Off market bonus at Cravath comp firm? Forum

[Anonymous User]

I’ve read here (and other places) occasionally that firms on the Cravath/lockstep bonus scale will in actuality pay strong performers a larger bonus than advertised. Have a lot of people found this to be the case? Wondering how common this might be.

My firm doesn’t have increases for hours billed. I’m junior in a practice group that’s a Chambers Band 1 and we’re very busy. I’ve gotten a lot of positive feedback so curious if this is something to be aware of, and even if not as a junior than maybe a mid level.

[Anonymous User]

I’ve read here (and other places) occasionally that firms on the Cravath/lockstep bonus scale will in actuality pay strong performers a larger bonus than advertised. Have a lot of people found this to be the case? Wondering how common this might be.

My firm doesn’t have increases for hours billed. I’m junior in a practice group that’s a Chambers Band 1 and we’re very busy. I’ve gotten a lot of positive feedback so curious if this is something to be aware of, and even if not as a junior than maybe a mid level.

I'm at one of the firms you're referencing. You can find this info by looking at past ATL bonus announcements - most will indicate above market bonuses and, if so, how much.

As an example, my firm has a standardized hours-for-bonus policy that pays a certain amount for certain increments above the expected hours target. Those are pretty well publicized, apply to all non-partners (juniors and counsels alike), and to my knowledge haven't changed in the last 10+ years. They do not actually compensate you for your time (I'd be better off driving for Uber for every hour over 2000 that I hit), but it's nonetheless nice to have.

The firm also has a separate merit bonus system that is up to the discretion of department heads. The concept is well publicized, but nobody talks details. I have received that bonus before, though it's been relatively small compared to my total bonus/comp (but again still nice to have). I got it first as a third year, and it definitely wasn't tied only to hours (which were extremely high for both my second and third year).

[Anonymous User]

I’ve read here (and other places) occasionally that firms on the Cravath/lockstep bonus scale will in actuality pay strong performers a larger bonus than advertised. Have a lot of people found this to be the case? Wondering how common this might be.

My firm doesn’t have increases for hours billed. I’m junior in a practice group that’s a Chambers Band 1 and we’re very busy. I’ve gotten a lot of positive feedback so curious if this is something to be aware of, and even if not as a junior than maybe a mid level.

I'm at one of the firms you're referencing. You can find this info by looking at past ATL bonus announcements - most will indicate above market bonuses and, if so, how much.

As an example, my firm has a standardized hours-for-bonus policy that pays a certain amount for certain increments above the expected hours target. Those are pretty well publicized, apply to all non-partners (juniors and counsels alike), and to my knowledge haven't changed in the last 10+ years. They do not actually compensate you for your time (I'd be better off driving for Uber for every hour over 2000 that I hit), but it's nonetheless nice to have.

The firm also has a separate merit bonus system that is up to the discretion of department heads. The concept is well publicized, but nobody talks details. I have received that bonus before, though it's been relatively small compared to my total bonus/comp (but again still nice to have). I got it first as a third year, and it definitely wasn't tied only to hours (which were extremely high for both my second and third year).

Thanks. My firm has no incremental bonus increase for hours beyond 2k, at least not publicized

[Anonymous User]

I got a 5% bump for 100 hours above target. Not enough to make it worth it, but 5% more than I would have gotten at your firm.

[Anonymous User]

My firm will pay a multiple on the standard bonus scale the higher you go above the hours target. Has topped out at 1.5-1.75x (for truly absurd hours), although most folks who go over are getting 1.1-1.2x.

[Anonymous User]

My firm will pay a multiple on the standard bonus scale the higher you go above the hours target. Has topped out at 1.5-1.75x (for truly absurd hours), although most folks who go over are getting 1.1-1.2x.

Yea but is this a publicized policy?
I’m asking about situations in which it’s not a publicized policy but still happens