2021 End of Year Bonuses Forum

[BrowsingTLS]

I wish it was built into the bonus so we could get a higher total (for those of us getting a multiple)

Building it into the core bonus would require them to pay this same amount for the next year(s). Smart move, D(PW).

[Anonymous User]

Are laterals who had non-prorated "year-end" bonus as a term in their offer eligible for special bonuses?

[Anonymous User]

Also better for laterals who would otherwise have their bonus prorated.

[Anonymous User]

From the DPW memo posted on ATL: "We set a high bar for success in 2020 and you have played a critical role in the Firm exceeding it in 2021." (read: last year we were filthy rich, this year we are even filthier rich)

[Anonymous User]

Meanwhile at CravaTTTh

https://twitter.com/HoffProf/status/146 ... 30820?s=20

[Anonymous User]

Also better for laterals who would otherwise have their bonus prorated.

Are people still getting pro rated bonuses after lateraling? I had to take a class year cut but will still get an annualized bonus. I was getting recruiter e-mails in November telling me firms would pay me the full annual bonus if I hopped.

[Anonymous User]

I wish it was built into the bonus so we could get a higher total (for those of us getting a multiple)

My first thought as a KE associate, since last year it seemed like they applied our multiple to the base and then added the special on top, rather than multiplying the whole thing. I expect the same treatment here, so a c/o 2016 with a 1.3x will get 135k instead of 140.5k. Not a huge deal but noticeable

[peperharow]

Also better for laterals who would otherwise have their bonus prorated.

Are people still getting pro rated bonuses after lateraling? I had to take a class year cut but will still get an annualized bonus. I was getting recruiter e-mails in November telling me firms would pay me the full annual bonus if I hopped.

Generally the announcements say that bonuses are prorated for those that have worked less than the full bonus year. I joined about 4.5 months in (so worked about 63% of the bonus year) but worked around 1440 hours which is c. 2300 annualised hours (and 1440 is 75% of a 1900 target). No idea whether I'd get a 0.63 multiplier based on months worked or a 0.75 multiplier based on hours worked, but something extra (a more generous multiplier) for billing this much in my first 7 months on top of inductions etc would be welcome.

[Anonymous User]

I wish it was built into the bonus so we could get a higher total (for those of us getting a multiple)

My first thought as a KE associate, since last year it seemed like they applied our multiple to the base and then added the special on top, rather than multiplying the whole thing. I expect the same treatment here, so a c/o 2016 with a 1.3x will get 135k instead of 140.5k. Not a huge deal but noticeable

This, plus it not getting baked into future years (because it’s “special”) really does heavily discount the value of these extra amounts. I mean, I still think DPW is awesome for pushing the market higher and they (+ Milbank) are the true market leaders, not Cravath. Buuuuuut it’s certainly not “smashing” the market. Eh. It’s like their $202.5 bullshit for first years lol.

Hopefully Milbank (or STB or Cooley or Willkie who have made some sort of move in recent years and want to take a crack at the throne) will at least bake these DPW amounts into normal bonuses, if not raise higher.

[Anonymous User]

Also better for laterals who would otherwise have their bonus prorated.

Are people still getting pro rated bonuses after lateraling? I had to take a class year cut but will still get an annualized bonus. I was getting recruiter e-mails in November telling me firms would pay me the full annual bonus if I hopped.

Generally the announcements say that bonuses are prorated for those that have worked less than the full bonus year. I joined about 4.5 months in (so worked about 63% of the bonus year) but worked around 1440 hours which is c. 2300 annualised hours (and 1440 is 75% of a 1900 target). No idea whether I'd get a 0.63 multiplier based on months worked or a 0.75 multiplier based on hours worked, but something extra (a more generous multiplier) for billing this much in my first 7 months on top of inductions etc would be welcome.

Yes, but I believe it is typical in this market for laterals to negotiate (or for firms to offer upfront) the full bonus if they hit pro rated hours. The bit about bonuses being pro rated for those who have worked less than the full bonus year doesn't override that.

[Anonymous User]

This might be obvious, but is the new DPW scale inclusive or exclusive of any multipliers for "above any beyond" billing? The memo doesn't make any mention of "extra bonuses for our top performers" etc.

Put another way, would a DPW (or PW) associate that billed 2600 get the same $$ bonus as someone that billed 2000? Because if so, that doesn't really seem like a bump above the other firms that have already announced Cravath matches but with extra money for high billers (e.g. at Mayer Brown https://abovethelaw.com/2021/12/mayer-brown-bonus/).

[Anonymous User]

As far as I'm aware, DPW doesn't do the bonus multiplier for high billers. I don't think it's common for firms without minimum billable requirements for bonuses to have bonus multipliers.

Those firms save a ton of money every year not paying bonuses to some percentage of their associates. I'd wager that more than makes up for the extra they pay to high billers.

