2015 Biglaw Boneus Thread Forum

[Monochromatic Oeuvre]

For the second consecutive year I'm making this thread even though I'm not the main person who should because no one has yet and this time last year was right before STB made your 2014 a little less shitty.

The below is reposted (with updates) from last year because a dose of pessimism is still warranted. SPECULATE AWAY.


Thing To Remember #1: Cravath will not pay a single dime more than they feel they absolutely have to.
Thing To Remember #2: Beachfront atrium renovations in Palm Beach don't pay for themselves.
Thing To Remember #3: No matter what the bonuses are, associates will complain. And within a week, they'll be back to licking the bottom of partners' shoes. And if they don't, there are hundreds of Fordham 164's who will be glad to.
Thing To Remember #4: The chart below.


Cravath-scale bonuses, first-year (pro-rated):

2000: $40k
2001: $20k
2002: $17.5k
2003: $17.5k
2004: $30k
2005: $30k
2006: $35k
2007: $45k
2008: $17.5k
2009: $7.5k
2010: $7.5k
2011: $10k (including spring)
2012: $10k
2013: $10k
2014: $15k

Total first-year comp (real value, 2015 dollars):

2000: $165k ($228k)
2001: $145k ($195k)
2002: $142.5k ($188k)
2003: $142.5k ($184k)
2004: $155k ($195k)
2005: $155k ($189k)
2006: $180k ($212k)
2007: $205k ($235k)
2008: $177.5k ($196k)
2009: $167.5k ($186k)
2010: $167.5k ($183k)
2011: $170k ($180k)
2012: $170k ($176k)
2013: $170k ($174k)
2014: $175k ($176k)

Cravath PPP (real value, 2015 dollars):

2000: $2.25M ($3.11M)
2001: $2.13M ($2.86M)
2002: $1.96M ($2.59M)
2003: $2.08M ($2.69M)
2004: $2.21M ($2.78M)
2005: $2.60M ($3.17M)
2006: $3.02M ($3.56M)
2007: $3.30M ($3.79M)
2008: $2.52M ($2.78M)
2009: $2.72M ($3.02M)
2010: $3.17M ($3.46M)
2011: $3.10M ($3.28M)
2012: $3.43M ($3.55M)
2013: $3.29M ($3.36M)
2014: $3.37M ($3.39M)

Law school tution, Penn (real value, 2015 dollars):

2000: $27k ($37k)
2001: $28k ($38k)
2002: $29k ($38k)
2003: $31k ($40k)
2004: $33k ($42k)
2005: $35k ($43k)
2006: $37k ($44k)
2007: $39k ($45k)
2008: $42k ($46k)
2009: $44k ($49k)
2010: $45k ($49k)
2011: $48k ($51k)
2012: $50k ($52k)
2013: $52k ($53k)
2014: $53k ($53k)
2015: $55k ($55k)

[krads153]

lol except for the olds, we're all morons

you should also include average rent in places like NYC in 2000 (adjusted) and now....lol

[anonnymouse]

As an additional reminder, DPW 2014:

$15k - stub (pro-rated)
$15k - 1y
$25k - 2y
$50k - 3y
$65k - 4y
$80k - 5y
$90k - 6y
$100k - 7y+

And I believe it was Skadden who gave $110k to 8y+?

[84651846190]

SKEET! SKEET! SKEET! SKEET!

[2014]

For all the useful calculations you did it was odd not to put last year's bonus scale in the OP

[anonnymouse]

STB bonus news had leaked by this time last year. I guess I'll just hoap for a set of steak knives.

