2015 Biglaw Boneus Thread Forum

[smaug]

Also - at a non-DPW V5 corp here as well, and most of us are twiddling our thumbs. I don't know how DPW is faring, but things are beyond slow with no end in sight. It's great but when a partner tells you this is the slowest quarter in our group since 2008, you start to wonder.

Damn good luck corporate people. Pretty funny how these threads Started with hopes of big bonuses and 190k and will end with hope of just keeping your job. If you like job security, there is no worse field to pick than law.

I was never joking but I think people don't take me serious for some reason.

[Anonymous User]

S&C matched and announced next year comp scale the same as always

[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

+1

taxes have also gone up. and the trend is they will be going up again. like ive said, T14 -> biglaw is the best ticket there is to upper middle class. law is a sucker's game these days.

the people I know in finance make a lot more money than law, plus most didn't go to grad school and had no undergrad debt

[krads153]

Also - at a non-DPW V5 corp here as well, and most of us are twiddling our thumbs. I don't know how DPW is faring, but things are beyond slow with no end in sight. It's great but when a partner tells you this is the slowest quarter in our group since 2008, you start to wonder.

Damn good luck corporate people. Pretty funny how these threads Started with hopes of big bonuses and 190k and will end with hope of just keeping your job. If you like job security, there is no worse field to pick than law.

Except it's actually probably one of the best for job security that's why you sacrifice pay for the security. Finance is 10x worse. Look at the downturn, you had only a few firms publicly lay off associates - every finance, bank, etc did.

ehhh they are all tied together. plus most in finance don't have any loans/debt. and i think the skills in finance can transition better to other types of jobs in business

[Actus Reus]

Part of me thinks DPW memo was a note to other firms as if to say, "we're not raising base salaries so don't look to us". It's like avoiding being a cartel while being a cartel. I'm sure they would match but they won't lead.

[cookiejar1]

Sure, M+A fees are probably high this year but capital markets/finance have been essentially closed for Q4.

This, sadly, is true. Outside of M&A, you can see that our Investment Banking friends have also been down across the board.

http://graphics.wsj.com/investment-banking-scorecard/

[El Pollito]

this thread has gotten so depressing

[Desert Fox]

[Morgan12Oak]

Bonuses next year will be lower and should be lower. Q1 pipeline is non-existent too. I think it's clear DPW saw the writing on the wall.

There's also no reason to pay higher bonuses. Compensation in finance in good markets is higher because when things get bad, those bonuses take a real meaningful hit.

The idea of "bonuses" for lawyers is silly. We all joined this profession so we wouldn't have large yearly fluctuations in salary because we're all risk adverse and don't want to have to scramble for jobs when market turns bad.

During the downturn, virtually every law firm did not lay off heavily. A few did, most cut some associates under the guise of performance but these layoff percentages paled in comparison to banks. Just miniscule in comparison.

[Anonymous User]

Q for the group: When do first years (i.e. class of 2015) get their first raise at your firm.

My v19 firm doesn't do first raises until your second Jan (Class of 2014 will get first raise effective Jan 1, 2016). Also we don't do bonuses under the implication that comp+fringe will mostly cover the difference.

Trying to figure out what the real income gap here is.

[PMan99]

Q for the group: When do first years (i.e. class of 2015) get their first raise at your firm.

My v19 firm doesn't do first raises until your second Jan (Class of 2014 will get first raise effective Jan 1, 2016). Also we don't do bonuses under the implication that comp+fringe will mostly cover the difference.

Trying to figure out what the real income gap here is.

Raises starting Jan 1 is standard from everything I've heard. Not that there won't be a firm here or there that does it late or early.

Edit: I should say Jan 1 of the second year to clarify. You are getting screwed out of a couple thousand here most likely.

[Anonymous User]

Re first year bonuses:

First years get pro-rated late December along with everyone else. But no bar stipend; it was a salary advance. i think firms which pay stipends you don't have to pay back tend to not pay stub bonuses.

[Big Shrimpin]

this thread has gotten so depressing

reality bites, man

[Tiago Splitter]

this thread has gotten so depressing

I've been in the office since 6 am yesterday so it sounds kind of nice actually.

[WestOfTheRest]

Bonuses next year will be lower and should be lower. Q1 pipeline is non-existent too. I think it's clear DPW saw the writing on the wall.

There's also no reason to pay higher bonuses. Compensation in finance in good markets is higher because when things get bad, those bonuses take a real meaningful hit.

The idea of "bonuses" for lawyers is silly. We all joined this profession so we wouldn't have large yearly fluctuations in salary because we're all risk adverse and don't want to have to scramble for jobs when market turns bad.

During the downturn, virtually every law firm did not lay off heavily. A few did, most cut some associates under the guise of performance but these layoff percentages paled in comparison to banks. Just miniscule in comparison.