Also...paying a kicker for people billing a higher number than the minimum is not the same as raising the actual scale, and the kickers aren't consistent across the subset of the market that pays them (in either hours threshold or percentage). I also expect Mayer Brown and other firms that offer kickers to high billers will match this new scale. So yes...it's a raise.

[getty]

Is the Class of '21 $15K bonus still prorated for stubs on the DPW scale?

[Mullens]

DPW pays lockstep with no additional bonuses for high billers. A DPW associate with high hours is almost certainly making less than eg a DLA associate with the same hours (or even lower hours) since they do get additional bonuses above certain thresholds.

[Anonymous User]

Is the Class of '21 $15K bonus still prorated for stubs on the DPW scale?

Yes.

[Anonymous User]

Is there a list somewhere of which firms give stubs bonuses?

[Auxilio]

Is there a list somewhere of which firms give stubs bonuses?

This is a great list, but it's 7 years old now. It highlights that there are a lot of considerations beyond just stub year.

https://abovethelaw.com/careers/law-fir ... rst-years/

[TigerIsBack]

Also better for laterals who would otherwise have their bonus prorated.

Are people still getting pro rated bonuses after lateraling? I had to take a class year cut but will still get an annualized bonus. I was getting recruiter e-mails in November telling me firms would pay me the full annual bonus if I hopped.

Generally the announcements say that bonuses are prorated for those that have worked less than the full bonus year. I joined about 4.5 months in (so worked about 63% of the bonus year) but worked around 1440 hours which is c. 2300 annualised hours (and 1440 is 75% of a 1900 target). No idea whether I'd get a 0.63 multiplier based on months worked or a 0.75 multiplier based on hours worked, but something extra (a more generous multiplier) for billing this much in my first 7 months on top of inductions etc would be welcome.

The announcements always say that as a general rule, but then as a lateral you'd have something in your offer letter saying yours won't be pro-rated if that was agreed to.

[Anonymous User]

Anyone know if Wachtell has paid special bonuses this year? Otherwise, if bonuses are 100% of market base, their comp for more senior associates is not looking as insane as is typical. (6th year making $502,700 market this year vs. $660k at Wachtell, pre-tax of course, per https://www.biglawinvestor.com/biglaw-salary-scale/)

[Anonymous User]

I actually had a buddy of mine at WLRK complain a few months ago after that last wave of special bonuses that the delta between them and the rest of the market wasn't quite as astronomical as it used to be, and that s/he was hoping WLRK partners would fix that. Maybe that have. (Probably yes, they work those insane hours to get that insane delta).

[Anonymous User]

I’m most upset about the December 30 payout tbh. I was planning to tell people on the 16th that I was gone.

This is exactly right.

If you give notice on the 20th and your last day is Dec 31, wouldn't you still get the new extra bonus because you're still technically employed on that date? Or is that too much to hope for?

[Anonymous User]

I actually had a buddy of mine at WLRK complain a few months ago after that last wave of special bonuses that the delta between them and the rest of the market wasn't quite as astronomical as it used to be, and that s/he was hoping WLRK partners would fix that. Maybe that have. (Probably yes, they work those insane hours to get that insane delta).

It's nice that your Wachtell buddy has at least one friend (you) left in life, as well as a few minutes' free time to complain to said friend

[Mullens]

I’m most upset about the December 30 payout tbh. I was planning to tell people on the 16th that I was gone.

This is exactly right.

If you give notice on the 20th and your last day is Dec 31, wouldn't you still get the new extra bonus because you're still technically employed on that date? Or is that too much to hope for?

As a rule of thumb, you should never give notice until your bonus hits your bank account. Firm may not pay your bonus if you’ve given notice prior to the payment date and it’s simply not worth the risk when there’s tens of thousands of dollars at risk.

[Anonymous User]

Paul Hastings full match of DPW, payable Feb. 4. That's a month earlier than it's been paid out in recent years, and a match in record time.

The announcement also specifies that 2021 special bonuses will be trued up for those who missed them based on hours but receive an EOY bonus.

[cisscum]

Also better for laterals who would otherwise have their bonus prorated.

Are people still getting pro rated bonuses after lateraling? I had to take a class year cut but will still get an annualized bonus. I was getting recruiter e-mails in November telling me firms would pay me the full annual bonus if I hopped.

Generally the announcements say that bonuses are prorated for those that have worked less than the full bonus year. I joined about 4.5 months in (so worked about 63% of the bonus year) but worked around 1440 hours which is c. 2300 annualised hours (and 1440 is 75% of a 1900 target). No idea whether I'd get a 0.63 multiplier based on months worked or a 0.75 multiplier based on hours worked, but something extra (a more generous multiplier) for billing this much in my first 7 months on top of inductions etc would be welcome.

The announcements always say that as a general rule, but then as a lateral you'd have something in your offer letter saying yours won't be pro-rated if that was agreed to.

Any idea how that works if there's an hours minimum?