknown would be action from the not-as-rich firms. Yeah, $2M might be an arbitrary cutoff, but you get the point.

I'm not sure where to begin, and I really don't want to have an argument about this. My first point is that matching Simpson is such a meaningless addition to a firm's balance sheet that basically any firm in the V100 can do it. It's literally a question of how much less partners want to take home for the year. It's not like the firms are saving money for downturns or creating a nest egg.

Further, the further you get out the V10, the more diverse bonus systems become. Orrick might say they're matching Cleary, but they might put an hours threshold that most associates won't meet. Or maybe V&E in Houston has a complete black box system for deciding bonuses. Or maybe a firm is Kirkland style, sticking to the market for average associates but rewarding higher billers with even more.

I think today's announcement will have an impact on future announcements for sure. A lot of firms will have to start strategizing about how best to handle the situation. But I don't think WilmerHale matching really does squat for the rest of the market. Firms get pretty autonomous about their decision-making on this front the further you go down the totem poll.

[Monochromatic Oeuvre]

(1) it's a foregone conclusion that all the rich firms who follow Cravath would follow STB, (2) it's NOT a foregone conclusion (I think) that all the not-as-rich firms who follow Cravath would follow STB, and (3) if a not-as-rich firm follows STB, it makes it much more likely they all will, that the next piece of information that would reveal something previously unknown would be action from the not-as-rich firms. Yeah, $2M might be an arbitrary cutoff, but you get the point.

I'm not sure where to begin, and I really don't want to have an argument about this. My first point is that matching Simpson is such a meaningless addition to a firm's balance sheet that basically any firm in the V100 can do it. It's literally a question of how much less partners want to take home for the year. It's not like the firms are saving money for downturns or creating a nest egg.

Further, the further you get out the V10, the more diverse bonus systems become. Orrick might say they're matching Cleary, but they might put an hours threshold that most associates won't meet. Or maybe V&E in Houston has a complete black box system for deciding bonuses. Or maybe a firm is Kirkland style, sticking to the market for average associates but rewarding higher billers with even more.

I think today's announcement will have an impact on future announcements for sure. A lot of firms will have to start strategizing about how best to handle the situation. But I don't think WilmerHale matching really does squat for the rest of the market. Firms get pretty autonomous about their decision-making on this front the further you go down the totem poll.

All fair points. I still think a match from the Hughes Hubbards of the world would be a clear signal that the party's open to everyone, but yeah, it'll be interesting to see how firms (hopefully) incorporate this new scale with things like high-biller bonuses etc.

[15 styx]

For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?

[KM2016]

For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?

Um yes, prorated bonus...

[SweetrollStealer]

For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?

Um yes, prorated bonus...

Correct. And actually I don't think we got Christmas cards.

[fats provolone]

For new attorneys (barred a couple months ago), any chance of something more than a Christmas card?

Um yes, prorated bonus...

Correct. And actually I don't think we got Christmas cards.

RIOT

[Hopefully2012]

Are Spring bonuses nonexistent? I thought I read some firms do multiple bonuses (Cahill, maybe)?

[911 crisis actor]

Sullivan & Cromwell gives out gift cards to the Outback Steakhouse in spring

[Old Gregg]

Are Spring bonuses nonexistent? I thought I read some firms do multiple bonuses (Cahill, maybe)?

Steak knives.

[Anonymous User]

Are Spring bonuses nonexistent? I thought I read some firms do multiple bonuses (Cahill, maybe)?

Cahill does, at least some years. Spring bonuses happened more broadly in 2011, but only because S&C raised market for first-years to $10k after Cravath had already announced $7.5k. When some firms followed S&C, Cravath later paid a $2.5k spring bonus to make up the difference. It's not typical.