Fall bonuses Forum

[Usernameavailable]

My money is that either Simpson or Milbank match first. Cravath goes 3rd once it's clear no one is beating it.

Milbank it is.

From other thread -- let's be clear, Milbank is leading.

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

Milbank is leading on the high end, but for people with 79% utilization or less (whatever that means), DPW's bonus is better because they don't get 50% of it....

[Anonymous User]

What’s utilization rate and does every firm track this?

[jackshunger]

What’s utilization rate and does every firm track this?

I assume they take the normal bonus threshold, probably 2000, and calculate your billables compared to the expected billable rate of 40 hrs per week (assuming 50 week workyear). If you are billing an average of 32 hrs/wk for whatever time period they are using, you get the bonus.

[Anonymous User]

What’s utilization rate and does every firm track this?

I assume they take the normal bonus threshold, probably 2000, and calculate your billables compared to the expected billable rate of 40 hrs per week (assuming 50 week workyear). If you are billing an average of 32 hrs/wk for whatever time period they are using, you get the bonus.

The thing that's weird though is that Milbank doesn't have a billable hour requirement so some of the juniors (like my brother) don't know what that means. Now he's just waiting to get some kind of clarifying email

[Anonymous User]

What’s utilization rate and does every firm track this?

I assume they take the normal bonus threshold, probably 2000, and calculate your billables compared to the expected billable rate of 40 hrs per week (assuming 50 week workyear). If you are billing an average of 32 hrs/wk for whatever time period they are using, you get the bonus.

The thing that's weird though is that Milbank doesn't have a billable hour requirement so some of the juniors (like my brother) don't know what that means. Now he's just waiting to get some kind of clarifying email

Milbank associate here. Re-posting here.

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]

Hueston Hennigan match.

[Anonymous User]

Milbank is king in my nice finance group practice and I work across and with them on a lot of deal. No way my Firm matches this bonus and really close to emailing one of their partners for an interview.

[Anonymous User]

Milbank is king in my nice finance group practice and I work across and with them on a lot of deal. No way my Firm matches this bonus and really close to emailing one of their partners for an interview.

If you're in project finance, we need laterals...badly.

[Anonymous User]

Kirkland is not doing fall bonuses. Pretty fucked considering how much money they're making and how hard a lot of associates are working.

They just sent an email.

[Anonymous User]

Kirkland is not doing fall bonuses. Pretty fucked considering how much money they're making and how hard a lot of associates are working.

They just sent an email.

It’s bullshit. The firm is making more this year than they did last. Everyone is busy as fuck and they are likely going to try to fuck us on year-end bonus. Honestly thinking about lateral options. Extra hours just not worth it.

[Anonymous User]

Kirkland is not doing fall bonuses. Pretty fucked considering how much money they're making and how hard a lot of associates are working.

They just sent an email.

It’s bullshit. The firm is making more this year than they did last. Everyone is busy as fuck and they are likely going to try to fuck us on year-end bonus. Honestly thinking about lateral options. Extra hours just not worth it.

Are you in patent lit? Are you in LA? If so, I may have a lucrative option for you.

[Anonymous User]

KE associate checking in -- they said they would consider fall bonuses when determining December bonuses. But still. Bullshit. Lots of people will just get screwed given the individualized system we have. This is also a fuck you move because it's pretty clearly a signal to other firms that the KE partners don't want them to match. Just like Covington's lame attempt to stop the salary raises a few years ago. Shame.

I am not in restructuring, but I can only imagine how pissed those guys have got to be during this insane year.

[Anonymous User]

Kirkland is not doing fall bonuses. Pretty fucked considering how much money they're making and how hard a lot of associates are working.

They just sent an email.

It’s bullshit. The firm is making more this year than they did last. Everyone is busy as fuck and they are likely going to try to fuck us on year-end bonus. Honestly thinking about lateral options. Extra hours just not worth it.

Are you in patent lit? Are you in LA? If so, I may have a lucrative option for you.

No to both, but I appreciate it! Hopefully some of the rest of you are at more generous firms and get some good news tomorrow!

[Anonymous User]

Kirkland is not doing fall bonuses. Pretty fucked considering how much money they're making and how hard a lot of associates are working.

They just sent an email.

It’s bullshit. The firm is making more this year than they did last. Everyone is busy as fuck and they are likely going to try to fuck us on year-end bonus. Honestly thinking about lateral options. Extra hours just not worth it.

Shit like this makes me wonder if they're gaslighting us on how much money they're making or if they're just greedy. Greed is a given, but are they cheaping out here because all the talk over the past few months is a lie?

[Anonymous User]

Kirkland is not doing fall bonuses. Pretty fucked considering how much money they're making and how hard a lot of associates are working.

They just sent an email.

It’s bullshit. The firm is making more this year than they did last. Everyone is busy as fuck and they are likely going to try to fuck us on year-end bonus. Honestly thinking about lateral options. Extra hours just not worth it.

Shit like this makes me wonder if they're gaslighting us on how much money they're making or if they're just greedy. Greed is a given, but are they cheaping out here because all the talk over the past few months is a lie?

It’s just greed. Skadden just deferred their first class year until January 2021 when they clearly didn’t have to. When the partnership can fuck over associates with minimal blowback, they will do so every single time.

[Anonymous User]

My sense is the firm really is busy, they are just cheap bastards who have been reducing compensation closer to market for years, and they are hoping to put a finger in the bonus dike and encourage other firms not to match. They are probably remembering the Simpson summer bonuses (I think?) from a few years ago that nobody matched -- this isn't a done deal yet until one of Skadden/Cravath/Sullcrom moves. So it's a signal to those firms that our partners won't move unless they do.

I get why they feel this way (upping compensation over 2019 in this economy would be wild no matter how well the firm is doing), but still. Not happy about it.

[Anonymous User]

I wonder if decision makers in, say, any two or three of the V7 get on the phone (or a group chat) with each other and credibly commit to not raising bonuses.

[Anonymous User]

Irell just matched DPW scale.

[Anonymous User]

Hopefully everyone votes down KE in vault next year. VTTT

[Pulsar]

Irell bleeding partners and practically split in half over past few years; still, fall bonuses

Kirkland rolling in money; no bonuses

Boooooooooooooo

[Scallion]

Hopefully everyone votes down KE in vault next year. VTTT

I would (both for their bonuses and for the other lively thread about how they're treating their associates).

[MillllerTime]

Another K&E person chiming in to describe the mood among my friends as FUCKING IRATE. I like the firm and generally drink the koolaid, but the fact that they call themselves compensation leaders twice in the "sry no bonus" email is ridiculous. Please vote us down in Vault.

[Kikero]

Hopefully everyone votes down KE in vault next year. VTTT

I would (both for their bonuses and for the other lively thread about how they're treating their associates).

I already give CovingTTTon 1s every year, so I might as well add K&E.

[Anonymous User]

Hopefully everyone votes down KE in vault next year. VTTT

I would (both for their bonuses and for the other lively thread about how they're treating their associates).

OP of that thread checking in. Never quite thought I'd see myself forced out of a *below market* firm lol.

Fellow KE associates please consider not rage-lateraling; I need to hit the market first . . .

[snehpets]

Hopefully everyone votes down KE in vault next year. VTTT

I would (both for their bonuses and for the other lively thread about how they're treating their associates).

I already give CovingTTTon 1s every year, so I might as well add K&E.

I would love to know the stats on how many people seriously rank all of the firms (and don’t give up halfway through because of the endless number of questions) and how many just take it so they can straight 1 all the firms they hate.