Associate Bonus Watch: Cahill Matches
Cahill Gordon & Reindel has matched, but won't pay until January 2008. From the memo:
MEMORANDUM TO COUNSEL, SENIOR ATTORNEYS AND ASSOCIATESNovember 2, 2007
We are pleased to announce that our regular and special merit bonuses for 2007
for associates in good standing at December 31, 2007 will be as follows:Class Regular Bonus Special Merit Bonus
Class of 2007 - $35,000 (pro -rated) —
Class of 2006 - $35,000 $10,000
Class of 2005 - $40,000 $15,000
Class of 2004 - $45,000 $20,000
Class of 2003 - $50,000 $30,000
Class of 2002 - $55,000 $40,000
Class of 2001 - $60,000 $50,000
Class of 2000 - $65,000 $50,000
Class of 1999 - $65,000 $50,000
Class of 1998 - $65,000 $50,000
Bonuses for Counsel, Senior Attorneys and other associates will be determined on
an individual basis. Bonuses will be paid by January 11, 2008. Counsel, Senior Attorneys and
Associates who were on unpaid leave or worked part-time during any part of this year and those
who started during this year will be eligible for pro-rated bonuses.Thank you for your dedication, hard work and continued contribution to the success
of the Firm.Executive Committee
(61) Comments
yes
Not again
First? - So what. Now I want more regular pay.
First!
And what the hell is a "merit bonus"?!?
well now everyone has to do it
so is this tied to hours?
Second
It's official - SC memos were fake.
AND THROWS IN A BONUS FOR ADMINISTRATIVE STAFF EMPLOYEES. YES, WILLKIE ROCKS.
Class of 2007: Year-end bonus of $35,000 (pro-rated)
Class of 2006: Year-end bonus of $35,000; special bonus of $10,000
Class of 2005: Year-end bonus of $40,000; special bonus of $15,000
Class of 2004: Year-end bonus of $45,000; special bonus of $20,000
Class of 2003: Year-end bonus of $50,000; special bonus of $30,000
Class of 2002: Year-end bonus of $55,000; special bonus of $40,000
Class of 2001: Year-end bonus of $60,000; special bonus of $50,000
Class of 2000 and senior: Year-end bonus of $65,000; special bonus of $50,000
Second
I want to know also - has Cahill suddenly decided to pay a bonus based on hours? They've never done that before...
"Merit bonus" indeed: this is their way of backing out of lockstep, at least regarding the "special" bonuses. @ssholes.
Blurst!
LAT - How could you entitle this post "Cahill Matches" clearly they didn't. The "merit bonus" aspect of it is clearly so that they pay lesser bonuses to people on the grounds that they didn't merit the bonus. The reason they are paying in January is so that when they do this, recruiting season will be over and everyone will have forgotten this (except of course the poor souls who got confused and accepted Cahill's offer and those associates who have decided to stick around). But you are clearly misreporting this event.
Yes, Willkie just matched. Regarding a special bonus for staff, that's true as well. The exact wording of the memo:
"We are also pleased to announce that the firm will be paying a special bonus to our administrative staff, whose hard work, dedication and loyalty have been a critical part of our accomplishments." Has any other firm done this?
What makes 4:50 and 4:54 think this is tied to hours? The "super fun happy merit bonus" goes to all associates in good standing, which isn't the same as hitting some hour requirement.
O'Melveny matched!!!
Cahill's bonus is not tied to hours and will be paid lockstep.
"The reason they are paying in January is so that when they do this, recruiting season will be over and everyone will have forgotten this (except of course the poor souls who got confused and accepted Cahill's offer and those associates who have decided to stick around)."
The part about "pour souls who got confused and accepted Cahill's offer" - what's that supposed to mean? Everyone I've talked to who works there loves it.
5:00--no LAT today. It's Merck, but I agree that there's no evidence that the Cahill bonuses are tied to hours.
