Summer bonuses Forum

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Anonymous User
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Summer bonuses

Post by Anonymous User » Mon May 20, 2024 12:30 pm

Let's hear it Milbank. I'm busy and it's about that time...

TLSposter1990

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Re: Summer bonuses

Post by TLSposter1990 » Tue May 21, 2024 11:35 am

Anonymous User wrote:
Mon May 20, 2024 12:30 pm
Let's hear it Milbank. I'm busy and it's about that time...
^ what this guy said.

Anonymous User
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Re: Summer bonuses

Post by Anonymous User » Tue May 21, 2024 3:26 pm

Do we think there will be summer bonuses this year? Seems like most of the top firms had a banner year last year, and deal work and the lateral market have picked up as compared to 2023. Seems like the right combination of factors to see special bonuses…

Anonymous User
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Re: Summer bonuses

Post by Anonymous User » Tue May 21, 2024 6:42 pm

I'd love a summer bonus. I like money. But, firms don't really have to worry about retention now like they did 3 years ago. There's still a lot of laid off associates rattling around, and many firms have underutilized associates still.

Anonymous User
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Re: Summer bonuses

Post by Anonymous User » Tue Jun 04, 2024 5:33 pm

Heard from a friend that Hueston Hennigan announced summer bonuses. Think that will translate to big law?

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Anonymous User
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Re: Summer bonuses

Post by Anonymous User » Tue Jun 04, 2024 6:06 pm

Anonymous User wrote:
Tue May 21, 2024 3:26 pm
Do we think there will be summer bonuses this year? Seems like most of the top firms had a banner year last year, and deal work and the lateral market have picked up as compared to 2023. Seems like the right combination of factors to see special bonuses…
Maybe I'm jaded, but this does not strike me as a rationale for summer bonuses at all. Firms will pay associates special bonuses when they are having talent retention issues and are struggling to have enough qualified candidates for the work. None of these bonuses come from a place of sharing the wealth with deserving hard-working employees, even if that's what the memos told us.

Anonymous User
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Re: Summer bonuses

Post by Anonymous User » Tue Jun 04, 2024 9:18 pm

Anonymous User wrote:
Tue Jun 04, 2024 5:33 pm
Heard from a friend that Hueston Hennigan announced summer bonuses. Think that will translate to big law?
While I doubt HH moves the needle for biglaw, I still take it as a positive indication that the market can bear summer bonuses this year. Hopeful that Milbank or another firm in a similar position agrees!

TigerIsBack

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Re: Summer bonuses

Post by TigerIsBack » Wed Jun 05, 2024 8:20 am

Anonymous User wrote:
Tue Jun 04, 2024 6:06 pm
Anonymous User wrote:
Tue May 21, 2024 3:26 pm
Do we think there will be summer bonuses this year? Seems like most of the top firms had a banner year last year, and deal work and the lateral market have picked up as compared to 2023. Seems like the right combination of factors to see special bonuses…
Maybe I'm jaded, but this does not strike me as a rationale for summer bonuses at all. Firms will pay associates special bonuses when they are having talent retention issues and are struggling to have enough qualified candidates for the work. None of these bonuses come from a place of sharing the wealth with deserving hard-working employees, even if that's what the memos told us.
People say this every time someone brings up raises or bonuses, and then Milbank just does it anyway, and by all accounts Milbank hasn't been struggling to retain people. Everyone thought there was a 0% chance of salary raises because firms "didn't need to" but then Milbank said and did otherwise.

Anonymous User
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Re: Summer bonuses

Post by Anonymous User » Wed Jun 05, 2024 8:26 am

Where's Daddy PH? You got money to hire a million partners from every single firm in the V100, can't you spare some change for associates?

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Wanderingdrock

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Re: Summer bonuses

Post by Wanderingdrock » Wed Jun 05, 2024 12:37 pm

TigerIsBack wrote:
Wed Jun 05, 2024 8:20 am
Anonymous User wrote:
Tue Jun 04, 2024 6:06 pm
Anonymous User wrote:
Tue May 21, 2024 3:26 pm
Do we think there will be summer bonuses this year? Seems like most of the top firms had a banner year last year, and deal work and the lateral market have picked up as compared to 2023. Seems like the right combination of factors to see special bonuses…
Maybe I'm jaded, but this does not strike me as a rationale for summer bonuses at all. Firms will pay associates special bonuses when they are having talent retention issues and are struggling to have enough qualified candidates for the work. None of these bonuses come from a place of sharing the wealth with deserving hard-working employees, even if that's what the memos told us.
People say this every time someone brings up raises or bonuses, and then Milbank just does it anyway, and by all accounts Milbank hasn't been struggling to retain people. Everyone thought there was a 0% chance of salary raises because firms "didn't need to" but then Milbank said and did otherwise.
Agreed. There are like 50+ firms who could realistically take the first step and then be followed by the market, and at least three possible primary motivations. One is of course the rational economic motivator of increasing retention, most often realized when the gap between Biglaw and in-house compensation has been shrinking. But two other motivators, less common but still occasionally true, really are (1) the desire to make a splash like Milbank did back when DPW and Cravath were still almost the only firms viewed as market-setters, and (2) the urge to recognize associate talent and efforts. Firms are run by people and sometimes people have altruistic motives. (Granted, this is not common among the types of people who rise to firm leadership positions, but it's not inconceivable.)

