Retention Bonuses being offered when leaving? What's the market seeing Forum

[Anonymous User]

If they are, what are the offering to keep you? Bonus. Non-market salary increase. Time off?

Market for laterals and hiring is cooling compared to last year and a half. Still have been hearing about some ridiculous retention bonuses being thrown around for in-demand areas. Curious of any big-law associates that have been offered or heard of them being offered to turn down a job offer when giving your two weeks notice. Could be blowing smoke, but I did hear of high six and one seven figure retention bonus for some senior associates to stay. Not sure of terms or other details, but that has to be the exception.

[Anonymous User]

I'll throw my hat into the ring: was offered $100k from K&E. When I handed in my two week notice, my firm offered to match K&E's offer (I could've probably asked for more). Midlevel in M&A in a major city.

[Anonymous User]

If they are, what are the offering to keep you? Bonus. Non-market salary increase. Time off?

Market for laterals and hiring is cooling compared to last year and a half. Still have been hearing about some ridiculous retention bonuses being thrown around for in-demand areas. Curious of any big-law associates that have been offered or heard of them being offered to turn down a job offer when giving your two weeks notice. Could be blowing smoke, but I did hear of high six and one seven figure retention bonus for some senior associates to stay. Not sure of terms or other details, but that has to be the exception.

$50k last year and $50k more if I am still here this year. V10 corporate mid level. Basically completely burnt out.

[Anonymous User]

mid to senior here in a hot practice area and was given only $30k last year on top of normal bonuses and offered $60k this year. I feel that should have been more like $50/100 based on conversations with colleagues. Guess what I’m doing this year

[Anonymous User]

I don’t mean to distract from the numbers but does anybody have a sense whether pulling a move like this is damaging to partnership prospects? My intuition says yes, but any anecdotes that say otherwise would be appreciated.

[Anonymous User]

I don’t mean to distract from the numbers but does anybody have a sense whether pulling a move like this is damaging to partnership prospects? My intuition says yes, but any anecdotes that say otherwise would be appreciated.

I don't think anyone can really answer this bc it's pretty much unprecedented but logically I don't see why it should? If anything you just got the firm to demonstrate that they want/need you. I know someone who got a "that's nice, good luck" when giving notice. You think he was on his way to making partner?

[Anonymous User]

The 500k+ responses are just flame, right? Right??

[Anonymous User]

I don’t mean to distract from the numbers but does anybody have a sense whether pulling a move like this is damaging to partnership prospects? My intuition says yes, but any anecdotes that say otherwise would be appreciated.

I don't think anyone can really answer this bc it's pretty much unprecedented but logically I don't see why it should? If anything you just got the firm to demonstrate that they want/need you. I know someone who got a "that's nice, good luck" when giving notice. You think he was on his way to making partner?

I was told explicitly to stay for partnership as a mid level when I threatened to quit at my v10. It was nice but disturbing. I think they now know they don’t have the same power anymore.

[Anonymous User]

I don’t mean to distract from the numbers but does anybody have a sense whether pulling a move like this is damaging to partnership prospects? My intuition says yes, but any anecdotes that say otherwise would be appreciated.

I don't think anyone can really answer this bc it's pretty much unprecedented but logically I don't see why it should? If anything you just got the firm to demonstrate that they want/need you. I know someone who got a "that's nice, good luck" when giving notice. You think he was on his way to making partner?

I was told explicitly to stay for partnership as a mid level when I threatened to quit at my v10. It was nice but disturbing. I think they now know they don’t have the same power anymore.

If they didn't counter offer the bonus then hmm, it's a deniable promise in the future in exchange for less money now. But if it's "we think you have a future with the firm, and to prove it here's a bunch of cash to stay" I can't think of a more positive sign.

I don't think anyone in this business thinks it's about firm loyalty. It's purely commercial. If you're valuable to the firm, it's good to know that.

[Anonymous User]

I don’t mean to distract from the numbers but does anybody have a sense whether pulling a move like this is damaging to partnership prospects? My intuition says yes, but any anecdotes that say otherwise would be appreciated.

I don't think anyone can really answer this bc it's pretty much unprecedented but logically I don't see why it should? If anything you just got the firm to demonstrate that they want/need you. I know someone who got a "that's nice, good luck" when giving notice. You think he was on his way to making partner?

I was told explicitly to stay for partnership as a mid level when I threatened to quit at my v10. It was nice but disturbing. I think they now know they don’t have the same power anymore.

If they didn't counter offer the bonus then hmm, it's a deniable promise in the future in exchange for less money now. But if it's "we think you have a future with the firm, and to prove it here's a bunch of cash to stay" I can't think of a more positive sign.

I don't think anyone in this business thinks it's about firm loyalty. It's purely commercial. If you're valuable to the firm, it's good to know that.

Right they gave me a bunch of money but not 500k.

[Anonymous User]

Right they gave me a bunch of money but not 500k.

I'm convinced the 2 ppl clicking 500k are 1Ls. If a gagillion was an option they'd have picked that.

I do buy the 250-500 response. There's been chatter of signing bonuses in that range so a retention bonus is plausible.

[Anonymous User]

Right they gave me a bunch of money but not 500k.

I'm convinced the 2 ppl clicking 500k are 1Ls. If a gagillion was an option they'd have picked that.

I do buy the 250-500 response. There's been chatter of signing bonuses in that range so a retention bonus is plausible.

I've heard of one retention bonus for speciality area w/in the corporate group north of 500k, but that's the exception.