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Anonymous User
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by Anonymous User » Wed Aug 03, 2022 2:45 pm
glitched wrote: ↑Wed Aug 03, 2022 11:13 am
If a firm gave out summer/fall bonuses now... that would really be saying something. It would definitely signal that it's super strong and all the best associates would flock there. Bonuses during good times is obvious. Bonuses during recession? Mega baller energy.
Every practice that would fuel this is down — levfin? Down. Cap markets? Down. M&A? Down.
Still surprised at how delusional people are with respect to the state of the market — deal work is down substantially. Maybe we see bonuses by some shops but it really doesn’t seem likely.
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Anonymous User
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by Anonymous User » Wed Aug 03, 2022 3:53 pm
Anonymous User wrote: ↑Wed Aug 03, 2022 2:45 pm
glitched wrote: ↑Wed Aug 03, 2022 11:13 am
If a firm gave out summer/fall bonuses now... that would really be saying something. It would definitely signal that it's super strong and all the best associates would flock there. Bonuses during good times is obvious. Bonuses during recession? Mega baller energy.
Every practice that would fuel this is down — levfin? Down. Cap markets? Down. M&A? Down.
Still surprised at how delusional people are with respect to the state of the market — deal work is down substantially. Maybe we see bonuses by some shops but it really doesn’t seem likely.
Nice. Very helpful. Leveraged finance definitely the needle mover for associate bonuses.
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glitched
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by glitched » Wed Aug 03, 2022 7:49 pm
Anonymous User wrote: ↑Wed Aug 03, 2022 2:45 pm
glitched wrote: ↑Wed Aug 03, 2022 11:13 am
If a firm gave out summer/fall bonuses now... that would really be saying something. It would definitely signal that it's super strong and all the best associates would flock there. Bonuses during good times is obvious. Bonuses during recession? Mega baller energy.
Every practice that would fuel this is down — levfin? Down. Cap markets? Down. M&A? Down.
Still surprised at how delusional people are with respect to the state of the market — deal work is down substantially. Maybe we see bonuses by some shops but it really doesn’t seem likely.
And that's why it would be mega baller energy if they did.
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Anonymous User
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by Anonymous User » Wed Aug 03, 2022 10:09 pm
Anonymous User wrote: ↑Wed Aug 03, 2022 3:53 pm
Anonymous User wrote: ↑Wed Aug 03, 2022 2:45 pm
glitched wrote: ↑Wed Aug 03, 2022 11:13 am
If a firm gave out summer/fall bonuses now... that would really be saying something. It would definitely signal that it's super strong and all the best associates would flock there. Bonuses during good times is obvious. Bonuses during recession? Mega baller energy.
Every practice that would fuel this is down — levfin? Down. Cap markets? Down. M&A? Down.
Still surprised at how delusional people are with respect to the state of the market — deal work is down substantially. Maybe we see bonuses by some shops but it really doesn’t seem likely.
Nice. Very helpful. Leveraged finance definitely the needle mover for associate bonuses.
literally what do you think Milbank's most prominent transactional practice is? it's levfin/DL and project finance -- DPW is also ridiculously strong in levfin, probably #1 bank firm. milbank is not doling out bonuses and higher salaries on the back of its public m&a practice, it's restructuring and finance where milbank shines and is known.
more to the point, it's not one practice is down, it's that the primary driver practices of meaningful revenues - M&A, levfin, capmarkets - are down. You look at it all in totality.
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Anonymous User
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by Anonymous User » Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
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objctnyrhnr
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by objctnyrhnr » Fri Aug 05, 2022 1:43 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
What are you talking about? Why would it be an out? Do you work at a 2 person firm?
More broadly, why wouldn’t the firm theoretically want people to find out about special bonuses if they’re really a market leader?
This comment pisses me off so much. I should de—anon you because I’m so annoyed by it for multiple reasons…but I probably won’t.
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Anonymous User
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by Anonymous User » Fri Aug 05, 2022 1:45 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
Heard it from a summer?
In all seriousness, why would it out you to share at least some details? Can you at least provide some intel about how they are dolled out (individual/by class year? special calls/emails or big announcement?)?