Rank 2006 in revenue
by revenue Revenue per lawyer
per lawyer Firm Per Lawyer from 2005
-------------------------------------------------------------------------------
1 Wachtell ABOVE MARKET $2,455,000 2.5%
-------------------------------------------------------------------------------
2 Sullivan & Cromwell $1,565,000 1.3%
-------------------------------------------------------------------------------
3 Wiley Rein $1,520,000 162.1%
-------------------------------------------------------------------------------
4 Cravath MARKET $1,355,000 5.9%
-------------------------------------------------------------------------------
5 Davis Polk MARKET $1,200,000 4.8%
-------------------------------------------------------------------------------
5 Simpson Thacher-MARKET $1,200,000 6.7%
-------------------------------------------------------------------------------
7 McKee Nelson $1,190,000 1.7%
-------------------------------------------------------------------------------
8 Milbank, Tweed MARKET $1,110,000 10.4%
-------------------------------------------------------------------------------
9 Skadden $1,095,000 10.1%
-------------------------------------------------------------------------------
10 Cahill Gordon MARKET $1,075,000 8.6%
-------------------------------------------------------------------------------
11 Fragomen, Del Rey $1,070,000 26.6%
-------------------------------------------------------------------------------
12 Gibson, Dunn $1,050,000 4.0%
-------------------------------------------------------------------------------
12 Irell & Manella $1,050,000 9.9%
-------------------------------------------------------------------------------
14 Kirkland & Ellis PUNTED $1,035,000 5.1%
-------------------------------------------------------------------------------
14 Paul, Weiss MARKET $1,035,000 0.5%
-------------------------------------------------------------------------------
16 Munger, Tolles $1,025,000 18.5%
-------------------------------------------------------------------------------
17 Quinn Emanuel $1,020,000 28.3%
-------------------------------------------------------------------------------
18 Shearman & Sterling $1,010,000 2.0%
-------------------------------------------------------------------------------
19 Debevoise & Plimpton MARKET $1,005,000 8.6%
-------------------------------------------------------------------------------
20 Cadwalader $1,000,000 6.4%
-------------------------------------------------------------------------------
21 Boies, Schiller $980,000 3.2%
-------------------------------------------------------------------------------
21 Weil, Gotshal $980,000 2.6%
-------------------------------------------------------------------------------
23 Cleary Gottlieb MARKET $975,000 7.1%
-------------------------------------------------------------------------------
24 Willkie Farr $970,000 12.8%
-------------------------------------------------------------------------------
25 Williams & Connolly $955,000 2.7%
-------------------------------------------------------------------------------
26 Finnegan, Henderson $945,000 11.2%
-------------------------------------------------------------------------------
27 Townsend and Townsend $940,000 6.2%
-------------------------------------------------------------------------------
28 Fried, Frank $930,000 4.5%
-------------------------------------------------------------------------------
29 Schulte Roth $925,000 6.9%
-------------------------------------------------------------------------------
30 Latham & Watkins $920,000 5.1%
-------------------------------------------------------------------------------
31 Wilmer Cutler $890,000 5.3%
-------------------------------------------------------------------------------
32 McDermott Will $875,000 12.9%
-------------------------------------------------------------------------------
33 Kaye Scholer $865,000 7.5%
-------------------------------------------------------------------------------
34 Arnold & Porter $855,000 4.9%
-------------------------------------------------------------------------------
34 Ropes & Gray $855,000 1.8%
-------------------------------------------------------------------------------
36 Choate, Hall $850,000 10.4%
-------------------------------------------------------------------------------
36 Kramer Levin $850,000 6.3%
-------------------------------------------------------------------------------
38 Heller Ehrman $845,000 5.0%
-------------------------------------------------------------------------------
39 Akin Gump $840,000 7.7%
-------------------------------------------------------------------------------
40 Hughes Hubbard $835,000 12.1%
5:02 - Cahill is the only firm that's inserted "MERIT" before "BONUS". If this doesn't set off alarm bells, you've been drinking too many super fun happy beverages.
To all doubters: Cahill's regular bonuses are also considered "merit" but are given to 99.9% of associates.
