EOY Bonuses Forum

[Anonymous User]

Since when is STB a comp leader in the same category as Milbank/DPW? Wasn’t the last time they made waves in the early 2010s?

[TigerIsBack]

Since when is STB a comp leader in the same category as Milbank/DPW? Wasn’t the last time they made waves in the early 2010s?

Correct, they're not. I want to say in like 2018 or so when Milbank did salary raises STB may have tacked on a summer bonus that everyone else then followed too (but in a way smaller amount than the special bonuses of late).

[Anonymous User]

Since when is STB a comp leader in the same category as Milbank/DPW? Wasn’t the last time they made waves in the early 2010s?

Agree, though also the peak of this website was early 2010s so I feel like it is frozen in time on some sorts of reputational points.

[Anonymous User]

I realize it’s only a rough proxy (and that IB comp has typically been more sensitive to market downturns), but banker comp/bonuses are essentially *flat* this year vs. 2021. That’s true even at the “top boutiques” which are the analog for top-performing BL firms (V10 or whatever).

Source: https://pbs.twimg.com/media/FiOD0P2WYAg ... name=large

[Monochromatic Oeuvre]

Since when is STB a comp leader in the same category as Milbank/DPW? Wasn’t the last time they made waves in the early 2010s?

Correct, they're not. I want to say in like 2018 or so when Milbank did salary raises STB may have tacked on a summer bonus that everyone else then followed too (but in a way smaller amount than the special bonuses of late).

The $160k base scale was kicked off by Simpson in 2007, and subsequently the base scale was known as the STB Scale for nine years, which is probably why they have been in the ether of this convo forever.

To be fair, as far as I can remember Milbank has not ultimately ever set comp, since they were ultimately topped by (and later matched) Cravath in both 2018 and 2022, so I think Cravath and DPW are the only ones who have recently ultimately set a scale. But to me that's ultimately not the point of calling someone a "comp leader," since the point is not just to identify the ultimate winner but also to speculate on any firm that might (1) establish or raise comp on its own initiative and (2) be someone major firms would be compelled to match. For that idea, I think credit goes to Milbank, STB (who added the special bonuses in 2018) and Willkie (who started the 2021 special bonuses)*. This could be lots of other firms (people have speculated on S&C and Skadden forever) and it would ultimately give them reputational benefit (I think Milbank was in the forties or so in Vault a decade ago?), but they have chosen to remain irrelevant.


*One could arguably including Cooley here for starting special bonuses in 2020, but they were so much smaller than DPW's subsequent bonus that I don't think it led to anything on its own.

[Anonymizer]

This could be the week! Seems like no one following BM is a good sign that we at least get a nominal raise over that.

[Anonymous User]

Today is the day.

[Anonymous User]

Today is likely the day. How would we feel about this:

Class of 2022: $18,000 (pro-rated)
Class of 2021: $23,000
Class of 2020: $35,000
Class of 2019: $65,000
Class of 2018: $85,000
Class of 2017: $100,000
Class of 2016: $120,000
Class of 2015: $130,000

That's an ~15% increase vs. last year's scale, which would be a tip of the hat to the fact of inflation + lack of special bonuses this year. It would also still arguably give a firm like DPW or Milbank room to come in over the top although in my bones I feel like if Cravath came out with something like this the rest of the market would coalesce around it without further competition. Versus if Cravath tries to just duplicate last year's scale I feel like it would spur DPW or Milbank to move. Ironically coming out a little ahead of last year's baseline may be the ultimate money-saving moving for Daddy Cravath to avoid spurring one of the other two.

[Anonymous User]

Today is likely the day. How would we feel about this:

Class of 2022: $18,000 (pro-rated)
Class of 2021: $23,000
Class of 2020: $35,000
Class of 2019: $65,000
Class of 2018: $85,000
Class of 2017: $100,000
Class of 2016: $120,000
Class of 2015: $130,000

That's an ~15% increase vs. last year's scale, which would be a tip of the hat to the fact of inflation + lack of special bonuses this year. It would also still arguably give a firm like DPW or Milbank room to come in over the top although in my bones I feel like if Cravath came out with something like this the rest of the market would coalesce around it without further competition. Versus if Cravath tries to just duplicate last year's scale I feel like it would spur DPW or Milbank to move. Ironically coming out a little ahead of last year's baseline may be the ultimate money-saving moving for Daddy Cravath to avoid spurring one of the other two.

