2021 End of Year Bonuses Forum

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Oct 14, 2021 10:30 am

Monochromatic Oeuvre wrote:
Thu Oct 14, 2021 10:07 am
Yeah my old firm had a "reduced track" that was subject to partner approval. In reality, new moms were the only ones ever really approved for this schedule, and anyone else that asked for us was not "demonstrated to have a need." We did have counsels who seemed to have a permanent 1700-1800 gig though.
My previous firm had at least 2 men on reduced pace. One for health reasons I think...the other I'm not sure why (although I've heard that since I left the latter was brought back to full time due to group needs). I also knew of a woman on reduced pace. They were all on that pace for as long as I was an associate at the firm. All were fairly senior associates. None had a chance in hell at making partner.

So yeah this isn't just something any random associate can do, and it's kind of laughable that people are touting their individual firms' policies as a recruiting mechanism. That said, I don't necessarily assume it's *just* for new mothers on a temporary basis. If you're good and well-liked then the partners will probably want to keep you around.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Oct 14, 2021 11:01 am

LOL I’m not trying to recruit people to Covington; I don’t even work there anymore. Agree it’s most common for new parents, that it’s usually not a long-term sustainable track, especially not for making partner, and you have to be confident in your position in the firm (or not GAF) if you do it as a non-new parent. But “approval” was definitely not as strictly withheld as you guys are suggesting it was at your firms. As for it not being sustainable, who honestly wants to do that job for years and years? The big challenge of it was not hurting your career, but protecting your time sufficiently that you didn’t end up just working the same job but with deferred comp (since the true up is quarterly IIRC).

TigerIsBack

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Re: 2021 End of Year Bonuses

Post by TigerIsBack » Thu Oct 21, 2021 9:19 am

So when do we expect the first bonus announcement and by who (whom?)? I seem to remember it's in November at some point, but not sure if it's earlier in the month or closer to Thanksgiving.

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Re: 2021 End of Year Bonuses

Post by Ultramar vistas » Thu Oct 21, 2021 9:59 am

TigerIsBack wrote:
Thu Oct 21, 2021 9:19 am
So when do we expect the first bonus announcement and by who (whom?)? I seem to remember it's in November at some point, but not sure if it's earlier in the month or closer to Thanksgiving.
Any time from second week of November through Thanksgiving.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Oct 21, 2021 12:59 pm

I expect a Milbank or Cooley will announce bonuses first and DPW (or maybe someone else steps up) to do what it's done since the pandemic and say "Oh that's cool, here's more money." I think a lot of firms are kind of wary of being first-movers as, since Cooley announced special bonuses last year, DPW has one-upped the first movers every subsequent time.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Oct 21, 2021 1:42 pm

TigerIsBack wrote:
Thu Oct 21, 2021 9:19 am
So when do we expect the first bonus announcement and by who (whom?)? I seem to remember it's in November at some point, but not sure if it's earlier in the month or closer to Thanksgiving.
Smart money would be on the dam breaking during the week of November 8. Based on looking at ATL quickly, looks like the last two years kicked off on Nov. 11 and Nov. 7. But years prior were slower.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Oct 21, 2021 10:00 pm

Anonymous User wrote:
Thu Oct 21, 2021 1:42 pm
TigerIsBack wrote:
Thu Oct 21, 2021 9:19 am
So when do we expect the first bonus announcement and by who (whom?)? I seem to remember it's in November at some point, but not sure if it's earlier in the month or closer to Thanksgiving.
Smart money would be on the dam breaking during the week of November 8. Based on looking at ATL quickly, looks like the last two years kicked off on Nov. 11 and Nov. 7. But years prior were slower.
Seems like good years come earlier and bad years come late.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Tue Oct 26, 2021 8:24 pm

Ok really need more $$ for me to stay. Who’s moving first?

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Tue Oct 26, 2021 8:50 pm

Has to be Milbank, right? They seem to be developing a taste for setting the scale... I just don't get why firms aren't announcing earlier than usual this year to ward off burned-out associates' from making EOY in-house or lateral plans.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Tue Oct 26, 2021 10:27 pm

Anonymous User wrote:
Sun Oct 03, 2021 10:02 pm
For what it’s worth, partner at my V50 dropped in conversation the other day bonuses will be bigger this year than last, mentioned it as if this was obvious and I already knew. Don’t have any reason to doubt this person. We’re also bleeding associates, bringing in record profits, workflow isn’t likely to slowdown anytime soon and seems everyone’s on verge of quitting so doesn’t surprise me.
I’m just counting on this person.

peoplearehungry

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Re: 2021 End of Year Bonuses

Post by peoplearehungry » Wed Oct 27, 2021 8:40 am

Anonymous User wrote:
Tue Oct 26, 2021 10:27 pm
Anonymous User wrote:
Sun Oct 03, 2021 10:02 pm
For what it’s worth, partner at my V50 dropped in conversation the other day bonuses will be bigger this year than last, mentioned it as if this was obvious and I already knew. Don’t have any reason to doubt this person. We’re also bleeding associates, bringing in record profits, workflow isn’t likely to slowdown anytime soon and seems everyone’s on verge of quitting so doesn’t surprise me.
I’m just counting on this person.
There have got to be more people out there with an inside scoop on where this year's bonuses are headed. We are likely less than two weeks out from the first announcements. What's everyone hearing? 1.2x last year's bonus? Dare we dream 1.5x? Firms are simultaneously bathing in cash and bleeding associates. Gotta reach an equilbrium there and it starts with EOY bonuses.

