Announcing 2022 Special Bonuses Forum

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When will 2022 special bonuses be announced?

Jan
10
2%
Feb
29
7%
Mar
78
18%
Apr
50
11%
May
13
3%
June
25
6%
Never
232
53%
 
Total votes: 437

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Tue Jan 25, 2022 1:41 pm

I want to be friends with the 5 wildly optimistic people who voted for a January special bonus announcement. I feel like they'd cheer me up in all situations lol

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Tue Jan 25, 2022 2:20 pm

Anonymous User wrote:
Tue Jan 25, 2022 1:27 pm
Anonymous User wrote:
Tue Jan 25, 2022 12:06 pm
Anyone else having mixed feelings about the Milbank salary increase? Part of me feels like the salary increase made it less likely we'll get special bonuses. I'm a senior associate so if it's an either / or situation that means I'm down $44k (20k base increase vs. 64k in special bonuses). Or maybe I'm thinking about this wrong and it's only all good news, i.e., the base going up won't have any affect on the probability of special bonuses being announced.

(I've noticed since the Milbank announcement the poll has become almost even between "March" and "Never" whereas before March was consistently ahead by some margin.)
Sadly, I’m pessimistic about the special bonuses as well. I believe they will either go away in 2022 or will be greatly reduced as a way of “weaning” associates off them.

A jittery market (modest stock market corrections, interest rate hikes, inflation concerns) gives partnerships a pretext to cut back on special bonuses — whether or not BL firms actually feel the sting of a weaker economy. I personally think firms will generate more profits than ever in 2022, but will try to exploit ambient uncertainty, FUD, headlines, etc. as a way of justifying this to associates.
I think this is likely true. Mid-year special bonuses will go away, with firms pointing to the scale increase, but that (regardless of the intent of splitting the EOY and "Special EOY" bonus last month), the full boat will become the standard December bonus

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Tue Jan 25, 2022 2:25 pm

Anonymous User wrote:
Tue Jan 25, 2022 2:20 pm
Anonymous User wrote:
Tue Jan 25, 2022 1:27 pm
Anonymous User wrote:
Tue Jan 25, 2022 12:06 pm
Anyone else having mixed feelings about the Milbank salary increase? Part of me feels like the salary increase made it less likely we'll get special bonuses. I'm a senior associate so if it's an either / or situation that means I'm down $44k (20k base increase vs. 64k in special bonuses). Or maybe I'm thinking about this wrong and it's only all good news, i.e., the base going up won't have any affect on the probability of special bonuses being announced.

(I've noticed since the Milbank announcement the poll has become almost even between "March" and "Never" whereas before March was consistently ahead by some margin.)
Sadly, I’m pessimistic about the special bonuses as well. I believe they will either go away in 2022 or will be greatly reduced as a way of “weaning” associates off them.

A jittery market (modest stock market corrections, interest rate hikes, inflation concerns) gives partnerships a pretext to cut back on special bonuses — whether or not BL firms actually feel the sting of a weaker economy. I personally think firms will generate more profits than ever in 2022, but will try to exploit ambient uncertainty, FUD, headlines, etc. as a way of justifying this to associates.
I think this is likely true. Mid-year special bonuses will go away, with firms pointing to the scale increase, but that (regardless of the intent of splitting the EOY and "Special EOY" bonus last month), the full boat will become the standard December bonus
Legit won't understand this if firms go this route. Whatever total bonus pie you're going to pay out for a given year, if you want to keep people on the "hedonic treadmill" (just x more months until I get a bonus), the smart way to do it is to stagger the payments across the year rather than have it all come out in a single lump sum. Speaking from personal experience, I definitely found myself more committed last year because of how they structured spring / fall bonuses.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Tue Jan 25, 2022 3:41 pm

If firms didn't feel they had anything to gain by paying special bonuses, they wouldn't do so. I'm sure they'd pay us a teacher's salary if they could get away with it.

Not sure what has changed since 2021; overall, has the recruitment market become less competitive, or has the pipeline of work reduced? Neither is true in my firm. If there's been no change, I can't see why the trendsetter firms would suddenly go off in another direction. Granted, there's plenty of doom and gloom in the media, but firms always could have pointed to current affairs to justify the same decision over the past couple of years (Covid, international instability, supply chain issues, stock market or cryptocurrency bubble, threat of white supremacists, etc.)

