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^ what this guy said.Anonymous User wrote: ↑Mon May 20, 2024 12:30 pmLet's hear it Milbank. I'm busy and it's about that time...
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 wrote: ↑Tue May 21, 2024 3:26 pmDo 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…
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!Anonymous User wrote: ↑Tue Jun 04, 2024 5:33 pmHeard from a friend that Hueston Hennigan announced summer bonuses. Think that will translate to big law?
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 wrote: ↑Tue Jun 04, 2024 6:06 pmMaybe 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 wrote: ↑Tue May 21, 2024 3:26 pmDo 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…
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.)TigerIsBack wrote: ↑Wed Jun 05, 2024 8:20 amPeople 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 wrote: ↑Tue Jun 04, 2024 6:06 pmMaybe 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 wrote: ↑Tue May 21, 2024 3:26 pmDo 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…
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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...Wanderingdrock wrote: ↑Wed Jun 05, 2024 12:37 pmAgreed. 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.)TigerIsBack wrote: ↑Wed Jun 05, 2024 8:20 amPeople 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 wrote: ↑Tue Jun 04, 2024 6:06 pmMaybe 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 wrote: ↑Tue May 21, 2024 3:26 pmDo 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…
Have not heard anything about this on ATL, AMLaw or anywhere else. Are we sure this actually happened?Anonymous User wrote: ↑Tue Jun 04, 2024 5:33 pmHeard from a friend that Hueston Hennigan announced summer bonuses. Think that will translate to big law?
Lol - that is truly paltry. Like $6K after tax unless you're working such terrible hours that you should just quit.Anonymous User wrote: ↑Tue Jun 11, 2024 6:44 pmPretty 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
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!Anonymous User wrote: ↑Thu Jun 13, 2024 2:06 pmLol - that is truly paltry. Like $6K after tax unless you're working such terrible hours that you should just quit.Anonymous User wrote: ↑Tue Jun 11, 2024 6:44 pmPretty 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
But they’re not wrong
McKool Smith coming through!Anonymous User wrote: ↑Wed Jun 26, 2024 7:17 amBut they’re not wrong
V50 associates won't see a dime until December. LjlAnonymous User wrote: ↑Wed Jun 26, 2024 11:40 amMcKool Smith coming through!Anonymous User wrote: ↑Wed Jun 26, 2024 7:17 amBut they’re not wrong
Confirmed...you were just being jaded.Anonymous User wrote: ↑Tue Jun 04, 2024 6:06 pmMaybe 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 wrote: ↑Tue May 21, 2024 3:26 pmDo 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…
They were in fact wrongAnonymous User wrote: ↑Wed Jun 26, 2024 7:17 amBut they’re not wrong
This poster should be crowned.TigerIsBack wrote: ↑Wed Jun 05, 2024 8:20 amPeople 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 wrote: ↑Tue Jun 04, 2024 6:06 pmMaybe 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 wrote: ↑Tue May 21, 2024 3:26 pmDo 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…