2021 Special Bonuses Forum

[Anonymous User]

Work at KE. Heard from a coworker six figure bonuses for class of 2018. They could be wrong but I don't think so.

[Anonymous User]

Work at KE. Heard from a coworker six figure bonuses for class of 2018. They could be wrong but I don't think so.

1-year clawback? As someone who doesn’t know how much longer I’ll be in biglaw, that’s incredibly tempting.

[Anonymous User]

Work at KE. Heard from a coworker six figure bonuses for class of 2018. They could be wrong but I don't think so.

I assume this is just for offices like Austin that KE is looking to expand quickly. I can't imagine they would do something like this for NYC or Chicago where they are already very established.

[Anonymous User]

Am aware of a KE midlevel in a very busy practice group who was offered a six-figure retention bonus upon telling the firm they were lateraling. Within the last few months.

[Anonymous User]

Am aware of a KE midlevel in a very busy practice group who was offered a six-figure retention bonus upon telling the firm they were lateraling. Within the last few months.

To put some context around this and the last few posts, by all reports Kirkland is swimming in money right now. Not just from the transactional folks but restructuring and litigation all apparently contributed to a banner year while in COVID (just imagine what it will be like when things open up). There was a report a few weeks ago in the news that revenue is supposed to hit $5b (first law firm in history to record that) and the partnership is fretting about the optics of having made so much money during a pandemic--great problem to have. So Kirkland can afford to pay whatever it wants right now, in terms of spring bonuses, retention bonuses, lateraling bonuses, whatever.

[Anonymous User]

Am aware of a KE midlevel in a very busy practice group who was offered a six-figure retention bonus upon telling the firm they were lateraling. Within the last few months.

To put some context around this and the last few posts, by all reports Kirkland is swimming in money right now. Not just from the transactional folks but restructuring and litigation all apparently contributed to a banner year while in COVID (just imagine what it will be like when things open up). There was a report a few weeks ago in the news that revenue is supposed to hit $5b (first law firm in history to record that) and the partnership is fretting about the optics of having made so much money during a pandemic--great problem to have. So Kirkland can afford to pay whatever it wants right now, in terms of spring bonuses, retention bonuses, lateraling bonuses, whatever.

Know a class of 2018 in SF who was offered $50k signing bonus in January at Kirkland as another data point.

[Anonymous User]

Work at KE. Heard from a coworker six figure bonuses for class of 2018. They could be wrong but I don't think so.

I assume this is just for offices like Austin that KE is looking to expand quickly. I can't imagine they would do something like this for NYC or Chicago where they are already very established.

I don't think you understand how busy KE is. We are leading the SPAC boom.

[Anonymous User]

Am aware of a KE midlevel in a very busy practice group who was offered a six-figure retention bonus upon telling the firm they were lateraling. Within the last few months.

To put some context around this and the last few posts, by all reports Kirkland is swimming in money right now. Not just from the transactional folks but restructuring and litigation all apparently contributed to a banner year while in COVID (just imagine what it will be like when things open up). There was a report a few weeks ago in the news that revenue is supposed to hit $5b (first law firm in history to record that) and the partnership is fretting about the optics of having made so much money during a pandemic--great problem to have. So Kirkland can afford to pay whatever it wants right now, in terms of spring bonuses, retention bonuses, lateraling bonuses, whatever.

Know a class of 2018 in SF who was offered $50k signing bonus in January at Kirkland as another data point.

This is nothing new. KE has been doing $50k bonuses for 2-3 years for a while. I know multiple people who have gotten this over the last few years. I personally would rather get hit by a bus than go to KE, but I think that is from being screamed at by several KE "partners" that [insert some random PE firm I've never heard of but apparently is a big deal] won't be having any of my "middle market" comments in their deal or that some totally innocuous comment is "going to blow up the deal".

[Anonymous User]

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

[Buglaw]

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

I might be dense, but I don't follow the logic here or the V4 reference.

Is your point that KE is going to give a bigger lateral bonus than the retention bonuses? I think that's always been true. KE has, at least the entire time I've been a lawyer, given decent sized lateral bonuses. No other firms gave retention bonuses. So, KE was always offering substantially more money to laterals, yet they have also not been able to get enough bodies to do all the work. Don't see how this would change anything.

I'm just generally lost on the V4 comment. Is this a dig at Latham?

[Anonymous User]

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

Other than the last couple lines, yep. We've long passed the point when bringing on more work doesn't increase revenue because everyone could do three less projects and still bill the same amount of hours. The number of people on legit 3,000 hour plus pace (more than halfway through the KE billing year) is unbelievable.

[BrainsyK]

For anyone interested in collecting some of these fat lateral bonuses, PM me.

[Anonymous User]

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

Mind expanding on Debevoise? Super busy?

[Anonymous User]

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

Other than the last couple lines, yep. We've long passed the point when bringing on more work doesn't increase revenue because everyone could do three less projects and still bill the same amount of hours. The number of people on legit 3,000 hour plus pace (more than halfway through the KE billing year) is unbelievable.

Not at KE but M&A and on the 3,000 hour pace at the moment. Have taken a concerted effort to not take new work right now, but my firm won't be paying any covid/special bonuses so I plan to leave in house this year, just need to find a role I want.

[Anonymous User]

As a current 4th year with good education, work at a v10-15, people person and looking in multiple cities, it’s simply not as easy as finding the role you want. It’s really difficult out there right now.

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

Other than the last couple lines, yep. We've long passed the point when bringing on more work doesn't increase revenue because everyone could do three less projects and still bill the same amount of hours. The number of people on legit 3,000 hour plus pace (more than halfway through the KE billing year) is unbelievable.