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Fri Jan 28, 2022 1:41 am

Bump

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Fri Jan 28, 2022 1:06 pm

Anonymous User wrote:
Fri Jan 28, 2022 1:41 am
Bump
DPW is the best hope for this now. The baller move would be for them to announce a Milbank match and a spring bonus (or even a spring/fall bonus) similar to the one that was announced last year.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Sun Jan 30, 2022 9:38 pm

Agree. My guess is DPW adds 7,500 extra to each class year based on Milbank and then matches last year’s special bonus exactly, payable in two payments.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Mon Jan 31, 2022 2:46 pm

Anonymous User wrote:
Sun Jan 30, 2022 9:38 pm
Agree. My guess is DPW adds 7,500 extra to each class year based on Milbank and then matches last year’s special bonus exactly, payable in two payments.
Maybe DPW just announces blackbox retention bonuses like other firms had previously done. This is the worst-case scenario for the rest of the market, because then those bonuses won't necessarily be matched (see for example Skadden's 6-figure bonuses, which got some press then faded from memory. Congrats to the Skadden associates I guess)

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Mon Feb 28, 2022 4:39 pm

Wanted to resurrect this thread to see if people's views on this have changed in light of what's happened with Milbank / DPW / (edit: Cravath!) raising the salary scale. Do we think there's any gas left in the tank for a round of spring / fall bonuses being announced in March or April? Or did DPW dragging its feel plus geopolitics effectively end the prospect? Something else altogether (e.g., maybe just a fall bonus announced in summer)?

I'm leaning toward "the party is over" and there isn't going to be more compensation developments happening until it's time for EoY bonuses, but curious what others are thinking (and it'd certainly be hilarious if Milbank announced a spring / fall bonus next week just to fuck with everyone).

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Wed Mar 02, 2022 12:13 pm

Anonymous User wrote:
Mon Feb 28, 2022 4:39 pm
Wanted to resurrect this thread to see if people's views on this have changed in light of what's happened with Milbank / DPW / (edit: Cravath!) raising the salary scale.
The Reddit hivemind overwhelmingly expects 'no special bonus' this year (see poll). I personally think that the uncertainty around rate hikes, land war, etc., gives firms a convenient excuse to turn off the money spigot.

If you go back to the messaging around the special bonuses, most of the memos reference (directly or indirectly) the COVID pandemic. As COVID recedes from the public conversation, that also gives cover to withdraw the bonuses.

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Monochromatic Oeuvre

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Re: Announcing 2022 Special Bonuses

Post by Monochromatic Oeuvre » Wed Mar 02, 2022 5:54 pm

Anonymous User wrote:
Wed Mar 02, 2022 12:13 pm
The Reddit hivemind overwhelmingly expects 'no special bonus' this year (see poll). I personally think that the uncertainty around rate hikes, land war, etc., gives firms a convenient excuse to turn off the money spigot.

If you go back to the messaging around the special bonuses, most of the memos reference (directly or indirectly) the COVID pandemic. As COVID recedes from the public conversation, that also gives cover to withdraw the bonuses.
This poll you linked does not show people who "overwhelmingly expect no special bonus." It actually shows a majority of respondents expecting one.

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glitched

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Re: Announcing 2022 Special Bonuses

Post by glitched » Wed Mar 02, 2022 7:07 pm

Monochromatic Oeuvre wrote:
Wed Mar 02, 2022 5:54 pm
Anonymous User wrote:
Wed Mar 02, 2022 12:13 pm
The Reddit hivemind overwhelmingly expects 'no special bonus' this year (see poll). I personally think that the uncertainty around rate hikes, land war, etc., gives firms a convenient excuse to turn off the money spigot.

If you go back to the messaging around the special bonuses, most of the memos reference (directly or indirectly) the COVID pandemic. As COVID recedes from the public conversation, that also gives cover to withdraw the bonuses.
This poll you linked does not show people who "overwhelmingly expect no special bonus." It actually shows a majority of respondents expecting one.
Ha - lawyers don't know how to add.

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Re: Announcing 2022 Special Bonuses

Post by almostperfectt » Wed Mar 02, 2022 7:47 pm

glitched wrote:
Wed Mar 02, 2022 7:07 pm
Monochromatic Oeuvre wrote:
Wed Mar 02, 2022 5:54 pm
Anonymous User wrote:
Wed Mar 02, 2022 12:13 pm
The Reddit hivemind overwhelmingly expects 'no special bonus' this year (see poll). I personally think that the uncertainty around rate hikes, land war, etc., gives firms a convenient excuse to turn off the money spigot.