Bonus List of Shame
20008 Vault Rank / Firm / 2005 RPL (if known)
1
2
3 Sullivan & Cromwell LLP / $1,627,000
4 Skadden, Arps, Slate, Meagher & Flom / $997,000
5
6
7
8 Latham & Watkins LLP / $875,000
9 Weil, Gotshal & Manges LLP / $954,000
10 Covington & Burling LLP / $774,000
11 Kirkland & Ellis LLP / $987,000
12
13
14 Shearman & Sterling LLP / $992,000
15 Wilmer Cutler / 846,000
16 Williams & Connolly LLP /
17 Sidley Austin LLP / $774,000
18 Gibson, Dunn & Crutcher LLP / $1,011,000
19 O'Melveny & Myers LLP / $828,000
20 White & Case LLP / $600,000
21 Arnold & Porter LLP / $816,000
22 Jones Day / 602,000
23 Morrison & Foerster LLP / $735,000
24
25 Clifford Chance LLP /
26 Cadwalader, Wickersham & Taft / $940,000
27 Hogan & Hartson LLP / $735,000
28 Mayer, Brown, Rowe & Maw LLP / $750,000
29 Fried, Frank, / $891,000
30 Ropes & Gray LLP / 841,000
31 Paul, Hastings, Janofsky & Walker / $766,000
32 Willkie Farr & Gallagher LLP / $859,000
33 Akin Gump Strauss Hauer & Feld LLP / $779,000
34 Winston & Strawn LLP / $718,000
35 Dewey Ballantine LLP / $782,000
36 Wilson Sonsini Goodrich & Rosati / $752,000
37 Linklaters /
38 Orrick, Herrington & Sutcliffe / 767,000
39 Freshfields Bruckhaus Deringer LLP /
40 Proskauer Rose LLP / $745,000
...
...
55. (Cahill Matched)
Dewey just matched dude. Like 45 minutes ago. I would send the memo but I'm shit scared of technology tracking my shit. I suck.
5:04 -- If you were really at OMM, you would know that OMM has not matched. Yet.
Hey, 5:07, I've a riddle for you. If you call a tail a leg, how many legs does a dog have? 5? No, it's still 4.
Cahill calls the bonus a 'merit bonus,' but then says it's going to all associates in good standing. Cahill can say it's based on merit, but all that means is associates merited it if they're still standing by the end of the year. So 'merit' doesn't mean jack.
I am a little whacked out on wowie sauce right now, but that's my take.
The Executive Committee is pleased to announce the following year end bonuses for associates:
Class of 2007: Year-end bonus of $35,000 (pro-rated)
Class of 2006: Year-end bonus of $35,000; special bonus of $10,000
Class of 2005: Year-end bonus of $40,000; special bonus of $15,000
Class of 2004: Year-end bonus of $45,000; special bonus of $20,000
Class of 2003: Year-end bonus of $50,000; special bonus of $30,000
Class of 2002: Year-end bonus of $55,000; special bonus of $40,000
Class of 2001: Year-end bonus of $60,000; special bonus of $50,000
Class of 2000 and senior: Year-end bonus of $65,000; special bonus of $50,000
Bonuses will be paid in December, consistent with our customary practices.
All of the Firm’s partners greatly appreciate your hard work and contributions to our success.
We are also pleased to announce that the firm will be paying a special bonus to our administrative staff, whose hard work, dedication and loyalty have been a critical part of our accomplishments.
Also Willkie's bonuses are for both NY and DC
Billy -
You need to confirm (1) Shearman and (2) Willkie and get them posted on the main page.
This blog stinks when Lat's not around.
I am a contract attorney, currently staffed at one of the firms that has "matched" the bonuses and special bonuses. I have not seen a memo. Is it customary that contract attorneys also get a piece of the pie?
Anyone confirm the Willkie and O'Melveny matches yet? Also, I don't think a "merit" bonus is any more restrictive than a "special" bonus or a "discretionary" bonus...if it goes to all associates in good standing, you are likely getting it unless you are soon to be seeking life elsewhere.
And no, Willkie's bonus schedule is not tied to hours, unlike Dewey. The firm does not have minimum billables.
Hey, 5:02: How can I get me some of that 'wowie sauce'?
Anthing like 'Gun-ClubPunch' at Trader's?
Technically, not a true match. Money in Nov is worth more than money in Jan.
K-Atty = no bonus
have not seen a memo. Is it customary that contract attorneys also get a piece of the pie?
From: Rohan S Weerasinghe
Sent: 11/02/2007 03:40 PM EDT
To: U.S. Track Associates - 2
Subject: 2007 Bonuses
I am very pleased to announce a special bonus that will be paid to our
U.S.