Anonymous User
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Re: Summer bonuses

Post by Anonymous User » Wed Jun 05, 2024 3:49 pm

No summer bonuses - you people are dreaming.

Wanderingdrock

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Re: Summer bonuses

Post by Wanderingdrock » Wed Jun 05, 2024 7:47 pm

Anonymous User wrote:
Wed Jun 05, 2024 3:49 pm
No summer bonuses - you people are dreaming.
Most productive TLS poster

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Summer bonuses

Post by Anonymous User » Thu Jun 06, 2024 6:59 am

Wanderingdrock wrote:
Wed Jun 05, 2024 12:37 pm
TigerIsBack wrote:
Wed Jun 05, 2024 8:20 am
Anonymous User wrote:
Tue Jun 04, 2024 6:06 pm
Anonymous User wrote:
Tue May 21, 2024 3:26 pm
Do we think there will be summer bonuses this year? Seems like most of the top firms had a banner year last year, and deal work and the lateral market have picked up as compared to 2023. Seems like the right combination of factors to see special bonuses…
Maybe I'm jaded, but this does not strike me as a rationale for summer bonuses at all. Firms will pay associates special bonuses when they are having talent retention issues and are struggling to have enough qualified candidates for the work. None of these bonuses come from a place of sharing the wealth with deserving hard-working employees, even if that's what the memos told us.
People say this every time someone brings up raises or bonuses, and then Milbank just does it anyway, and by all accounts Milbank hasn't been struggling to retain people. Everyone thought there was a 0% chance of salary raises because firms "didn't need to" but then Milbank said and did otherwise.
Agreed. There are like 50+ firms who could realistically take the first step and then be followed by the market, and at least three possible primary motivations. One is of course the rational economic motivator of increasing retention, most often realized when the gap between Biglaw and in-house compensation has been shrinking. But two other motivators, less common but still occasionally true, really are (1) the desire to make a splash like Milbank did back when DPW and Cravath were still almost the only firms viewed as market-setters, and (2) the urge to recognize associate talent and efforts. Firms are run by people and sometimes people have altruistic motives. (Granted, this is not common among the types of people who rise to firm leadership positions, but it's not inconceivable.)
Firms do this all the time, just not publicly. My firm has given me above market bonuses almost every year I have been there just for being a good associate irrespective of high hours (which they also compensate, just with different bonus). Not sure how you line up recognizing talent/altruistic motives with handing out bonuses off cycle to literally everybody regardless of skill or dedication and in a very public way...

Anyway, we could debate for hours, but using history as a guide, there are only a select few firms that actually care about making waves re: comp, and none of them are facing the same conditions that have caused them to issue special bonuses in the past. Milbank's salary increases, though obviously a PR stunt, also seem to be roughly tied to inflation, which has cooled somewhat. They just raised last year, so I'm doubtful that a raise, much less a special bonus is in the stars from them. The last few years have made us feel like exciting comp news is the norm, but outside the pandemic things were (and are likely to continue to be) relatively static.

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Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Summer bonuses

Post by Anonymous User » Fri Jun 07, 2024 3:16 pm

Anonymous User wrote:
Tue Jun 04, 2024 5:33 pm
Heard from a friend that Hueston Hennigan announced summer bonuses. Think that will translate to big law?
Have not heard anything about this on ATL, AMLaw or anywhere else. Are we sure this actually happened?

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Summer bonuses

Post by Anonymous User » Tue Jun 11, 2024 6:44 pm

Pretty sure. Supposedly it’s the same for all class years:

$10K - on pace for 2000
$20k - on pace for 2400
$25k - on pace for 2700

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Summer bonuses

Post by Anonymous User » Thu Jun 13, 2024 2:06 pm

Anonymous User wrote:
Tue Jun 11, 2024 6:44 pm
Pretty sure. Supposedly it’s the same for all class years:

$10K - on pace for 2000
$20k - on pace for 2400
$25k - on pace for 2700
Lol - that is truly paltry. Like $6K after tax unless you're working such terrible hours that you should just quit.

Anonymous User
Posts: 429426
Joined: Tue Aug 11, 2009 9:32 am

Re: Summer bonuses

Post by Anonymous User » Thu Jun 13, 2024 2:57 pm

Anonymous User wrote:
Thu Jun 13, 2024 2:06 pm
Anonymous User wrote:
Tue Jun 11, 2024 6:44 pm
Pretty sure. Supposedly it’s the same for all class years:

$10K - on pace for 2000
$20k - on pace for 2400
$25k - on pace for 2700
Lol - that is truly paltry. Like $6K after tax unless you're working such terrible hours that you should just quit.
The scaling of the bonuses is bad, but even getting an extra $6k post-tax for 2000 hour pace would be cool to me. Better than getting $0!

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