2020 Bonuses Forum

[Anonymous User]

One thing the press didn't capture is that, to my understanding, Cooley also gave bonuses to staff. Which is pretty classy. Who knows what will actually happen in terms of matching, but I'd love to hear if other firms are being nice to everyone, or just associates?

[Anonymous User]

Milbank matched DPW subject to 80% utilization. Under 80% utilization gets 50% bonus.

[Anonymous User]

Milbank just matched DPW

[Auxilio]

Milbank matched DPW subject to 80% utilization. Under 80% utilization gets 50% bonus.

80% utilization means 80% towards hours target (on annualized basis) right?

[Kikero]

Ronpaulitshappening.gif

[Anonymous User]

Milbank matched DPW subject to 80% utilization. Under 80% utilization gets 50% bonus.

80% utilization means 80% towards hours target (on annualized basis) right?

Yes.

[Anonymous User]

Milbank here - the above anon failed to point out that if your utilization is above 110% then you get 1.5x DPW scale

[Anonymous User]

My firm has no billable requirement or "utilization target" so I wonder if it is even possible for them to follow this new wrinkle...

[Anonymous User]

My firm has no billable requirement or "utilization target" so I wonder if it is even possible for them to follow this new wrinkle...

Neither does Milbank so not sure how we are calculating it

[Anonymous User]

Milbank here - the above anon failed to point out that if your utilization is above 110% then you get 1.5x DPW scale

Milbank V2

[Voxius]

Milbank here - the above anon failed to point out that if your utilization is above 110% then you get 1.5x DPW scale

What’s considered 100% utilization at Milbank?

[-dasein-]

Milbank, the hero we need, but don't deserve.

[Anonymous User]

My firm has no billable requirement or "utilization target" so I wonder if it is even possible for them to follow this new wrinkle...

Neither does Milbank so not sure how we are calculating it

According to chambers Milbank: "In lieu of a formal billing target, Milbank expect associates to operate at ‘100% utilization.’ That sounds like a phrase from a robot instruction manual to us, but insiders explained that the firm reviews weekly reports and grades your ‘utilization’"

My firm has no process like this that I'm aware of is what I meant.

[Anonymous User]

Milbank here - the above anon failed to point out that if your utilization is above 110% then you get 1.5x DPW scale

What’s considered 100% utilization at Milbank?

2100 hours

[tbp140]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

[Anonymous User]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

[tbp140]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

Thanks! So the associate would have had to have billed 1680 hours on or before Sep. 6?

[thelawyler]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

They probably chose Sept 6 strategically to fuck over as many associates as possible within a reasonable date.

[Anonymous User]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

Thanks! So the associate would have had to have billed 1680 hours on or before Sep. 6?

No... I’m hearing internally that the magic number is 1450

[Anonymous User]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

Thanks! So the associate would have had to have billed 1680 hours on or before Sep. 6?

No. Associates need to have billed at or above 80% utilization from Jan 1 through Sept 6 to get 100% of the bonus. Our utilization rate is based on 2100 hours per year, so 100% utilization as of Sept 6 is 1434.43 hours, and 80% of that is 1147.54 hours. So long as an associate has billed >1147.54 hours as of Sept 6th, they'll get 100% bonus.

[Anonymous User]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

They probably chose Sept 6 strategically to fuck over as many associates as possible within a reasonable date.

I’m the person you responded to - this is a stupid take. If Milbank wanted to screw us over, why would it come over the top of DPW to give a significant number of its associates who are getting crushed 1.5x bonuses?

[Anonymous User]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

They probably chose Sept 6 strategically to fuck over as many associates as possible within a reasonable date.

I’m the person you responded to - this is a stupid take. If Milbank wanted to screw us over, why would it come over the top of DPW to give a significant number of its associates who are getting crushed 1.5x bonuses?

Agreed, many associates are insanely busy and Milbank is having a record year. I imagine a significant majority of associates will be above this 110% threshold.

[nahumya]

If 2100 is 100% utilization, that means the 1.5x bonus will go to associates who are annualizing over 2310 (110%) hours. These folks deserve it.

[Anonymous User]

Do firms from here on out match the numbers set by DP? Where does that leave the more modest numbers set by Cooley?

[thelawyler]

So what does this mean? If the target is 2100 hours, does the associate need to have billed 80% of 2100 hours by the measuring date (1680 hours)? Or does it mean the associate needed to be on track to bill 80% of the target (1680 hours) by year-end?

The utilization is calculated as of September 6th, so whatever amount of the year to date that would get you to 2100 by year end

They probably chose Sept 6 strategically to fuck over as many associates as possible within a reasonable date.

I’m the person you responded to - this is a stupid take. If Milbank wanted to screw us over, why would it come over the top of DPW to give a significant number of its associates who are getting crushed 1.5x bonuses?

Agreed, many associates are insanely busy and Milbank is having a record year. I imagine a significant majority of associates will be above this 110% threshold.

Yes and for those busy associates, it won't matter what date you chose because they will probably get the 150% or 100% bonus.

But what about the less busy associates? Why 80% utilization? Why not 75%? 70%? 85%? That is where the discretion comes in. If I was in charge of drawing the line, I would bust out the hours of all the associates, have annualized data for the last twelve months with percentage break outs for how many associates fall into what buckets, and then choose the date and number that would feel reasonable but save the firm as much money as possible.

If you think they didn't do that, I think you underestimate how business decisions are made. Normally they're made using numbers instead of arbitrarily.