Outed for being a greedy boomer partner plant.

[TLSModBot]

It could certainly be worse: bonuses are the same thus far with the (dwindling) hope that somebody will move the market or independently raise (I know, unrealistic, but I'm a DREAMER).

Pay will at least stay the same (and maybe go up?) and I don't think we're headed to layoff land just yet.

[Anonymous User]

Anyone at major firms in Chicago/LA/SF or DC hear if any are matching Cravath?

bump, any word from any of the major players in Chicago or LA? My firm still hasn't sent anything out and heard it be this week. They matched STB and DPW last year so I am hoping for it

[El Pollito]

this thread has gotten so depressing

I've been in the office since 6 am yesterday so it sounds kind of nice actually.

agreed. my practice is busy AF.

[IrwinM.Fletcher]

Finance is definitely more boom or bust, but as an associate our fates are mostly out of our hands anyway so there's not much point in stressing.

I worked at a big bank during the crash...when I started in 2007, there were >1000 entry levels in my hiring class for the work I did. When I left for school in 2010, the attrition rate was something like 93% and most of those were mass layoffs (like, fire a few hundred ppl on the same day in the same office and have security escort them to their desk so they can fill their box of personal belongings before being escorted out type layoffs, not "hey here's a heads up you've got 10 weeks to find something else or we might have to let you go.")

Life pretty much sucks in any field when shit hits the fan.

[Anonymous User]

Bonuses next year will be lower and should be lower. Q1 pipeline is non-existent too. I think it's clear DPW saw the writing on the wall.

There's also no reason to pay higher bonuses. Compensation in finance in good markets is higher because when things get bad, those bonuses take a real meaningful hit.

The idea of "bonuses" for lawyers is silly. We all joined this profession so we wouldn't have large yearly fluctuations in salary because we're all risk adverse and don't want to have to scramble for jobs when market turns bad.

During the downturn, virtually every law firm did not lay off heavily. A few did, most cut some associates under the guise of performance but these layoff percentages paled in comparison to banks. Just miniscule in comparison.

yeah why would you pay performance-based bonuses in a profession where you bill by the hour

idiot

[Big Shrimpin]

this thread has gotten so depressing

I've been in the office since 6 am yesterday so it sounds kind of nice actually.

agreed. my practice is busy AF.

same

2400-2500 on the year mostly in Q3-Q4 LEGGGOOOOOO

[Morgan12Oak]

Bonuses next year will be lower and should be lower. Q1 pipeline is non-existent too. I think it's clear DPW saw the writing on the wall.

There's also no reason to pay higher bonuses. Compensation in finance in good markets is higher because when things get bad, those bonuses take a real meaningful hit.

The idea of "bonuses" for lawyers is silly. We all joined this profession so we wouldn't have large yearly fluctuations in salary because we're all risk adverse and don't want to have to scramble for jobs when market turns bad.

During the downturn, virtually every law firm did not lay off heavily. A few did, most cut some associates under the guise of performance but these layoff percentages paled in comparison to banks. Just miniscule in comparison.

yeah why would you pay performance-based bonuses in a profession where you bill by the hour

idiot

might be hard for an aspie like you to understand, but performance-based bonuses in a profession where you bill by the hour and in a profession that's largely a cost center for your clients doesn't make a whole lot of sense

[phonepro]

this thread has gotten so depressing

I've been in the office since 6 am yesterday so it sounds kind of nice actually.

agreed. my practice is busy AF.

same

2400-2500 on the year mostly in Q3-Q4 LEGGGOOOOOO

2695 as of today.

[Anonymous User]

Bonuses next year will be lower and should be lower. Q1 pipeline is non-existent too. I think it's clear DPW saw the writing on the wall.

There's also no reason to pay higher bonuses. Compensation in finance in good markets is higher because when things get bad, those bonuses take a real meaningful hit.

The idea of "bonuses" for lawyers is silly. We all joined this profession so we wouldn't have large yearly fluctuations in salary because we're all risk adverse and don't want to have to scramble for jobs when market turns bad.

During the downturn, virtually every law firm did not lay off heavily. A few did, most cut some associates under the guise of performance but these layoff percentages paled in comparison to banks. Just miniscule in comparison.

yeah why would you pay performance-based bonuses in a profession where you bill by the hour

idiot

might be hard for an aspie like you to understand, but performance-based bonuses in a profession where you bill by the hour and in a profession that's largely a cost center for your clients doesn't make a whole lot of sense

my client doesn't determine my bonus, the guy who makes an extra 6 figures when i bill an extra 500 hours this year does

[Big Shrimpin]

this thread has gotten so depressing

I've been in the office since 6 am yesterday so it sounds kind of nice actually.

agreed. my practice is busy AF.

same

2400-2500 on the year mostly in Q3-Q4 LEGGGOOOOOO

2695 as of today.

my asshold hurts 4 u