Not at KE but M&A and on the 3,000 hour pace at the moment. Have taken a concerted effort to not take new work right now, but my firm won't be paying any covid/special bonuses so I plan to leave in house this year, just need to find a role I want.

[Anonymous User]

As a current 4th year with good education, work at a v10-15, people person and looking in multiple cities, it’s simply not as easy as finding the role you want. It’s really difficult out there right now.

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

Other than the last couple lines, yep. We've long passed the point when bringing on more work doesn't increase revenue because everyone could do three less projects and still bill the same amount of hours. The number of people on legit 3,000 hour plus pace (more than halfway through the KE billing year) is unbelievable.

Not at KE but M&A and on the 3,000 hour pace at the moment. Have taken a concerted effort to not take new work right now, but my firm won't be paying any covid/special bonuses so I plan to leave in house this year, just need to find a role I want.

The Non-KE you quoted. Couldn't agree more; I'm a 5th year, though my firm can promote beyond your class year after year 3 so I'm internally considered a 6th year (and paid that, salary as well). Also feel I have a good resume and attractive candidate. Looking at jobs in my current market and it's just damn competitive. Also looking outside my market but not looking to relocate so trying for remote. Everyone is looking for the same thing. I'm happy to take my paycheck I have right now and save it so I'll keep up with the rat-race until I find a position I want and in the meantime, keep saving.

[Anonymous User]

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

Mind expanding on Debevoise? Super busy?

Also wondering what the conditions are like at Debevoise

[Anonymous User]

Remember when this thread was about 2021 Special Bonuses

[lolwutpar]

It's kind of funny how transparent these are as retention bonuses. Even DPW didn't have the balls to do a 50/50 payout, they had to back load it.

[MrTooToo]

It's kind of funny how transparent these are as retention bonuses. Even DPW didn't have the balls to do a 50/50 payout, they had to back load it.

lol "This is the greatest time of our lives we're making money hand over fist please continue to support this pyramid scheme so we can hit $5m PPP"

[Anonymous User]

It's kind of funny how transparent these are as retention bonuses. Even DPW didn't have the balls to do a 50/50 payout, they had to back load it.

lol "This is the greatest time of our lives we're making money hand over fist please continue to support this pyramid scheme so we can hit $5m PPP"

As someone who just recently left big law (and who knows a ton of people who just did this past year), it is a bit too little too late. I don't think it'll move the needle too much to be honest, but at least maybe a few will stay a bit longer.

[Anonymous User]

It's kind of funny how transparent these are as retention bonuses. Even DPW didn't have the balls to do a 50/50 payout, they had to back load it.

lol "This is the greatest time of our lives we're making money hand over fist please continue to support this pyramid scheme so we can hit $5m PPP"

As someone who just recently left big law (and who knows a ton of people who just did this past year), it is a bit too little too late. I don't think it'll move the needle too much to be honest, but at least maybe a few will stay a bit longer.

Kind of agree with this. Still in big law and grinding away, but we’re bleeding associates daily and I’m not sure this will keep someone in their seat for 6 more months if they have a light at the end of their tunnel lined up now. If you’re jumping ship you’ve most likely already decided there are more important things in life than money.

[Anonymous User]

As a current 4th year with good education, work at a v10-15, people person and looking in multiple cities, it’s simply not as easy as finding the role you want. It’s really difficult out there right now.

Honestly as someone familiar with the working conditions of KE (and to a somewhat lesser extent Debevoise), I don’t think people at other firms quite understand how much work these firms are handling right now. The retention bonus that Willkie / DPW / the rest of the other firms this week will give is really small in comparison to the lateral bonus / amount of work handled by KE right now. Once we can compare the two, the difference will be really stark. Let’s just say that Skaddenites will start anonymously describing themselves as working at a V4.

Other than the last couple lines, yep. We've long passed the point when bringing on more work doesn't increase revenue because everyone could do three less projects and still bill the same amount of hours. The number of people on legit 3,000 hour plus pace (more than halfway through the KE billing year) is unbelievable.

Not at KE but M&A and on the 3,000 hour pace at the moment. Have taken a concerted effort to not take new work right now, but my firm won't be paying any covid/special bonuses so I plan to leave in house this year, just need to find a role I want.

The Non-KE you quoted. Couldn't agree more; I'm a 5th year, though my firm can promote beyond your class year after year 3 so I'm internally considered a 6th year (and paid that, salary as well). Also feel I have a good resume and attractive candidate. Looking at jobs in my current market and it's just damn competitive. Also looking outside my market but not looking to relocate so trying for remote. Everyone is looking for the same thing. I'm happy to take my paycheck I have right now and save it so I'll keep up with the rat-race until I find a position I want and in the meantime, keep saving.

This is in reference to the inhouse, not lateral, market, right? I’d assume any v25 would jump at a hungry v10 lateral in m&a, finance, capm or funds.

[MarcusH]

Got to be a reference to in-house... because experienced lateral law firm hiring is anything but competitive right now (hence the need to offer signing bonuses and retention bonuses).

[lolwutpar]

It's kind of funny how transparent these are as retention bonuses. Even DPW didn't have the balls to do a 50/50 payout, they had to back load it.

lol "This is the greatest time of our lives we're making money hand over fist please continue to support this pyramid scheme so we can hit $5m PPP"

As someone who just recently left big law (and who knows a ton of people who just did this past year), it is a bit too little too late. I don't think it'll move the needle too much to be honest, but at least maybe a few will stay a bit longer.

Kind of agree with this. Still in big law and grinding away, but we’re bleeding associates daily and I’m not sure this will keep someone in their seat for 6 more months if they have a light at the end of their tunnel lined up now. If you’re jumping ship you’ve most likely already decided there are more important things in life than money.

Yeah, if you're going in house you've already made peace with the pay cut. The bonus won't (or shouldn't) really move the needle.