Dealing with Paycuts Forum

[Anonymous User]

what is the logic of giving a summer a stipend to do 0 work and cutting associates pay?

[nixy]

Having associates to start in fall 2021.

[JusticeSquee]

what is the logic of giving a summer a stipend to do 0 work and cutting associates pay?

https://www.youtube.com/watch?v=lC5lsemxaJo

[Anonymous User]

Any firms going to raise pay at any point billing around 200 hours every month and have had to work through a few weekends so would hope to be made hole.

[Ultramar vistas]

Any firms going to raise pay at any point billing around 200 hours every month and have had to work through a few weekends so would hope to be made hole.

Made whole... jeez Louise.

[Anonymous User]

Any firms going to raise pay at any point billing around 200 hours every month and have had to work through a few weekends so would hope to be made hole.

Made whole... jeez Louise.

Big law is not a charity. Everyone does it for the money.

Yes. Everyone is busy right now. Miserably so.

I am still generating the same amount of AR for the firm and they are collecting. The partners will be made whole or even get a windfall this year because they cut salaries. If they have the money they should pay back associates and staff.

Also should note they did pay cuts to prevent layoffs but less than a week later laid people off.

[Anonymous User]

If anyone thinks they are gonna get a bonus or “made whole” - I have a bridge to sell you. The reduction in pay was nothing more than firms correcting after the most recent round of associate raises. If your firm cut salaries, I highly doubt they are gonna raise them back in the conceivable future or give you a bonus to make up the reduction. A few firms higher up the v20 list may, but the vast majority likely will never go back. It is wishful thinking to think otherwise. Partners are greedy and don’t care about you, they care about paying for their 3rd home on Nantucket.

[Anonymous User]

If anyone thinks they are gonna get a bonus or “made whole” - I have a bridge to sell you. The reduction in pay was nothing more than firms correcting after the most recent round of associate raises. If your firm cut salaries, I highly doubt they are gonna raise them back in the conceivable future or give you a bonus to make up the reduction. A few firms higher up the v20 list may, but the vast majority likely will never go back. It is wishful thinking to think otherwise. Partners are greedy and don’t care about you, they care about paying for their 3rd home on Nantucket.

I mean that is my point if you bill 2400 and get no bonus and are making 15 to 25% below market it kind of like what’s the point.

So what do you think? No bonus or like substantially reduced?

[hdr]

I would expect many of the higher-ranked firms that have cut salaries to give backpay to associates who hit certain hours thresholds, and award significantly-reduced bonuses. Maybe associates who hit 2400 will do even better, but who knows. At lower-ranked firms anything goes.

[Anonymous User]

I would expect many of the higher-ranked firms that have cut salaries to give backpay to associates who hit certain hours thresholds, and award significantly-reduced bonuses. Maybe associates who hit 2400 will do even better, but who knows. At lower-ranked firms anything goes.

Is that because the economics call for it or they can. I think it is because they can.

[Anonymous User]

Y’all don’t think the firms that cut have to worry about recruiting and retention?

I know from my perspective, having taken a 10%+ cut, I’m gonna be out of here in a fucking microsecond if they don’t make me whole, as soon as hiring starts again. I don’t care if it’s a lateral move and I have to grind and build relationships with partners again. On principle fuck working 2k+ hours for below market.

[Anonymous User]

A 20 to 25 percent pay cut is more than two class years.

[Anonymous User]

I'm just curious..how did the pay cuts actually work across class years? Are 2nd years paid less than 1st years now? And as a for e.g. 6th are they now being paid like 230K total base? Asking because I've been considering moving back to a firm.

[Anonymous User]

Look at vault and start doing math.

[Anonymous User]

I love how some people criticized me for starting this thread and said that the partners would be horrified by an associate being unhappy with comp cuts.

First, I have heard partners openly complain during meetings about their comp cuts.

Second, the partner lateral market, especially in restructuring is very active.

Big law is about money folks.

[Anonymous User]

Delete please.

[Lacepiece23]

I love how some people criticized me for starting this thread and said that the partners would be horrified by an associate being unhappy with comp cuts.

First, I have heard partners openly complain during meetings about their comp cuts.

Second, the partner lateral market, especially in restructuring is very active.

Big law is about money folks.

Law is it about money. That was a hard pill to swallow when I realized it. Plaintiffs are about maximizing their contingencies in hours worked. PI is all about appeasing their funders. The least money-oriented sector may be the government. But even then, the prestigious positions pay just enough to retain talent. It’s disheartening.