"Merit based" compensation at Wilmerhale Forum

[BruceWayne]

To those who've recently gone through the 2L recruiting process: has the initiation of Wilmerhale's new "merit based" compensation system instead of lock step affected student interest in the firm? Has their reputation declined? Would you work for a firm that didn't do lockstep?

http://abovethelaw.com/2010/07/wilmerha ... n-program/

[rcb5142]

no, no, and yes.

[rayiner]

It's a decent way to handle merit-based bonuses. Especially how they seem to really only phase it in after the third year.

[BruceWayne]

no, no, and yes.

So basically it hasn't changed their image or desirability in any way?

[NYAssociate]

.

[Kohinoor]

no, no, and yes.

So basically it hasn't changed their image or desirability in any way?

ITE, the real bonus is getting to start.

[lovelaw27]

Many firms have been doing merit-based bonuses even before the economic crisis began. In some instances, it provides a genuine opportunity for associates to make more than what the market sets. The key, however, is transparency. Associates aren't necessarily upset when bonuses are tied to factors other than seniority; they're upset when decisions are ostensibly arbitrary and subjective, and when the calculus is completely opaque.

I agree with this 100%. For example boies, schiller & flexner llp will pay you say 30% of the money you make for the company through billable hours. So if you bill a million dollars in a year you will make $300,000. However, WilmerHale compensation structure basically seems to be BS. Bonuses are based partly on subjective things like how they rate the quality of your work. Lawyers are going to pissed if they bill a bunch of hours, but their bonus is small because their subjective quality of work rating was low.

[BruceWayne]

Many firms have been doing merit-based bonuses even before the economic crisis began. In some instances, it provides a genuine opportunity for associates to make more than what the market sets. The key, however, is transparency. Associates aren't necessarily upset when bonuses are tied to factors other than seniority; they're upset when decisions are ostensibly arbitrary and subjective, and when the calculus is completely opaque.

I agree with this 100%. For example boies, schiller & flexner llp will pay you say 30% of the money you make for the company through billable hours. So if you bill a million dollars in a year you will make $300,000. However, WilmerHale compensation structure basically seems to be BS. Bonuses are based partly on subjective things like how they rate the quality of your work. Lawyers are going to pissed if they bill a bunch of hours, but their bonus is small because their subjective quality of work rating was low.

This is what I was talking about.