2020 End of Year Bonuses
Posted: Fri Nov 06, 2020 11:41 am
According to ATL, Milbank announced 2019 bonuses on November 7. Anyone have any news about potential bonus announcements coming soon?
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Disappointing - Cravath/Kirkland reclaim your top dog status and shatter the market!NoLongerALurker wrote: ↑Wed Nov 11, 2020 11:29 amBaker: https://abovethelaw.com/2020/11/breakin ... t-cravath/
(Standard scale, no COVID bonus adjustment)
Isn't this obviously the reason?EliteFlyer wrote: ↑Wed Nov 11, 2020 12:03 pmI 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.
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.ChairmanKaga wrote: ↑Wed Nov 11, 2020 1:10 pmIsn't this obviously the reason?EliteFlyer wrote: ↑Wed Nov 11, 2020 12:03 pmI 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.
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!"Anonymous User wrote: ↑Wed Nov 11, 2020 1:15 pmExactly, 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.ChairmanKaga wrote: ↑Wed Nov 11, 2020 1:10 pmIsn't this obviously the reason?EliteFlyer wrote: ↑Wed Nov 11, 2020 12:03 pmI 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.
If you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."12YrsAnAssociate wrote: ↑Wed Nov 11, 2020 4:19 pmIt 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!"
“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."
Monochromatic Oeuvre wrote: ↑Wed Nov 11, 2020 11:22 pmIf you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."12YrsAnAssociate wrote: ↑Wed Nov 11, 2020 4:19 pmIt 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!"
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."
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."ChairmanKaga wrote: ↑Wed Nov 11, 2020 1:10 pmIsn't this obviously the reason?EliteFlyer wrote: ↑Wed Nov 11, 2020 12:03 pmI 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.
From your lips to God's ears. Hopefully my firm's management subscribes to your newsletter.Monochromatic Oeuvre wrote: ↑Wed Nov 11, 2020 11:22 pmIf you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."
Profits per equity partner is $940K at Kelley Drye.lawlo wrote: ↑Wed Nov 11, 2020 11:51 pmMonochromatic Oeuvre wrote: ↑Wed Nov 11, 2020 11:22 pmIf you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."12YrsAnAssociate wrote: ↑Wed Nov 11, 2020 4:19 pmIt 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!"
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."![]()
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...parkslope wrote: ↑Thu Nov 12, 2020 2:19 pmProfits per equity partner is $940K at Kelley Drye.lawlo wrote: ↑Wed Nov 11, 2020 11:51 pmMonochromatic Oeuvre wrote: ↑Wed Nov 11, 2020 11:22 pmIf you can't pay what the muckety muck Wall Street firms pay, you don't pay "market."12YrsAnAssociate wrote: ↑Wed Nov 11, 2020 4:19 pmIt 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!"
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."![]()
looool
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.legalpotato wrote: ↑Thu Nov 12, 2020 11:18 amI 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."ChairmanKaga wrote: ↑Wed Nov 11, 2020 1:10 pmIsn't this obviously the reason?EliteFlyer wrote: ↑Wed Nov 11, 2020 12:03 pmI 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.
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.cfcm wrote: ↑Thu Nov 12, 2020 2:26 pmWhat’s going on with the font here?
https://www.kelleydrye.com/Our-People/James-S-Carr