I’d be disappointed. Less all in than last year and that’s not even counting inflation.

[Anonymous User]

Today is likely the day. How would we feel about this:

Class of 2022: $18,000 (pro-rated)
Class of 2021: $23,000
Class of 2020: $35,000
Class of 2019: $65,000
Class of 2018: $85,000
Class of 2017: $100,000
Class of 2016: $120,000
Class of 2015: $130,000

That's an ~15% increase vs. last year's scale, which would be a tip of the hat to the fact of inflation + lack of special bonuses this year. It would also still arguably give a firm like DPW or Milbank room to come in over the top although in my bones I feel like if Cravath came out with something like this the rest of the market would coalesce around it without further competition. Versus if Cravath tries to just duplicate last year's scale I feel like it would spur DPW or Milbank to move. Ironically coming out a little ahead of last year's baseline may be the ultimate money-saving moving for Daddy Cravath to avoid spurring one of the other two.

I’d be disappointed. Less all in than last year and that’s not even counting inflation.

Bro I want the firms to all pay us a million dollars each in bonus but trying to balance expectations here. On the con side is the fact that the base scale went way up at beginning of year and the economy is at a minimum sort of treading water right now even if individual firms are outperforming especially at top. On pro side is your point about no special bonuses this year and the fact that, as stated, individual firms are still outperforming, especially at top. Inflation could be argued either way by the partnership. It's a complicated situation and I think a 15% increase in base would be the best "thread the needle" approach we could hope out of it. I guess we'll find out in a few hours.

[Anonymous User]

Today is likely the day. How would we feel about this:

Class of 2022: $18,000 (pro-rated)
Class of 2021: $23,000
Class of 2020: $35,000
Class of 2019: $65,000
Class of 2018: $85,000
Class of 2017: $100,000
Class of 2016: $120,000
Class of 2015: $130,000

That's an ~15% increase vs. last year's scale, which would be a tip of the hat to the fact of inflation + lack of special bonuses this year. It would also still arguably give a firm like DPW or Milbank room to come in over the top although in my bones I feel like if Cravath came out with something like this the rest of the market would coalesce around it without further competition. Versus if Cravath tries to just duplicate last year's scale I feel like it would spur DPW or Milbank to move. Ironically coming out a little ahead of last year's baseline may be the ultimate money-saving moving for Daddy Cravath to avoid spurring one of the other two.

I’d be disappointed. Less all in than last year and that’s not even counting inflation.

Bro I want the firms to all pay us a million dollars each in bonus but trying to balance expectations here. On the con side is the fact that the base scale went way up at beginning of year and the economy is at a minimum sort of treading water right now even if individual firms are outperforming especially at top. On pro side is your point about no special bonuses this year and the fact that, as stated, individual firms are still outperforming, especially at top. Inflation could be argued either way by the partnership. It's a complicated situation and I think a 15% increase in base would be the best "thread the needle" approach we could hope out of it. I guess we'll find out in a few hours.

I don’t think it’s asking or hoping for too much to earn at least equal to what we got last year. It seems disingenuous to pan equal payout as a 15% increase (though I’m sure partners would do that).

[Anonymous User]

2021: November 22 (Cravath)
2020: November 11 (Baker McKenzie)
2019: November 7 (Milbank)
2018: November 19 (Cravath)
2017: November 27 (Cravath)
2016: November 28 (Cravath)
2015: December 7 (Cravath)
2014: November 21 (Simpson Thacher)
2013: December 2 (Cravath)
2012: November 26 (Cravath)

It looks as though every Cravath announcement on this list has been made on a Monday. Do we think the Monday pattern will hold (today?), or perhaps the Cravath partnership ditched the Monday lunch meetings along with lOcKsTEp?

