2020 End of Year Bonuses Forum

[Anonymous User]

Cravath sent email. Last year's bonus + typical DPW scale for fall bonus layered on top.

yessssss

[Anonymous User]

https://abovethelaw.com/2020/11/cravath-bonuses/

For the class of 2020, "$15,000 (pro-rated)"

Do stub years get bonuses? Anon, because stub-year and don't want to out myself based on timing of Cravath announcing. We were included on the email, so just want to be sure.

Edit: For clarity, I'm not sure if class of 2020 means those of us who started on the 16th or people who just so happened to start at Cravath earlier in 2020 and are considered to be class of 2020.

[Anonymous User]

PW announced too (same as CSM)

[Anonymous User]

https://abovethelaw.com/2020/11/cravath-bonuses/

For the class of 2020, "$15,000 (pro-rated)"

Do stub years get bonuses? Anon, because stub-year and don't want to out myself based on timing of Cravath announcing. We were included on the email, so just want to be sure.

Edit: For clarity, I'm not sure if class of 2020 means those of us who started on the 16th or people who just so happened to start at Cravath earlier in 2020 and are considered to be class of 2020.

Yes, Cravath stubs get bonuses (all not quite $3k of it)

[Anonymous User]

https://abovethelaw.com/2020/11/cravath-bonuses/

For the class of 2020, "$15,000 (pro-rated)"

Do stub years get bonuses? Anon, because stub-year and don't want to out myself based on timing of Cravath announcing. We were included on the email, so just want to be sure.

Edit: For clarity, I'm not sure if class of 2020 means those of us who started on the 16th or people who just so happened to start at Cravath earlier in 2020 and are considered to be class of 2020.

Yes, Cravath stubs get bonuses (all not quite $3k of it)

YES. I worked a whole week worrying about my interactions with seniors and partners. This bonus could not be more deserved.

[Anonymous User]

Total bonus comp on Cravath scale:

1st years: 22.5k
2nd: 35k
3rd: 70k
4th: 92.5k
5th: 112.5k
6th: 127k
7th: 140k

Here’s to maintaining these levels after a roaring 2021.

Side note - interesting that the jump from C/O 2018 to 2017 is the most by raw dollars (35k) and by far the most by percent (100%). Too many 3rd years jumping ship?

[TigerIsBack]

Side note - interesting that the jump from C/O 2018 to 2017 is the most by raw dollars (35k) and by far the most by percent (100%). Too many 3rd years jumping ship?

Probably just because you start adding real value as a third year and actually earning a bonus to some extent, but I agree it’s also attrition based. You’re starting to become marketable to leave.

Once you’re past a 3rd year, the golden handcuffs are either on or they’re not.

[RaceJudicata]

Total bonus comp on Cravath scale:

1st years: 22.5k
2nd: 35k
3rd: 70k
4th: 92.5k
5th: 112.5k
6th: 127k
7th: 140k

Here’s to maintaining these levels after a roaring 2021.

Side note - interesting that the jump from C/O 2018 to 2017 is the most by raw dollars (35k) and by far the most by percent (100%). Too many 3rd years jumping ship?

That’s the jump to “mid level” at most firms and when associates really start becoming profitable (I.e., are somewhat competent, clients don’t push back on their use, less hand holding necessary, etc).

[lolwutpar]

Goddamn now I really have to bill my ass off for the rest of the year!

[purplegoldtornado]

Elementary question. Are most NYC V50s on the "Cravath scale"?

[Anonymous User]

Elementary question. Are most NYC V50s on the "Cravath scale"?

Depends more on profits per equity partner ranking than vault rank

[JusticeChuckleNutz]

If we didn't hit our hours requirement, do people think that we are SOL? Or do people think we might still receive just the COVID/fall bonus but not the year-end bonus?

[Anonymous User]

If we didn't hit our hours requirement, do people think that we are SOL? Or do people think we might still receive just the COVID/fall bonus but not the year-end bonus?

I think it depends on the firm...the message from my V100 has been that bonus targets will be lower/pro-rated to give people an opportunity to get something at least.

[Anonymous User]

For firms that are giving stubs a prorated bonus, is there an hours expectation? I'm a stub at another firm and we've been told that our hours don't matter between now and Dec. 31. And we're in so much goddamn training every week that it's impossible to get any good work.

[Anonymous User]

For firms that are giving stubs a prorated bonus, is there an hours expectation? I'm a stub at another firm and we've been told that our hours don't matter between now and Dec. 31. And we're in so much goddamn training every week that it's impossible to get any good work.

Stub bonus policies vary widely between firms. But in all likelihood, if your firm does pay a stub bonus, it's paid out regardless of hours. Just ask your recruiter/HR person, or a 1st or 2nd year.

[objctnyrhnr]

Do we think that this cravath level bonus (including the fall sum of course) will extend to at least all v50 or so firms that did not cut any associate salaries or conduct layoffs in 2020?

[Anonymous User]

Goodwin paying covid bonuses on DPW scale in December. Normal bonuses still paid in January.

Hours requirement for covid bonuses of 1850, and they will take the higher of (i) total billable hours last year (including pro bono) or (b) annualized hours from May 2020 through October 2020.

Seems like everyone is trying to make clear that these are "special" bonuses so they don't have to raise the bonus scale next year too (despite that we will likely spend at least the first half of next year in covid time too).

[nahumya]

Goodwin paying covid bonuses on DPW scale in December. Normal bonuses still paid in January.

Hours requirement for covid bonuses of 1850, and they will take the higher of (i) total billable hours last year (including pro bono) or (b) annualized hours from May 2020 through October 2020.

Seems like everyone is trying to make clear that these are "special" bonuses so they don't have to raise the bonus scale next year too (despite that we will likely spend at least the first half of next year in covid time too).

Looks like it's coming to the V50 then.

[Anonymous User]

Cleary matched Cravath

[Anonymous User]

Cleary matched Cravath

But paying it out later than them and later than they’ve ever paid it out in recent years (9 days later than last year for example). Typical Cleary.

[Anonymous User]

Cleary matched Cravath

But paying it out later than them and later than they’ve ever paid it out in recent years (9 days later than last year for example). Typical Cleary.

in your view, what is "typical cleary"?

[TigerIsBack]

Whatever happened with Cooley? Will they up their scale to match the DPW scale eventually? Not a Cooley lawyer, just curious I feel like they flew under the radar for awhile having not upped to the larger DPW covid scale.

[Anonymous User]

Skadden matches Cravath (with possibility of extra $10k for c/o 2014 and above)

[Anonymous User]

Skadden matches Cravath (with possibility of extra $10k for c/o 2014 and above)

How do you get the extra 10k?

[Anonymous User]

Whatever happened with Cooley? Will they up their scale to match the DPW scale eventually? Not a Cooley lawyer, just curious I feel like they flew under the radar for awhile having not upped to the larger DPW covid scale.

Also curious to know what the SV firms are generally doing