2020 End of Year Bonuses Forum

[Usernameavailable]

According to ATL, Milbank announced 2019 bonuses on November 7. Anyone have any news about potential bonus announcements coming soon?

[4LTsPointingNorth]

My guess is that the first announcement comes either just before or just after Thanksgiving. Firms are probably not going to match last year's early November timing given the election and the close proximity of the payment of fall bonuses.

A related question is whether the Kirklands and Cravaths of the world will announce first to try to set market for the "all-in" scale, or whether Milbank/DPW will announce first to firmly establish themselves as bonus leaders and first-movers.

[Anonymous User]

Solo Practitioner here.............bonuses, yeah I know what mine is going to be........

[rokiv]

Come on people, let’s hear some speculation!

[RandomInternetPerson]

Come on people, let’s hear some speculation!

http://nerdist.com/wp-content/uploads/2 ... y-burn.gif

mere speculation of course

[Anonymous User]

Rampant Speculation: We will see a bonus announcement this Friday afternoon by a T20, non-fall-bonus firm, at a (DPW fall bonus)+(2019 year-end scale)

[NoLongerALurker]

Baker: https://abovethelaw.com/2020/11/breakin ... t-cravath/

(Standard scale, no COVID bonus adjustment)

[Anonymous User]

Baker: https://abovethelaw.com/2020/11/breakin ... t-cravath/

(Standard scale, no COVID bonus adjustment)

Disappointing - Cravath/Kirkland reclaim your top dog status and shatter the market!

[EliteFlyer]

The ATL "bonus memo" from Baker McKenzie looked more like a press release than an actual memo sent to associates at the firm. Would otherwise be odd to include that quote at the end from North America Chief Executive Officer, Colin Murray.

I wonder if this is BM's attempt at preempting a move by the market to include the DPW fall bonus in the end of year total. There was no mention of when the bonuses will actually be paid out or hours requirements, so really no skin off their backs to assume (probably correctly) that market bonuses this year will be no lower than last year's bonus scale.

[ChairmanKaga]

I wonder if this is BM's attempt at preempting a move by the market to include the DPW fall bonus in the end of year total.

Isn't this obviously the reason?

[Anonymous User]

I wonder if this is BM's attempt at preempting a move by the market to include the DPW fall bonus in the end of year total.

Isn't this obviously the reason?

Exactly, it’s very transparent what they’re doing. But, I doubt it will work. Firms like Kirkland and Cravath that didn’t do COVID bonuses would get fleeced given that so many of their peers would be compensating their associates significantly higher.

[NoLongerALurker]

I'm just happy BONEUS szn is here, at this point.

[12YrsAnAssociate]

I wonder if this is BM's attempt at preempting a move by the market to include the DPW fall bonus in the end of year total.

Isn't this obviously the reason?

Exactly, it’s very transparent what they’re doing. But, I doubt it will work. Firms like Kirkland and Cravath that didn’t do COVID bonuses would get fleeced given that so many of their peers would be compensating their associates significantly higher.

It sucks for me, though, because I work at a firm that's happy to find a reason not to pay anything it can label "above market." They will 100% say that the DPW scale firms are "just some muckety muck Wall Street firms, and their bonuses have nothing to do with what we do here!"

[Monochromatic Oeuvre]

It sucks for me, though, because I work at a firm that's happy to find a reason not to pay anything it can label "above market." They will 100% say that the DPW scale firms are "just some muckety muck Wall Street firms, and their bonuses have nothing to do with what we do here!"

If you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."

That said, I will allow firms to say they pay "market" if they specify further. For example, you may pay "market" for shitty TTT firms, or "market" if it were 2002, or "market" for guys who restock the milk at 7-Eleven. Might as well declare where you stand, because we'll do it for them anyway. Here's one example from 2016 (did Kelley Drye ever wind up rubbing two pennies together for its associate? Genuinely don't know):

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

[lawlo]

It sucks for me, though, because I work at a firm that's happy to find a reason not to pay anything it can label "above market." They will 100% say that the DPW scale firms are "just some muckety muck Wall Street firms, and their bonuses have nothing to do with what we do here!"

If you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."

That said, I will allow firms to say they pay "market" if they specify further. For example, you may pay "market" for shitty TTT firms, or "market" if it were 2002, or "market" for guys who restock the milk at 7-Eleven. Might as well declare where you stand, because we'll do it for them anyway. Here's one example from 2016 (did Kelley Drye ever wind up rubbing two pennies together for its associate? Genuinely don't know):

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

[legalpotato]

I wonder if this is BM's attempt at preempting a move by the market to include the DPW fall bonus in the end of year total.