[Big Shrimpin]

ugh this is fucking depressing

great data aggregation tho

my favorite part is PPP v associate salary (not necc this data, but overall in the market PPP generally rising)

partner mcconaughey: i keep getting richer, but they get the saaaaaame wage

[anonnymouse]

partner mcconaughey: i keep getting richer, but they get the saaaaaame wage

180 190

[Monochromatic Oeuvre]

partner mcconaughey: i keep getting richer, but they get the saaaaaame wage

180 190

*partners walk in to conference room with paddles, tell first-years to line up*

[mvp99]

lol except for the olds, we're all morons

you should also include average rent in places like NYC in 2000 (adjusted) and now....lol

+1

[Big Shrimpin]

partner mcconaughey: i keep getting richer, but they get the saaaaaame wage

180 190

*partners walk in to conference room with paddles, tell first-years to line up*

this one struck WAY too close to home

but srsly, im sick of hearing "oh the firm made so much money this year" and not seeing a red cent for it

ESPECIALLY when poasting multiple consecutive 200+ hr months

[Cobretti]

Great work ITT

[Desert Fox]

[Monochromatic Oeuvre]

partner mcconaughey: i keep getting richer, but they get the saaaaaame wage

180 190

*partners walk in to conference room with paddles, tell first-years to line up*

this one struck WAY too close to home

but srsly, im sick of hearing "oh the firm made so much money this year" and not seeing a red cent for it

ESPECIALLY when poasting multiple consecutive 200+ hr months

My firm does this weird bullshit where they brag about how much dollaz they make but then when anything regarding a cost to them comes up "these are tough times, gotten tighten the belt." So ttt

TBF, you can't do this with any legitimacy like you plausibly could have in '12/'13.

More importantly, pepper thy angus for another year of stagnation TODAY.

[Desert Fox]

[Monochromatic Oeuvre]

I think steady bonus is a win. The midlevel and senior comp is pretty damn good. I think they could throw some green at the second and third years to keep us happy and so we stay til midlevel. But i don't expect it.

*makes less than the same class year did in 2007 despite PPP being at record highs at most firms*

*chalks it up as a W*

[Desert Fox]

[Big Shrimpin]

safe to say that today ain't the day, eh?

[Cobretti]

I think steady bonus is a win. The midlevel and senior comp is pretty damn good. I think they could throw some green at the second and third years to keep us happy and so we stay til midlevel. But i don't expect it.

*makes less than the same class year did in 2007 despite PPP being at record highs at most firms*

*chalks it up as a W*

TBF, the 2007 raise was pure bubble.

The real enemy are law schools who keep raising tution to absurd rates. 60k for 12 hours of classroom instruction, with average class sizes of 60-120 people. What the everloving fuck is that money being spent on.

+1

The firms are basically being backed into a corner by the schools. Its bullshit but I dunno what choice they have other than to subsidize greedy schools.

[Tiago Splitter]

safe to say that today ain't the day, eh?

I think Cravath generally announces the Monday after Thanksgiving so we need someone to step up like last year.

[anonnymouse]

DPW beat STB on the Tues before thanksgiving last year if I recall. I think Cravath matched the day before DPW, then issued a memo the same day or a day later bumping to DPW.

[Monochromatic Oeuvre]

I can't explain from a PR point of view why Simpson gave out discussion-worthy bonuses on a Friday while the previous two years Cravath sent in their steaming dumps on a Monday, so I don't know how to infer anything on timing.

[Traynor Brah]

I can't explain from a PR point of view why Simpson gave out discussion-worthy bonuses on a Friday while the previous two years Cravath sent in their steaming dumps on a Monday, so I don't know how to infer anything on timing.

Fridays are slow news days. More likely to break through the clutter and get some buzz, relatively speaking. Also when you know your competitors are going to match your good news, but probably aren't nimble enough to react instantly and aren't going to announce the match on a weekend, you get a few days alone in the spotlight. Alternatively, if you have to announce news that isn't so great and you would prefer for it to fly under the radar, Monday is a credited response.

[SemperLegal]

Let's not forget that bonus memos are normally leaked, not sent to the press by management. I can only assume that DPW announced on Friday bonuses of 190k, and DPWers are still too hungover to spell ATL on their gmail

[Big Shrimpin]