Announcing 2022 Special Bonuses
Posted: Fri Dec 24, 2021 6:30 pm
When do you think they’ll be announced, if at all?
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Announcing 2022 Special Bonuses Forum
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Re: Announcing 2022 Special Bonuses
Posted: Sat Jan 15, 2022 6:36 pm
Bump
Re: Announcing 2022 Special Bonuses
Posted: Sat Jan 15, 2022 6:55 pm
Depends whether the Fed hikes rates and M&A slows down.
Plenty of AmLaw articles recently about how salary costs are cutting into law firm growth, which you can take to mean that’s the narrative that partners are feeding their journalist contacts. Pretty clear that the message we’re being asked to swallow is that salaries/bonuses are maxed out.
But if attrition and market continues going gang busters, they’ll have to do another round.
Plenty of AmLaw articles recently about how salary costs are cutting into law firm growth, which you can take to mean that’s the narrative that partners are feeding their journalist contacts. Pretty clear that the message we’re being asked to swallow is that salaries/bonuses are maxed out.
But if attrition and market continues going gang busters, they’ll have to do another round.
Re: Announcing 2022 Special Bonuses
Posted: Sat Jan 15, 2022 7:10 pm
The 2021 special bonuses rolled out in mid-to-late March.
If we are going to get 2022 special bonus(es), I’d bet on March again.
If we are going to get 2022 special bonus(es), I’d bet on March again.
Re: Announcing 2022 Special Bonuses
Posted: Sat Jan 15, 2022 10:51 pm
Let’s not say “if” because we deserve it.Anonymous User wrote: ↑Sat Jan 15, 2022 7:10 pmThe 2021 special bonuses rolled out in mid-to-late March.
If we are going to get 2022 special bonus(es), I’d bet on March again.
Re: Announcing 2022 Special Bonuses
Posted: Sun Jan 16, 2022 12:33 am
Expectations of rate increases may prompt PE sponsors that rely on debt financing to move sooner to make deals, rather than later. The overall impact of gradual rate increases may therefore not be significant. When interest rates rose between 2016 and 2019, both deal volume and value rose.Ultramar vistas wrote: ↑Sat Jan 15, 2022 6:55 pmDepends whether the Fed hikes rates and M&A slows down.
Plenty of AmLaw articles recently about how salary costs are cutting into law firm growth, which you can take to mean that’s the narrative that partners are feeding their journalist contacts. Pretty clear that the message we’re being asked to swallow is that salaries/bonuses are maxed out.
But if attrition and market continues going gang busters, they’ll have to do another round.
Re: Announcing 2022 Special Bonuses
Posted: Sun Jan 16, 2022 12:37 am
Can we not with the clickbaity titles
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 17, 2022 12:02 am
Whenever Milbank feels like it.
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 17, 2022 10:23 am
Interesting to me that the second most selected option is "Never" (after March). General pessimism among lawyers? I don't think firms could so easily depart from this new compensation. Don't get me wrong, I'm sure there are plenty of penny-pinching partners in the V50 would who love a reason to not pay out spring / fall bonuses, but I don't think they'll get the justification they're looking for until the next economic downturn, which we're not close to--even if deal flow decelerates a bit because of rate increases it isn't going to be enough to drop this.
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 17, 2022 10:39 am
Doubt it. Milbank sets the trend re salary bump, but not bonus announcement.
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 17, 2022 11:35 am
Or maybe there are more partners in this forum than we thought.Anonymous User wrote: ↑Mon Jan 17, 2022 10:23 amInteresting to me that the second most selected option is "Never" (after March). General pessimism among lawyers? I don't think firms could so easily depart from this new compensation. Don't get me wrong, I'm sure there are plenty of penny-pinching partners in the V50 would who love a reason to not pay out spring / fall bonuses, but I don't think they'll get the justification they're looking for until the next economic downturn, which we're not close to--even if deal flow decelerates a bit because of rate increases it isn't going to be enough to drop this.
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 17, 2022 12:33 pm
Considering that the heyday of this place was circa 2010, that's not unlikely!Anonymous User wrote: ↑Mon Jan 17, 2022 11:35 amOr maybe there are more partners in this forum than we thought.Anonymous User wrote: ↑Mon Jan 17, 2022 10:23 amInteresting to me that the second most selected option is "Never" (after March). General pessimism among lawyers? I don't think firms could so easily depart from this new compensation. Don't get me wrong, I'm sure there are plenty of penny-pinching partners in the V50 would who love a reason to not pay out spring / fall bonuses, but I don't think they'll get the justification they're looking for until the next economic downturn, which we're not close to--even if deal flow decelerates a bit because of rate increases it isn't going to be enough to drop this.