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Anonymous User
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by Anonymous User » Fri Aug 05, 2022 2:13 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
Methinks this is similar to the rumor that KE was mass no offering, which turned out to be a circular citation originating in the same thread. Would love to be wrong.
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Anonymous User
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by Anonymous User » Fri Aug 05, 2022 2:14 pm
objctnyrhnr wrote: ↑Fri Aug 05, 2022 1:43 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
What are you talking about? Why would it be an out? Do you work at a 2 person firm?
More broadly, why wouldn’t the firm theoretically want people to find out about special bonuses if they’re really a market leader?
This comment pisses me off so much. I should de—anon you because I’m so annoyed by it for multiple reasons…but I probably won’t.
Relax guy. The nature of how it was given would be an out due to the small number of people in each class, but it was a retention bonus (so i guess not really a "special bonus" per se). There was verbal notice that it was going to be given out at the end of last year.
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glitched
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by glitched » Fri Aug 05, 2022 2:30 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 2:14 pm
objctnyrhnr wrote: ↑Fri Aug 05, 2022 1:43 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
What are you talking about? Why would it be an out? Do you work at a 2 person firm?
More broadly, why wouldn’t the firm theoretically want people to find out about special bonuses if they’re really a market leader?
This comment pisses me off so much. I should de—anon you because I’m so annoyed by it for multiple reasons…but I probably won’t.
Relax guy. The nature of how it was given would be an out due to the small number of people in each class, but it was a retention bonus (so i guess not really a "special bonus" per se). There was verbal notice that it was going to be given out at the end of last year.
So absolutely useless information.
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Anonymous User
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- Joined: Tue Aug 11, 2009 9:32 am
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by Anonymous User » Sun Aug 07, 2022 6:51 pm
glitched wrote: ↑Fri Aug 05, 2022 2:30 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 2:14 pm
objctnyrhnr wrote: ↑Fri Aug 05, 2022 1:43 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
What are you talking about? Why would it be an out? Do you work at a 2 person firm?
More broadly, why wouldn’t the firm theoretically want people to find out about special bonuses if they’re really a market leader?
This comment pisses me off so much. I should de—anon you because I’m so annoyed by it for multiple reasons…but I probably won’t.
Relax guy. The nature of how it was given would be an out due to the small number of people in each class, but it was a retention bonus (so i guess not really a "special bonus" per se). There was verbal notice that it was going to be given out at the end of last year.
So absolutely useless information.
Well it can’t be leveraged finance, m&a or capital markets per the posters in this thread.
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Anonymous User
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by Anonymous User » Sun Aug 07, 2022 7:20 pm
Anonymous User wrote: ↑Wed Aug 03, 2022 3:53 pm
Anonymous User wrote: ↑Wed Aug 03, 2022 2:45 pm
glitched wrote: ↑Wed Aug 03, 2022 11:13 am
If a firm gave out summer/fall bonuses now... that would really be saying something. It would definitely signal that it's super strong and all the best associates would flock there. Bonuses during good times is obvious. Bonuses during recession? Mega baller energy.
Every practice that would fuel this is down — levfin? Down. Cap markets? Down. M&A? Down.
Still surprised at how delusional people are with respect to the state of the market — deal work is down substantially. Maybe we see bonuses by some shops but it really doesn’t seem likely.
Nice. Very helpful. Leveraged finance definitely the needle mover for associate bonuses.
Lol Lev Fin is usually in the Top 3 most profitable practices for law firms. Moreover, it keeps the lights on at firms. Lev fin deals can go from start to close in two weeks and the firm gets paid constantly. Big M&A deals often don't go through and clients often get cuts for failed deals and they take forever to get paid out on (3-4 months for PE and even longer for public m&a).
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Anonymous User
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by Anonymous User » Sun Aug 07, 2022 8:11 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 2:14 pm
objctnyrhnr wrote: ↑Fri Aug 05, 2022 1:43 pm
Anonymous User wrote: ↑Fri Aug 05, 2022 12:37 pm
Can confirm that special bonuses went out at my firm. Can't provide too much detail as it would be an out.
