Hit billable target, but partial bonus
Posted: Mon Feb 06, 2023 6:53 am
Deleted.
Law School Discussion Forums
https://www.top-law-schools.com/forums/
https://www.top-law-schools.com/forums/viewtopic.php?f=23&t=313958
Didn't Shearman do that this year?Anonymous User wrote: ↑Mon Feb 06, 2023 6:53 amHas any of you ever heard of anyone at a billable target firm that didn't get a full market bonus despite hitting their firm's billable target?
Okay, that point wasn't in your original post, but thanks for clarifying. Sorry I provided you relevant information.Anonymous User wrote: ↑Mon Feb 06, 2023 10:03 amOP here. I'm not at Shearman, but based on what I read on ATL, Shearman has never had a formal billable target until last year when the firm announced one all of a sudden in December.Anonymous User wrote: ↑Mon Feb 06, 2023 9:59 amDidn't Shearman do that this year?Anonymous User wrote: ↑Mon Feb 06, 2023 6:53 amHas any of you ever heard of anyone at a billable target firm that didn't get a full market bonus despite hitting their firm's billable target?
At my firm you can get docked if you take too long to release your time, but everyone knows in advance if they are going to get hit by that.
I'm referring to the ones with formal targets. Think Latham, Skadden, White & Case, Ropes, etc.
To be clear, bonuses are not deferred compensation. I'm 99% sure that you won't find a single firm that has "you get market bonus if you hit these hours, end of story" written into their bonus policy. They all have wiggle room, the question is whether they decide to buck the trend and exercise it.Anonymous User wrote: ↑Mon Feb 06, 2023 1:08 pmOP. Actually my firm hasn't yet issued bonus letters and so I haven't been paid yet. I met my target but this year my firm's HR has been telling associates that even for those that met their target, full market bonus is not guaranteed and that ultimately it's up to their performance reviews and the discretion of the partners. I didn't have to worry about this at all in previous years, but this year I'm a little concerned and confused. Why have a target in the first place if they are going to emphasize discretion?Anonymous User wrote: ↑Mon Feb 06, 2023 12:38 pmOkay, that point wasn't in your original post, but thanks for clarifying. Sorry I provided you relevant information.Anonymous User wrote: ↑Mon Feb 06, 2023 10:03 amOP here. I'm not at Shearman, but based on what I read on ATL, Shearman has never had a formal billable target until last year when the firm announced one all of a sudden in December.Anonymous User wrote: ↑Mon Feb 06, 2023 9:59 amDidn't Shearman do that this year?Anonymous User wrote: ↑Mon Feb 06, 2023 6:53 amHas any of you ever heard of anyone at a billable target firm that didn't get a full market bonus despite hitting their firm's billable target?
At my firm you can get docked if you take too long to release your time, but everyone knows in advance if they are going to get hit by that.
I'm referring to the ones with formal targets. Think Latham, Skadden, White & Case, Ropes, etc.
I don't have examples from the list you provided, but there's probably something else at play here (ATL would have definitely covered other firms docking large swaths of associates for no reason). What was your review like? Is your practice group slowing down?
Have you thought about casually asking HR about the reason your bonus was lower than market? They could have made a mistake and miscalculated your hours.
TBH based on the timing of bonus announcements (very few announce in February), you've basically outed the firm. Is it Cooley? Just tell us so we can shame them and direct naïve rising 2Ls elsewhere.Anonymous User wrote: ↑Tue Feb 07, 2023 9:46 amOP here. The firm pays out bonuses this month and will send out bonus letters probably next week. So we will see. Sorry for being unclear in my post. Nothing has actually happened yet. Just concerned.objctnyrhnr wrote: ↑Tue Feb 07, 2023 5:49 amOP, if this wasn’t an error by the firm, this isn’t good. And I don’t mean for the firm; I mean for you. (Also shady of firm but that’s not purpose of this post.)
To the extent not already said, I would be looking to lateral, go in house, whatever asap.
To be clear: I’m not saying it means you will be laid off. What I am saying is that if layoffs (or even soft pushes) come, you are in the splash zone.
The firm has been cheap in other ways in the past too. I'm so sick and tired of this firm.
But see Shearman, which is definitely just a dumpster fire and not really how things normally happen.12YrsAnAssociate wrote: ↑Tue Feb 07, 2023 2:36 pmI think there's a chance that OP might be overreacting. Every firm I've ever been at gave themselves wiggle room to not pay full market bonuses if they didn't want to, and I'm not aware of a single instance when that actually happened. I think OP needs to wait to get the bonus memo/hear if his or her colleagues received the full market bonus and then go from there.
