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I'm first year general corporate but mostly a mix of EC/VC and CapM. I'd be surprised if I cross 1200 hours this year.POPTOP wrote: ↑Wed Aug 10, 2022 11:18 amNot sure about everyone else but at my v20 the majority of the capital markets group is going to miss the hours target this year. Anecdotally across levfin and cap markets teams I understand this is not an uncommon situation. Thoughts on whether firms will waive the requirements this year?
My last firm would not only never pay a red cent to anyone below the cutoff, they’d actually audit the hours of anyone within like 10 or 20 hours of it, going through entries for identifiable bullshit or discernible statistical anomalies in the entries. Yes, this cost some people their entire bonus and yes, they were fucking furious and left immediately.Anonymous User wrote: ↑Wed Aug 10, 2022 11:16 pmCan anybody speak to historically if this has been done in the past? Is there a precedent (always looking for precedents...), and if so, which firms and generally how much leniency are we talking about?
I am 3rd year at a V50, probably on track to miss my target by about 100-200 hours (depending on how things go the next few months).
I’ll second the above. Regulatory in DC and I’m on track for hours despite some health issues holding me back.Anonymous User wrote: ↑Thu Aug 11, 2022 10:46 amThe posts in this thread are concerning but I'm wondering if it's just selection bias (transactional people who aren't going to make their hours targets are posting in a thread about not meeting hours target). I'm at a V10 in lit. and I've had what I consider a normal year; I expect come in around 2,100 - 2,200, of which about 100 hours will be pro bono and the rest client. Lit. has been remarkably stable through COVID here.
For my colleagues in transactional, I personally think the firm should do everyone a square and make sure they get market bonuses this year. It would be asinine to do otherwise (which means there's a chance they'll do otherwise knowing biglaw partnerships). Transactional practices boom and bust and it would be lousy to take the same people who made the firm so much money in 2021 and ding them because there was a slowdown in 2022 when everyone knows things will cycle back.
Anon from above asking about historical trends.Anonymous User wrote: ↑Thu Aug 11, 2022 10:46 amThe posts in this thread are concerning but I'm wondering if it's just selection bias (transactional people who aren't going to make their hours targets are posting in a thread about not meeting hours target). I'm at a V10 in lit. and I've had what I consider a normal year; I expect come in around 2,100 - 2,200, of which about 100 hours will be pro bono and the rest client. Lit. has been remarkably stable through COVID here.
For my colleagues in transactional, I personally think the firm should do everyone a square and make sure they get market bonuses this year. It would be asinine to do otherwise (which means there's a chance they'll do otherwise knowing biglaw partnerships). Transactional practices boom and bust and it would be lousy to take the same people who made the firm so much money in 2021 and ding them because there was a slowdown in 2022 when everyone knows things will cycle back.
If this happens across Biglaw, I’ll print this thread out and eat it.POPTOP wrote: ↑Thu Aug 11, 2022 12:03 pmmy (extremely uninformed) view is that it is more likely than not that firms will waive hours requirements this year. i can't speak for lit or reg but having worked across two v5 firms and now at a v20 and having spoken to many colleagues out there (esp. at the senior level) hours are waaaaay down. like sub 1800 down for some. and with the funky financial years of some firms there is very limited runway to get out of this.
I doubt this is going to happen widely. Spot waivers for midlevels and seniors that are broadly liked and close to hitting hours? Sure, I'd bet we'll see that. But firms are unlikely to do firmwide waivers of hours reqs. Agree with mono on this one.POPTOP wrote: ↑Thu Aug 11, 2022 12:03 pmmy (extremely uninformed) view is that it is more likely than not that firms will waive hours requirements this year. i can't speak for lit or reg but having worked across two v5 firms and now at a v20 and having spoken to many colleagues out there (esp. at the senior level) hours are waaaaay down. like sub 1800 down for some. and with the funky financial years of some firms there is very limited runway to get out of this.
Co-sign. Going to be a down year for a lot of partners too, so doubt they will feel generous.SFSpartan wrote: ↑Thu Aug 11, 2022 7:40 pmI doubt this is going to happen widely. Spot waivers for midlevels and seniors that are broadly liked and close to hitting hours? Sure, I'd bet we'll see that. But firms are unlikely to do firmwide waivers of hours reqs. Agree with mono on this one.POPTOP wrote: ↑Thu Aug 11, 2022 12:03 pmmy (extremely uninformed) view is that it is more likely than not that firms will waive hours requirements this year. i can't speak for lit or reg but having worked across two v5 firms and now at a v20 and having spoken to many colleagues out there (esp. at the senior level) hours are waaaaay down. like sub 1800 down for some. and with the funky financial years of some firms there is very limited runway to get out of this.
absolutely not going to happen. it is not 08. it is like, a normal market year.POPTOP wrote: ↑Thu Aug 11, 2022 12:03 pmmy (extremely uninformed) view is that it is more likely than not that firms will waive hours requirements this year. i can't speak for lit or reg but having worked across two v5 firms and now at a v20 and having spoken to many colleagues out there (esp. at the senior level) hours are waaaaay down. like sub 1800 down for some. and with the funky financial years of some firms there is very limited runway to get out of this.
Another naïve soul that has yet to be broken by biglaw. Man, I wish I still had this kind of optimism after 5 years of this crap.POPTOP wrote: ↑Thu Aug 11, 2022 12:03 pmmy (extremely uninformed) view is that it is more likely than not that firms will waive hours requirements this year. i can't speak for lit or reg but having worked across two v5 firms and now at a v20 and having spoken to many colleagues out there (esp. at the senior level) hours are waaaaay down. like sub 1800 down for some. and with the funky financial years of some firms there is very limited runway to get out of this.
I am a ninth year on partner track at my firm. I have an OK sense that this is going to happen in isolated spots in high profit teams like finance and capm. It’s going to cause retention issues otherwiseAnonymous User wrote: ↑Fri Aug 12, 2022 5:54 amAnother naïve soul that has yet to be broken by biglaw. Man, I wish I still had this kind of optimism after 5 years of this crap.POPTOP wrote: ↑Thu Aug 11, 2022 12:03 pmmy (extremely uninformed) view is that it is more likely than not that firms will waive hours requirements this year. i can't speak for lit or reg but having worked across two v5 firms and now at a v20 and having spoken to many colleagues out there (esp. at the senior level) hours are waaaaay down. like sub 1800 down for some. and with the funky financial years of some firms there is very limited runway to get out of this.
I’m in a specialist group, and I know that I will be fine since replacing me is more costly than not giving me a bonus.Anonymous User wrote: ↑Fri Aug 12, 2022 6:43 pmI am a ninth year on partner track at my firm. I have an OK sense that this is going to happen in isolated spots in high profit teams like finance and capm. It’s going to cause retention issues otherwiseAnonymous User wrote: ↑Fri Aug 12, 2022 5:54 amAnother naïve soul that has yet to be broken by biglaw. Man, I wish I still had this kind of optimism after 5 years of this crap.POPTOP wrote: ↑Thu Aug 11, 2022 12:03 pmmy (extremely uninformed) view is that it is more likely than not that firms will waive hours requirements this year. i can't speak for lit or reg but having worked across two v5 firms and now at a v20 and having spoken to many colleagues out there (esp. at the senior level) hours are waaaaay down. like sub 1800 down for some. and with the funky financial years of some firms there is very limited runway to get out of this.