What are you talking about? Why would it be an out? Do you work at a 2 person firm?
More broadly, why wouldn’t the firm theoretically want people to find out about special bonuses if they’re really a market leader?
This comment pisses me off so much. I should de—anon you because I’m so annoyed by it for multiple reasons…but I probably won’t.
Relax guy. The nature of how it was given would be an out due to the small number of people in each class, but it was a retention bonus (so i guess not really a "special bonus" per se). There was verbal notice that it was going to be given out at the end of last year.
So unless you're the only one who got it, you can at least share the firm, right? Double dog dare you.
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Anonymous User
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by Anonymous User » Mon Aug 08, 2022 6:45 pm
It's just a 3% decline in profits from the highest profits ever? And a decline in overall demand of 0.5 percent? That, mixed with a second half that appears likely to be about as hot as last year.
Give me my fucking special bonuses NOW. And if this is for AmLaw firms without regard to where they are in the hierarchy, imagine how much less a problem it is for the AmLaw 50, who would at any rate be the first movers.
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Anonymous User
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by Anonymous User » Tue Aug 09, 2022 2:52 pm
The work load was unbearable last year and the firms had only two options: (1) turn down work from clients (fat chance) or (2) throw money at associates to keep them from rage quitting.
I don't about you guys, but the weekly bulletins at my firm had so many farewells last year vs. this year, it's extremely obvious that the firm no longer needs to throw money at us to keep us around.
Honestly, I'm okay with it. I'd rather bill 2000 hours and make $300k vs. working 2500 hours and making $350k.
Would I like to bill 2000 hours and make $350k? Sure. But that was never the deal offered. The deal was a little bit more money for a shit ton more work. And to that deal, I say no thank you.
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Anonymous User
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by Anonymous User » Tue Aug 09, 2022 3:23 pm
The amlaw numbers they are reporting can’t be right. At my v10, we had maybe 1/2 the group at 2600+ billable last year, this year there is one individual north of 2300.
If firms are maintaining profitability, good for them but sure seems like numbers are down in a big (and humane) way.
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Anonymous User
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by Anonymous User » Tue Aug 09, 2022 6:14 pm
M&A partner at my v5 warned me today that we are likely to be slammed again starting in the fall. Said he is hearing of lots of deals in the works and said the pull back earlier in the year has led to pent-up demand. Hoping that means special bonuses at year-end, especially if we start billing like last year...
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Anonymous User
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by Anonymous User » Tue Aug 09, 2022 6:15 pm
Anonymous User wrote: ↑Tue Aug 09, 2022 6:14 pm
M&A partner at my v5 warned me today that we are likely to be slammed again starting in the fall. Said he is hearing of lots of deals in the works and said the pull back earlier in the year has led to pent-up demand. Hoping that means special bonuses at year-end, especially if we start billing like last year...
But what about leveraged finance
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Anonymous User
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by Anonymous User » Tue Aug 09, 2022 7:09 pm
Anonymous User wrote: ↑Tue Aug 09, 2022 6:15 pm
Anonymous User wrote: ↑Tue Aug 09, 2022 6:14 pm
M&A partner at my v5 warned me today that we are likely to be slammed again starting in the fall. Said he is hearing of lots of deals in the works and said the pull back earlier in the year has led to pent-up demand. Hoping that means special bonuses at year-end, especially if we start billing like last year...
But what about leveraged finance
are you still upset that you tried to meme about something you clearly don’t understand?
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Anonymous User
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by Anonymous User » Sat Aug 13, 2022 2:46 pm
I don't think there is a single firm that is doing as well as they were last year after accounting for increased baseline expenses. There was already a raise this year. Color me skeptical.
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by Anonymous User » Mon Aug 29, 2022 8:16 pm
MBB is reportedly bumping their base pay 15k. It's not specifically relevant to Biglaw, and I don't care to turn this into a consulting v. Biglaw thread, but I want my fucking money.
Seriously? What are you waiting for?
Now there's a charge.
Just kidding ... it's still FREE!
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