If you go back to the messaging around the special bonuses, most of the memos reference (directly or indirectly) the COVID pandemic. As COVID recedes from the public conversation, that also gives cover to withdraw the bonuses.
This poll you linked does not show people who "overwhelmingly expect no special bonus." It actually shows a majority of respondents expecting one.
Ha - lawyers don't know how to add.
Probably a law student. (Biglaw) Lawyers who can't read basic charts are much too ashamed to be so foolish so boldly

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Wed Mar 02, 2022 8:11 pm

Anonymous User wrote:
Wed Mar 02, 2022 12:13 pm
Anonymous User wrote:
Mon Feb 28, 2022 4:39 pm
Wanted to resurrect this thread to see if people's views on this have changed in light of what's happened with Milbank / DPW / (edit: Cravath!) raising the salary scale.
The Reddit hivemind overwhelmingly expects 'no special bonus' this year (see poll). I personally think that the uncertainty around rate hikes, land war, etc., gives firms a convenient excuse to turn off the money spigot.

If you go back to the messaging around the special bonuses, most of the memos reference (directly or indirectly) the COVID pandemic. As COVID recedes from the public conversation, that also gives cover to withdraw the bonuses.
I don’t think firms need cover like Russia, rates, etc. to not give a bonus. They just don’t say anything at all. Those things might be the reason why we don’t get bonuses, but I don’t think firms need any excuse at all to not pay them.

Whether we get a special bonus will be a much simpler decision IMO. If some firm cannot keep up with the work it’s getting in terms of retaining associates, then it will give another special bonus. Since we just got a raise, I don’t think firms will think about this until May or so and best case would then announce a special bonus in late summer or early fall.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Thu Mar 10, 2022 12:55 am

Bump for all those waiting for special bonuses :D, hopefully March or April … let the comp wars continue

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Thu Mar 10, 2022 1:08 am

My bet is Milbank comes back with a special bonus announcement when it matches Cravath to continue to stay at the top of comp game.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Thu Mar 10, 2022 10:07 am

FWIW, Kaplan Hecker announced special bonuses (7,500-15,000) when they shot past the Milbank scale. Not eyepopping, but it's a start.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Mon Mar 14, 2022 11:12 pm

Bump for $pecial bonu$e$ a$ap…………

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Sun Mar 20, 2022 10:59 pm

Bump. Seriously hoping for a spring bonus announcement in late March or early April.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Mon Mar 21, 2022 12:11 am

Anonymous User wrote:
Sun Mar 20, 2022 10:59 pm
Bump. Seriously hoping for a spring bonus announcement in late March or early April.
I am not a pessimist, but I don’t think it’s gonna happen.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Mon Mar 21, 2022 12:41 am

Yeah the markets are slowing down (not quite ready to declare a recession imminent but it is slower), inflation and interest rates are up, and we still haven't really felt the ripples of Vlad's adventures. I'm glad the raises got baked in in time but I don't expect special bonuses to last forever.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Mon Mar 21, 2022 10:13 am

If special bonuses come at all this year, it probably won’t be until the summer or early fall. We just had a raise where all three of the primary movers (Milbank, DPW, Cravath) made affirmative moves, so all three probably feel like they’ve done right by their associates for awhile. There is also a general sense of uncertainty in the market at the moment, so firms will probably want some extra time to see whether or not the year is strong before committing to additional bonuses.

Are bonuses likely? Not clear. Could they come later this year? Absolutely. This last raise and a couple other raises/bonuses over the last several years have (in my view) challenged the traditional notion of an uber conservative/skittish partnership and have shown that bonuses can come about in strange/unexpected ways and times.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Mon Mar 21, 2022 3:10 pm

Have heard rumblings that Skadden is planning to announce in the next few weeks. I’m at a different v10 but am familiar with someone that makes me comfortable about this intel. Will be interesting to see if they follow through. Think they also planned to do this last summer and didn’t.

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Re: Announcing 2022 Special Bonuses

Post by Anonymous User » Tue Mar 22, 2022 11:37 am

Anonymous User wrote:
Mon Mar 21, 2022 10:13 am
If special bonuses come at all this year, it probably won’t be until the summer or early fall. We just had a raise where all three of the primary movers (Milbank, DPW, Cravath) made affirmative moves, so all three probably feel like they’ve done right by their associates for awhile. There is also a general sense of uncertainty in the market at the moment, so firms will probably want some extra time to see whether or not the year is strong before committing to additional bonuses.

Are bonuses likely? Not clear. Could they come later this year? Absolutely. This last raise and a couple other raises/bonuses over the last several years have (in my view) challenged the traditional notion of an uber conservative/skittish partnership and have shown that bonuses can come about in strange/unexpected ways and times.
This all sounds reasonable and thoughtful and then I see the news of Latham's revenue figure and I think "fuck that noise, give me a special bonus right now."

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