-biglaw generally is doing better than expected, revenues predicted slightly down to flat
-but don't expect 2019 bonus scale because of "optics" of paying big bonuses when other industries/people suffer
-predicts 2013 pay scale (10k - 50k)
-no one should complain
-associates actually better of financially because they don't have to pay for gym
In other words, it will be seen as optically bad for partners making millions to come out of pocket to pay bonuses to associates w/ student loans and otherwise starting up their lives, and it would be better optically for partners to keep that money for themselves.
As someone on track for a 2900 billable year, I will go work in smalllaw if I get paid a bonus like that, as it is not worth the time to get a 25k or whatever bonus.
Lat's take is so bad, so pro-status quo, that it smells a bit fishy to be honest (e.g., someone paying him to manage expectations?)
Attribution: https://abovethelaw.com/2020/08/some-ca ... uses/?rf=1But I don’t think we’re going to see that — not because of firm finances, but because of optics. In dark times for the country — COVID-19 deaths closing in on 200,000, millions of Americans out of work, companies filing for bankruptcy left and right — it might strike some as unseemly for Biglaw to take a “business as usual” approach.
General counsels who are seeing their companies suffer — well, at least if their companies aren’t named Apple or Amazon — probably won’t take kindly to seeing associates at their outside law firms taking home the same amount of money as last year. In fact, keeping bonuses the same would mean that many associates at firms that didn’t cut salaries would actually fare better financially in 2020, since many of their expenses — dining out, entertainment, commuting costs, gym memberships — have disappeared or dipped dramatically during the pandemic.