In fairness, I'm not aware of what's going on at Shearman, and to Bagel Boy's point, I've never asked anyone if they received a full bonus, though I think I would probably hear about it if a colleague I was close with got screwed. My only point is, maybe OP is getting all worked up and this is a nothingburger, and I don't think OP will know until the bonus memos go out.Anonymous User wrote: ↑Tue Feb 07, 2023 3:01 pmBut see Shearman, which is definitely just a dumpster fire and not really how things normally happen.12YrsAnAssociate wrote: ↑Tue Feb 07, 2023 2:36 pmI think there's a chance that OP might be overreacting. Every firm I've ever been at gave themselves wiggle room to not pay full market bonuses if they didn't want to, and I'm not aware of a single instance when that actually happened. I think OP needs to wait to get the bonus memo/hear if his or her colleagues received the full market bonus and then go from there.
How long have you been at the firm? It seems as though you may be catastrophizing without basis to do so.Anonymous User wrote: ↑Tue Feb 07, 2023 10:21 amNot Cooley. Let's see what happens.Anonymous User wrote: ↑Tue Feb 07, 2023 10:04 amTBH based on the timing of bonus announcements (very few announce in February), you've basically outed the firm. Is it Cooley? Just tell us so we can shame them and direct naïve rising 2Ls elsewhere.Anonymous User wrote: ↑Tue Feb 07, 2023 9:46 amOP here. The firm pays out bonuses this month and will send out bonus letters probably next week. So we will see. Sorry for being unclear in my post. Nothing has actually happened yet. Just concerned.objctnyrhnr wrote: ↑Tue Feb 07, 2023 5:49 amOP, if this wasn’t an error by the firm, this isn’t good. And I don’t mean for the firm; I mean for you. (Also shady of firm but that’s not purpose of this post.)
To the extent not already said, I would be looking to lateral, go in house, whatever asap.
To be clear: I’m not saying it means you will be laid off. What I am saying is that if layoffs (or even soft pushes) come, you are in the splash zone.
The firm has been cheap in other ways in the past too. I'm so sick and tired of this firm.
Shearman controversy was effectively: Previously had no official billable target for bonuses, most got full bonus after like ~1800+ hrs. Came out with a new bonus policy and they repeatedly said only applied for next year, not current year. New policy had a formal hour requirement now (2050 with some pro bono hours required/allowed). When it came to paying 2022 bonuses, however, they effectively applied the new 2023 policy onto everyone early and/or came up with other excuses like utilization rates to stiff basically everyone but the superstar associates into getting 0-75% of market bonuses for their class year. No warning from any partners that anyone was in danger of not receiving their full bonuses, including for people who billed close to the new targets.12YrsAnAssociate wrote: ↑Tue Feb 07, 2023 8:00 pmIn fairness, I'm not aware of what's going on at Shearman, and to Bagel Boy's point, I've never asked anyone if they received a full bonus, though I think I would probably hear about it if a colleague I was close with got screwed. My only point is, maybe OP is getting all worked up and this is a nothingburger, and I don't think OP will know until the bonus memos go out.Anonymous User wrote: ↑Tue Feb 07, 2023 3:01 pmBut see Shearman, which is definitely just a dumpster fire and not really how things normally happen.12YrsAnAssociate wrote: ↑Tue Feb 07, 2023 2:36 pmI think there's a chance that OP might be overreacting. Every firm I've ever been at gave themselves wiggle room to not pay full market bonuses if they didn't want to, and I'm not aware of a single instance when that actually happened. I think OP needs to wait to get the bonus memo/hear if his or her colleagues received the full market bonus and then go from there.
Wow. That's nuts. I can't believe Shearman thought that was a good idea.Anonymous User wrote: ↑Wed Feb 08, 2023 12:33 pmShearman controversy was effectively: Previously had no official billable target for bonuses, most got full bonus after like ~1800+ hrs. Came out with a new bonus policy and they repeatedly said only applied for next year, not current year. New policy had a formal hour requirement now (2050 with some pro bono hours required/allowed). When it came to paying 2022 bonuses, however, they effectively applied the new 2023 policy onto everyone early and/or came up with other excuses like utilization rates to stiff basically everyone but the superstar associates into getting 0-75% of market bonuses for their class year. No warning from any partners that anyone was in danger of not receiving their full bonuses, including for people who billed close to the new targets.
OP - really sorry to hear this. It sounds like you've given it your all, and you should be proud of that. Some things are just out of your control, including politics or office downsizing, either or both of which might be at play here. Don't take it personally - keep your head up and you'll end up on top somehow!Anonymous User wrote: ↑Fri Feb 10, 2023 7:02 amOP here. Firm issued bonus letters today. I'm getting a partial bonus that's less than 50% of full market bonus despite having billed above the firm's target. Some colleagues that billed close to but not above the target are getting full bonuses.
Absolutely gutted and demoralized. I even felt like rage quitting. I worked so hard and pulled many all nighters in the office, mostly alone. At one point last year, I had billed over 250 hours for several consecutive months (with some 300 hour months) and even gained weight after drinking or eating too much at odd hours at night. I no longer feel like working for this firm.
The firm's a V20 overseas satellite office. I'm a midlevel/senior. I do know that the firm's trying to push me out even though the partner that I work for has been saying otherwise. I've started looking.