Page 1 of 1
how do bonuses work for laterals
Posted: Sat Jul 31, 2021 12:03 pm
by Anonymous User
I started at my new firm in February of this year. How do bonuses work for laterals? Is it, if you hit your bonus target on a pro-rated basis, you get the full bonus??
Re: how do bonuses work for laterals
Posted: Sat Jul 31, 2021 8:50 pm
by LittleRedCorvette
Anonymous User wrote: ↑Sat Jul 31, 2021 12:03 pm
I started at my new firm in February of this year. How do bonuses work for laterals? Is it, if you hit your bonus target on a pro-rated basis, you get the full bonus??
Is this not something normally negotiated with the new firm before lateralling?
Re: how do bonuses work for laterals
Posted: Sat Jul 31, 2021 10:35 pm
by hdr
You're supposed to negotiate that before you accept, though since you started in February, it would be crazy for them not to give you a pro-rated bonus.
In this market, I would think associates lateraling would be able to negotiate a big signing bonus plus a pro-rated year-end bonus.
Re: how do bonuses work for laterals
Posted: Sun Aug 01, 2021 9:11 am
by Joachim2017
hdr wrote: ↑Sat Jul 31, 2021 10:35 pm
You're supposed to negotiate that before you accept, though since you started in February, it would be crazy for them not to give you a pro-rated bonus.
In this market, I would think associates lateraling would be able to negotiate a big signing bonus plus a pro-rated year-end bonus.
I really doubt this applies to just any lateral. I think it really only applies on the transactional side, and even then in certain practice areas, and for seniors. I'd be highly surprised if litigation hires could pull off big signing bonuses.
Re: how do bonuses work for laterals
Posted: Sun Aug 01, 2021 11:52 am
by Anonymous User
Anonymous User wrote: ↑Sat Jul 31, 2021 12:03 pm
I started at my new firm in February of this year. How do bonuses work for laterals? Is it, if you hit your bonus target on a pro-rated basis, you get the full bonus??
That was what I negotiated when I lateraled. I don't think they even offered a pro-rated bonus.
Re: how do bonuses work for laterals
Posted: Mon Aug 02, 2021 8:08 am
by Anonymous User
At my firm, all laterals get the full year-end bonus regardless of whether they hit pro-rated hours or when they lateraled.
Re: how do bonuses work for laterals
Posted: Tue Aug 03, 2021 2:47 pm
by Anonymous User
Yeah I recently lateralled as a midlevel. When I started there were like 4.5 months left in the fiscal year, and I was offered a non-prorated bonus (i.e., the full amount) and it's not tied to hours.
Plus a not-huge signing bonus plus the remaining fall COVID retention bonus payment. But yes, I am transactional.
Re: how do bonuses work for laterals
Posted: Tue Aug 03, 2021 4:22 pm
by Anonymous User
Anonymous User wrote: ↑Tue Aug 03, 2021 2:47 pm
Yeah I recently lateralled as a midlevel. When I started there were like 4.5 months left in the fiscal year, and I was offered a non-prorated bonus (i.e., the full amount) and it's not tied to hours.
Plus a not-huge signing bonus plus the remaining fall COVID retention bonus payment. But yes, I am transactional.
How much was the signing? What yr are you?