I am wondering if anyone can confirm two things I just heard about Kirkland & Ellis bonuses:
(1) First, unlike most firms, K&E does not pay out prorated year-end bonuses during your stub year (the year you graduate from law school). So associates don't get their first bonus until the end of the first full calendar year at the firm, which is like 15 months after actually starting.
(2) The billing year goes from summer to summer (not sure of date) which means that, even after that 15 months, associates still only get a prorated bonus? Basically, a 2015 graduate would have gotten no bonus two months ago and, this coming Christmas, will get only 75% of the market-shattering band KE touts everywhere, since presumably associates only worked for 75% of the billing period (that is, from October 2015 through June 2016 or whatever).barkmittman wrote: Kirkland pays a $10,000 summer stipend. It does not pay stub bonuses.
Is this right??barkmittman wrote: The billable year is 9/1-8/31. Bonuses based on that billable year are paid at the end of December. In your first full year after your stub year, your hours are prorated for the purpose of your hours-based bonus component, but the bonus amount itself is not prorated; it is, on average, 1.01-1.50x market.
I thought for sure that ATL or someone would have reported on this if true. Seems pretty BS from the firm that claims to be shattering everything. Can anyone confirm/deny/clarify?
[ETA: Thanks to barkmittman for chiming in with helpful answers!]