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Curious if there’s been any discussions about whether mid year bonuses last year were a one time blip that got announced as part of the pay raises, or if there will be any firms out there offering similar $10-25K mid year bonuses. I’m not expecting a lot, but wouldn’t be surprised either

RPK34 wrote:Curious if there’s been any discussions about whether mid year bonuses last year were a one time blip that got announced as part of the pay raises, or if there will be any firms out there offering similar $10-25K mid year bonuses. I’m not expecting a lot, but wouldn’t be surprised either

Also curious, as I'm in the process of leaving my firm and wouldn't want to miss out. I've heard deal flow has been slower in the first quarter of 2019 (based on an American Lawyer article), so I wonder if that will affect the mid-year/summer bonuses.

Anonymous User wrote:

RPK34 wrote:Curious if there’s been any discussions about whether mid year bonuses last year were a one time blip that got announced as part of the pay raises, or if there will be any firms out there offering similar $10-25K mid year bonuses. I’m not expecting a lot, but wouldn’t be surprised either

Also curious, as I'm in the process of leaving my firm and wouldn't want to miss out. I've heard deal flow has been slower in the first quarter of 2019 (based on an American Lawyer article), so I wonder if that will affect the mid-year/summer bonuses.

I think it’s still busy enough that they’ll give out summer bonuses. I think it’ll be fewer firms this time around, though.

My firm was pretty aggressive last year referring to them as “One time special bonuses.”

I think there will be mid-year bonuses given that 2018 performance was record-breaking for a lot of firms, although perhaps not as many firms will participate. Also, FWIW, my group and firm are both busier this year than last so far...

It won't happen this year. That tends to happen once every four or five years. They just did it last year, so they don't want to set the expectation like they did with year-end bonuses. 2019 is definitely busier than 2018, but it needs to be since not only did they do the one-time bonuses last summer, they raised associate compensation across the board.

As a star associate I expect no less than 25k midyear bonus

Anonymous User wrote:As a star associate I expect no less than 25k midyear bonus

Brave anon, admitting you're only worth $25k. I demand $45k

My bad, I’m the anon and star associate. Don’t know about $45 seems like pushing it.

https://abovethelaw.com/2019/04/associa ... ally-here/

This is typical ATL clickbait, but query whether there is anything to this line: "We’re hearing rumors that Simpson Thacher is considering doling out summer cash again this year, and that firm paid up to $25,000 in bonus bucks."

Take this with a grain of salt, but I recently finished my lateraling process, and one of the firms (V20 - V50 range) told me that I'd be eligible for 100% participation in their expected summer bonus if I joined before June. Could have been a clever recruiting tactic, but the partner seemed serious.

Anonymous User wrote:Take this with a grain of salt, but I recently finished my lateraling process, and one of the firms (V20 - V50 range) told me that I'd be eligible for 100% participation in their expected summer bonus if I joined before June. Could have been a clever recruiting tactic, but the partner seemed serious.

I am also lateraling and specifically requested/confirmed that I would be eligible for the summer bonus if one is given, which the firm confirmed I would. Not sure if there’s anything to read into there, but I’m going to take it as 100% confirmation that we’ll be getting summer bonuses.

call me a pessimist, but there were rampant rumors of NY to 190 for years before the actual move happened. On the other hand, nobody had any inkling of the summer bonuses being a thing until they actually happened. It seems like there being rumors makes it less likely that they are happening.

Based on the rumor mill at my non-NYC V50, it seems unlikely. My firm only begrudgingly paid the prior bonus and there was some dissent as to whether that was wise. Also, some of the practice groups at my firm are slower (although I don't think that's representative of the entire market).

Forget summer bonuses...I want the $10-15k cost of living adjustment across all class years.

JohnnieSockran wrote:Forget summer bonuses...I want the $10-15k cost of living adjustment across all class years.

Cravath to 200 for its 200th anniversary is a line of unsubstantiated wishful thinking I've heard tossed around so maybe this summer?

Deal flow was significantly down at my v10 in Q1 and rumor seems to be that that was consistent across other major firms. Seems to be back up and everyone is pretty busy again now, but I would count that strongly against bonuses.

That said, firms would still much rather pay a one-time bonus than increase salaries, and mid-levels still leaving for in house in droves, so I wouldn't rule them out.

I think there is a pretty good chance this happens. Attrition is a problem where I'm at and midyear bonus is a cheap way to keep people (e.g. (i) bonus with the condition you have to pay it back if you bail within X months or (ii) announce months before the payment hits).

Can confirm STB corp has been insanely busy these past few months and wouldn’t be surprised if they do give out mid year bonuses. We are still looking for laterals too. Lit is mostly slow but that’s not specific to STB

V50 - lit at my firm has been nuts this year (and last).

I’m surprised people think being busy is any indicator that mid year bonuses will happen. It’s just an indicator that a firm can afford it.

Heck, it doesn’t even have anything to do with retention - the last bonus didn’t have strings attached at most places other than maybe the end of the month.

Ultimately, firms do it for PR. That’s why Milbank was the first mover for raises and that’s why STB upped the ante with bonuses.

We need a unified front. Busy means summer bonuses. Slow means summer bonuses. We just need to be more unreasonable in our demands, and eventually that sweet trickle down will trickle down.

LaLiLuLeLo wrote:I’m surprised people think being busy is any indicator that mid year bonuses will happen. It’s just an indicator that a firm can afford it.

Heck, it doesn’t even have anything to do with retention - the last bonus didn’t have strings attached at most places other than maybe the end of the month.

Ultimately, firms do it for PR. That’s why Milbank was the first mover for raises and that’s why STB upped the ante with bonuses.

I think that’s the point. Indicator that the firm can afford it.

Hopefully they happen again this year. https://abovethelaw.com/2019/05/biglaw- ... e-arrived/

Heard this thirdhand from a partner who would have reason to know, at my V10 that hasn't been first mover on bonuses or raises lately - they definitely aren't going to be first mover this time and don't expect anyone to, but if it happens they will quickly match.

Not a surprise to me at all but, like usual, just need one firm to break the dam.