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Definitely Not North

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Re: 2021 End of Year Bonuses

Post by Definitely Not North » Wed Oct 27, 2021 10:06 am

let's goooooo

zoomzoom888

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Re: 2021 End of Year Bonuses

Post by zoomzoom888 » Wed Oct 27, 2021 10:52 am

I think we are still at least a week out from movement here, but would love to be wrong!

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Wed Oct 27, 2021 11:05 am

Curious to see if increased year end bonus burns skadden since they already have those six figure retention bonuses hanging out there. Surely they also match any year end increase on top of that.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Wed Oct 27, 2021 11:26 am

Definitely Not North wrote:
Wed Oct 27, 2021 10:06 am
let's goooooo
Did someone announce bonuses? I haven't seen anything

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Definitely Not North

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Re: 2021 End of Year Bonuses

Post by Definitely Not North » Wed Oct 27, 2021 11:31 am

Anonymous User wrote:
Wed Oct 27, 2021 11:26 am
Definitely Not North wrote:
Wed Oct 27, 2021 10:06 am
let's goooooo
Did someone announce bonuses? I haven't seen anything
nah not yet

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TatteredDignity

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Re: 2021 End of Year Bonuses

Post by TatteredDignity » Wed Oct 27, 2021 5:01 pm

I'm skeptical that firms will shower all associates with additional cash when it’s the corporate associates who are making all the money. I say this as a litigator.

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wwwcol

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Re: 2021 End of Year Bonuses

Post by wwwcol » Wed Oct 27, 2021 8:39 pm

TatteredDignity wrote:
Wed Oct 27, 2021 5:01 pm
I'm skeptical that firms will shower all associates with additional cash when it’s the corporate associates who are making all the money. I say this as a litigator.
the firms that are most likely to raise are mostly (and in a few cases largely) corporate.

And while firms are obviously raking in money on corp associates billing 2300+, let’s not forget lit associates make them plenty of money too. Even 1800 hours at 6-900 (ie junior to midlevel rates) is still btwn 1.1 and 1.6 mil in revenue

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Wed Oct 27, 2021 9:07 pm

FF got an email today saying it expects bonuses to be announced by the end of next month (i.e., we will follow whatever the market does), but noting that first years in good standing (Class of 2020, not stub years) would receive a market bonus regardless of hours.

Hopefully that means they're ready to be generous across the board...

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Wed Oct 27, 2021 9:12 pm

TatteredDignity wrote:
Wed Oct 27, 2021 5:01 pm
I'm skeptical that firms will shower all associates with additional cash when it’s the corporate associates who are making all the money. I say this as a litigator.
Isn't that the whole point of lockstep salary?

Side note, in 2006 when biglaw comp was at its peak, was lit proportionally bringing in more revenue?

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Wed Oct 27, 2021 9:20 pm

Anonymous User wrote:
Wed Oct 27, 2021 9:12 pm
TatteredDignity wrote:
Wed Oct 27, 2021 5:01 pm
I'm skeptical that firms will shower all associates with additional cash when it’s the corporate associates who are making all the money. I say this as a litigator.
Isn't that the whole point of lockstep salary?

Side note, in 2006 when biglaw comp was at its peak, was lit proportionally bringing in more revenue?
People in my white collar group are billing 80+ hours per week. They better not screw the litigators lol.

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Oct 28, 2021 7:44 am

Saw a screenshot of Paul Weiss email on Fishbowl suggesting discretionary bonuses for high billers? Thoughts?

https://joinfishbowl.com/post_rqto81ptc2

NoLongerALurker

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Re: 2021 End of Year Bonuses

Post by NoLongerALurker » Thu Oct 28, 2021 9:02 am

Anyone at PW want to provide any additional info?

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Re: 2021 End of Year Bonuses

Post by Anonymous User » Thu Oct 28, 2021 9:10 am

Email went around at PW last night announcing a new discretionary special bonus program for "those of you whose contributions and sacrifices have been extraordinary". There will be one payment in November and another beginning of next year. Practice group leaders will be reaching out to individuals who receive separately. No mention of a scale or actual qualifications.

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cornerstone

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Re: 2021 End of Year Bonuses

Post by cornerstone » Thu Oct 28, 2021 9:19 am

Anonymous User wrote:
Thu Oct 28, 2021 9:10 am
Email went around at PW last night announcing a new discretionary special bonus program for "those of you whose contributions and sacrifices have been extraordinary". There will be one payment in November and another beginning of next year. Practice group leaders will be reaching out to individuals who receive separately. No mention of a scale or actual qualifications.
Is this just falling in line with other firms that offer bonus multipliers or additional $$$ for top billers/performers? I thought PW was previously lockstep bonus regardless of hours: https://abovethelaw.com/2020/11/paul-we ... uses-2020/.

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