Isn't this obviously the reason?

I wonder if it is to just get ahead of bad press since they are not truing up for fall bonuses. If they announce first, then the message is "bonuses are here! same as 2019 scale but no fall bonus". If they announce after a K&E announces bonuses that include fall bonus true up, then message is "Baker stiffs associates on bonus."

[Anonymous User]

Because K&E does the "shatter the market" thing, I think more likely than not it will never announce a formal bonus scale, just that it beat market. It's possible K&E clarifies that "market" includes fall bonuses, but that would come at the bonus meeting in December, not in an e-mail or anything formal, and based on prior years it wouldn't come with an explanation of what each class year gets. (KE associate posting anon bc possibly identifiable with other posts).

[12YrsAnAssociate]

If you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."

From your lips to God's ears. Hopefully my firm's management subscribes to your newsletter.

[parkslope]

It sucks for me, though, because I work at a firm that's happy to find a reason not to pay anything it can label "above market." They will 100% say that the DPW scale firms are "just some muckety muck Wall Street firms, and their bonuses have nothing to do with what we do here!"

If you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."

That said, I will allow firms to say they pay "market" if they specify further. For example, you may pay "market" for shitty TTT firms, or "market" if it were 2002, or "market" for guys who restock the milk at 7-Eleven. Might as well declare where you stand, because we'll do it for them anyway. Here's one example from 2016 (did Kelley Drye ever wind up rubbing two pennies together for its associate? Genuinely don't know):

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

Profits per equity partner is $940K at Kelley Drye.

[cfcm]

What’s going on with the font here?

https://www.kelleydrye.com/Our-People/James-S-Carr

[Monochromatic Oeuvre]

It sucks for me, though, because I work at a firm that's happy to find a reason not to pay anything it can label "above market." They will 100% say that the DPW scale firms are "just some muckety muck Wall Street firms, and their bonuses have nothing to do with what we do here!"

If you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."

That said, I will allow firms to say they pay "market" if they specify further. For example, you may pay "market" for shitty TTT firms, or "market" if it were 2002, or "market" for guys who restock the milk at 7-Eleven. Might as well declare where you stand, because we'll do it for them anyway. Here's one example from 2016 (did Kelley Drye ever wind up rubbing two pennies together for its associate? Genuinely don't know):

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

Profits per equity partner is $940K at Kelley Drye.

To be clear--that's just an example that I used because I like laughing at my own jokes. I only dunked on Kelley Drye four years ago for running their mouth in the middle of raises. I am not suggesting they did anything wrong in 2020 (that I know of) or that this Magikarp of the legal profession should pay what DPW does. But it DOES sort of speak to my ongoing question about why Cravath associates aren't embarrassed to make less than counterparts at Fried Frank or otherwise feel like they deserve more than you can get with median at GULC...

[Definitely Not North]

Magikarp of the legal profession

looool

[Anonymous User]

I wonder if this is BM's attempt at preempting a move by the market to include the DPW fall bonus in the end of year total.

Isn't this obviously the reason?

I wonder if it is to just get ahead of bad press since they are not truing up for fall bonuses. If they announce first, then the message is "bonuses are here! same as 2019 scale but no fall bonus". If they announce after a K&E announces bonuses that include fall bonus true up, then message is "Baker stiffs associates on bonus."

As a Baker associate, I’m glad that ATL called them out on also not truing up salaries and instead saying there’s a vague additional bonus for high performers. This is an attempt to claim we’re paying market, but internally it’s being viewed as a commitment to below-market pay for the year. Not surprised, but certainly disappointed.

[Monochromatic Oeuvre]

What’s going on with the font here?

https://www.kelleydrye.com/Our-People/James-S-Carr

Oh, to be a fly on the wall where some overpaid consultant douchebag suggested putting first-person quotes on profile pages styled like a teen girl writing in her diary in an '80s movie.

It looks like only partners have them, which is a shame. I'd love to see one from a first-year.

"I've been in the firm's M&A group for eight months, but I'm not fully clear on what it is we do. I'm told there's something called a stock purchase agreement but I don't really know how it works because I only do 1700 hours of diligence and sig pages. I want to learn, but it's usually hard to get a moment from the other members of my deal team, Clearly Checked-Out Midlevel, Always-Simultaneously-Frantic-And-Exhausted Senior, and Partner Who Sometimes Throws Staplers. Sometimes when I'm eating soggy pad thai at 9:30 waiting for comments to come in, I wonder if it's actually Kappa Sig's fault I tanked Organic Chemistry or if pre-med just wasn't in the cards anyway."

[Definitely Not North]

you're killing me dude loooool