Track associates in addition to our regular bonus for 2007. The bonus
amounts, based on class year, are as follows:
Class Year Special
Bonus Bonus
Class of 2007 $35,000 N/A
Class of 2006 $35,000 $10,000
Class of 2005 $40,000 $15,000
Class of 2004 $45,000 $20,000
Class of 2003 $50,000 $30,000
Class of 2002 $55,000 $40,000
Class of 2001 $60,000 $50,000
Class of 2000
and above $65,000 $50,000
In accordance with our customary practice of paying bonuses in January,
bonus payments will be made on January 15 to all active U.S. Track
associates in good standing. For those associates who were on a leave
of
absence, worked part-time, or joined the firm after January 1, 2007,
bonuses will be prorated. For counsel and special associates, a special
bonus will also be reflected in your regular annual bonus payment.
Should
you have any questions, you should contact Lisa Jacobs, Tai Park, or
Barbara Gannett, who will be pleased to answer them.
On behalf of my partners, I want to thank you for your commitment and
dedication to the firm over the past year.
That's messed up. Why do partners, associates, and staff (at Cahill) get bonus, but not contract attorneys?
5:20, it is unlikely that contract attorneys/staff attorneys will be included unless something has vastly changed this year.
FORGET ASSOCIATES... Seriously, what about contract attorneys. THERE IS ENOUGH MONEY TO GO AROUND!
ha ha.
contract attorney thinks he gets a piece.
good stuff.
CONTRACT ATTORNEYS TO $190,000 !!!
cahill doesn't use contract attorneys
CONTRACT ATTORNEYS TO $190,000 !!!
Contact attys usually get some bonus (or, staff attys do) but, not really tied to the associate bonuses at all. It's just how things seem to be...
cahill doesn't use contract attorneys
Contact attys usually get some bonus (or, staff attys do) but, not really tied to the associate bonuses at all. It's just how things seem to be...
This is my first time on above the law. Are message boards always dominated by contract attorneys begging for money and associates responding that they are not worth it?
I was just talking to someone on our exec committee about this for contract and staff attorneys (my firm already matched), and the upshot was sorry, Contract Atty - your peeps and staff attorneys do not get in on the cashish. The logic is, they don't need to worry about recruiting staff/contract attorneys; the only thing that law students and laterals look at are associate bonuses. Or boni (tee hee).
MEMORANDUM:
To: Cahill Associates
Date: November 2, 2007
We will no longer pay bonuses to associates. Instead, we will utilize that money to hire contract attorneys, who are capable of doing anything you do but better.
Regards,
Mgt. Committee
I was just talking to someone on our exec committee about this for contract and staff attorneys (my firm already matched), and the upshot was sorry, Contract Atty - your peeps and staff attorneys do not get in on the cashish. The logic is, they don't need to worry about recruiting staff/contract attorneys; the only thing that law students and laterals look at are associate bonuses. Or boni (tee hee).
David Lat with Contract Attorneys
Contact attys usually get some bonus (or, staff attys do) but, not really tied to the associate bonuses at all. It's just how things seem to be...
That's messed up. K attroneys work hard too.
Don't know if anyone said this, but the reason that some firms pay in January or February rather than at the end of the year is for tax purposes/benefits
"Merit" means everyone except those about to get fired. Everyone gets the bonuses and they are always paid in January.
I have it on very good authority here that the word "merit" is being misinterpreted by some ATL commenters. Understandably misinterpreted, mind you, given the wording of the other firms' e-mails, but misinterpreted nonetheless. Cahill has always had lockstep bonuses and would not make so dramatic a change as to base bonuses on hours (or evaluations, or any metric other than seniority) via one word in a terse e-mail from the Executive Committee. Even for a "special bonus" like this one. Also, Cahill always matches. I've never heard of them leading a price war, but they always play along. They know exactly what the other firms did, and they matched it.
As for the timing, that's when the bonuses are always paid around here. This is an old-school place. I guess it's ever-so-slightly less from a net present value perspective, but not a big deal, y'all.
it seems like cahill has a 10 yr. partnership
No, it's eight years. A handful of senior associates opted out of the partnership track for personal reasons.
a lawyer at cahill was elected to partner after only six years this past year