Re: Announcing 2022 Special Bonuses
Posted: Tue Jan 18, 2022 9:07 am
This seems very possible and if so lmao about them flooding the poll in favor of "Never." It's interesting to me that no one has stepped forward to offer a justification for voting "Never," presumably because it'd be a thin one.Anonymous User wrote: ↑Mon Jan 17, 2022 11:35 amOr maybe there are more partners in this forum than we thought.Anonymous User wrote: ↑Mon Jan 17, 2022 10:23 amInteresting to me that the second most selected option is "Never" (after March). General pessimism among lawyers? I don't think firms could so easily depart from this new compensation. Don't get me wrong, I'm sure there are plenty of penny-pinching partners in the V50 would who love a reason to not pay out spring / fall bonuses, but I don't think they'll get the justification they're looking for until the next economic downturn, which we're not close to--even if deal flow decelerates a bit because of rate increases it isn't going to be enough to drop this.
Re: Announcing 2022 Special Bonuses
Posted: Tue Jan 18, 2022 9:15 am
Okay I'll step up to explain my "never" vote. I'm an associate at a cheap-as-f DC firm that will walk on fire to try to avoid paying market; meanwhile I have no insight into what work/retention is like at the V10s that actually set the market.
Hope is the mind killer, or something like that.
Hope is the mind killer, or something like that.
Re: Announcing 2022 Special Bonuses
Posted: Tue Jan 18, 2022 10:48 am
Any insight to how much turnover there was after bonuses were paid out this year? I know some firms don't pay until end of January, but I assume most are end of December so wondering if anecdata suggests that there's still a massive retention issue like there seemed to be last year around this time.
Re: Announcing 2022 Special Bonuses
Posted: Tue Jan 18, 2022 2:24 pm
On one of my deals, all of the associates across from me left after bonuses were paid at their firmAnonymous User wrote: ↑Tue Jan 18, 2022 10:48 amAny insight to how much turnover there was after bonuses were paid out this year? I know some firms don't pay until end of January, but I assume most are end of December so wondering if anecdata suggests that there's still a massive retention issue like there seemed to be last year around this time.
Also, I put “never” out of a sense of pessimism and not wanting to get my hopes up. I think firms will do their best to avoid paying out additional bonuses this year with the excuse that work is ready to slow down.
Re: Announcing 2022 Special Bonuses
Posted: Tue Jan 18, 2022 8:39 pm
Haven't seen the mass exodus I was expecting. V20 NYC.Anonymous User wrote: ↑Tue Jan 18, 2022 10:48 amAny insight to how much turnover there was after bonuses were paid out this year? I know some firms don't pay until end of January, but I assume most are end of December so wondering if anecdata suggests that there's still a massive retention issue like there seemed to be last year around this time.
Re: Announcing 2022 Special Bonuses
Posted: Wed Jan 19, 2022 9:13 am
An inordinate amount of farewell emails for my firm came in mid-late 2021, but I'm at a late-paying firm, so wouldn't be surprised to see some more trickle in as we push deeper into 2022.Anonymous User wrote: ↑Tue Jan 18, 2022 10:48 amAny insight to how much turnover there was after bonuses were paid out this year? I know some firms don't pay until end of January, but I assume most are end of December so wondering if anecdata suggests that there's still a massive retention issue like there seemed to be last year around this time.
Re: Announcing 2022 Special Bonuses
Posted: Wed Jan 19, 2022 11:33 am
For what it's worth Polsinelli announced there will be special bonuses announced in February-ish for associates on track to meet their hours as of January 31st.
Re: Announcing 2022 Special Bonuses
Posted: Wed Jan 19, 2022 7:03 pm
Let's keep talking about thisAnonymous User wrote: ↑Wed Jan 19, 2022 11:33 amFor what it's worth Polsinelli announced there will be special bonuses announced in February-ish for associates on track to meet their hours as of January 31st.
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 24, 2022 7:08 am
How about DPW matches the Milbank salary raises this week and simultaneously announces 2022 special bonuses? That seems like a plausible outcome.
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 24, 2022 10:13 am
I would agree that seems like the most likely way that special bonuses come about. Hopefully DPW announces this week and doesn't take as long as they did on the EOY bonuses.Anonymous User wrote: ↑Mon Jan 24, 2022 7:08 amHow about DPW matches the Milbank salary raises this week and simultaneously announces 2022 special bonuses? That seems like a plausible outcome.
Re: Announcing 2022 Special Bonuses
Posted: Mon Jan 24, 2022 3:10 pm
It’s been a month since December special bonuses. They aren’t going to announce new special bonuses one month after the last one...Anonymous User wrote: ↑Mon Jan 24, 2022 10:13 amI would agree that seems like the most likely way that special bonuses come about. Hopefully DPW announces this week and doesn't take as long as they did on the EOY bonuses.Anonymous User wrote: ↑Mon Jan 24, 2022 7:08 amHow about DPW matches the Milbank salary raises this week and simultaneously announces 2022 special bonuses? That seems like a plausible outcome.
Re: Announcing 2022 Special Bonuses
Posted: 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.)
(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.)
Re: Announcing 2022 Special Bonuses
Posted: Tue Jan 25, 2022 1:27 pm
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.Anonymous User wrote: ↑Tue Jan 25, 2022 12:06 pmAnyone 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.)
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.