[Anonymous User]

2021: November 22 (Cravath)
2020: November 11 (Baker McKenzie)
2019: November 7 (Milbank)
2018: November 19 (Cravath)
2017: November 27 (Cravath)
2016: November 28 (Cravath)
2015: December 7 (Cravath)
2014: November 21 (Simpson Thacher)
2013: December 2 (Cravath)
2012: November 26 (Cravath)

It looks as though every Cravath announcement on this list has been made on a Monday. Do we think the Monday pattern will hold (today?), or perhaps the Cravath partnership ditched the Monday lunch meetings along with lOcKsTEp?

The single most likely day we'll get an announcement as of the time of this post is today, with the news breaking in the afternoon.

[Anonymous User]

Feels like no raise.

[Anonymous User]

2021: November 22 (Cravath)
2020: November 11 (Baker McKenzie)
2019: November 7 (Milbank)
2018: November 19 (Cravath)
2017: November 27 (Cravath)
2016: November 28 (Cravath)
2015: December 7 (Cravath)
2014: November 21 (Simpson Thacher)
2013: December 2 (Cravath)
2012: November 26 (Cravath)

It looks as though every Cravath announcement on this list has been made on a Monday. Do we think the Monday pattern will hold (today?), or perhaps the Cravath partnership ditched the Monday lunch meetings along with lOcKsTEp?

The single most likely day we'll get an announcement as of the time of this post is today, with the news breaking in the afternoon.

I'm informed that Cravath partner lunches moved to Tuesday, so it's most likely to be tomorrow? We'll see.

[Anonymous User]

2021: November 22 (Cravath)
2020: November 11 (Baker McKenzie)
2019: November 7 (Milbank)
2018: November 19 (Cravath)
2017: November 27 (Cravath)
2016: November 28 (Cravath)
2015: December 7 (Cravath)
2014: November 21 (Simpson Thacher)
2013: December 2 (Cravath)
2012: November 26 (Cravath)

It looks as though every Cravath announcement on this list has been made on a Monday. Do we think the Monday pattern will hold (today?), or perhaps the Cravath partnership ditched the Monday lunch meetings along with lOcKsTEp?

The single most likely day we'll get an announcement as of the time of this post is today, with the news breaking in the afternoon.

I'm informed that Cravath partner lunches moved to Tuesday, so it's most likely to be tomorrow? We'll see.

What am I going to do with all my Cravath bonus bingo spots for the next 24h!?!

[Anonymous User]

2021: November 22 (Cravath)
2020: November 11 (Baker McKenzie)
2019: November 7 (Milbank)
2018: November 19 (Cravath)
2017: November 27 (Cravath)
2016: November 28 (Cravath)
2015: December 7 (Cravath)
2014: November 21 (Simpson Thacher)
2013: December 2 (Cravath)
2012: November 26 (Cravath)

It looks as though every Cravath announcement on this list has been made on a Monday. Do we think the Monday pattern will hold (today?), or perhaps the Cravath partnership ditched the Monday lunch meetings along with lOcKsTEp?

The single most likely day we'll get an announcement as of the time of this post is today, with the news breaking in the afternoon.

I'm informed that Cravath partner lunches moved to Tuesday, so it's most likely to be tomorrow? We'll see.

What am I going to do with all my Cravath bonus bingo spots for the next 24h!?!

Na top left is no bonus announcement on generally accepted announcement day

[Anonymous User]

Milbank partner lunches are Mondays, so... there's still hope.

[Anonymous User]

Guess it's a tomorrow item. Sigh.

[Anonymous User]

Today. It’s today.

[Anonymous User]

Today. It’s today.

How do you know? Why not tomorrow or next week?

[Anonymous User]

Today. It’s today.

How do you know? Why not tomorrow or next week?

If there was one thing this commenter learned in the army it was to be positive — especially when he doesn't know what he's talking about.

[Anonymous User]

Today. It’s today.

How do you know? Why not tomorrow or next week?

If there was one thing this commenter learned in the army it was to be positive — especially when he doesn't know what he's talking about.

Well, in that case, today is the day. And they should increase baseline bonuses too.

[Anonymous User]

"Today has to be the day" u say to urself looking unconvincingly in the mirror.

[Anonymous User]

"Today has to be the day" u say to urself looking unconvincingly in the mirror.

I am smart, I am kind, I am important, I am worth an extra $115,000