Associate Bonus Watch: Clifford Chance Matches
(For the Survivors)
Yesterday we wondered: "[A]re associate bonuses and layoffs just two sides of the same coin?"
The answer, at least at Clifford Chance, would appear to be yes. Just one day after announcing layoffs (of admittedly small scale -- six associates), CC has announced year-end and special bonuses. The bonuses are at market levels and not tied to hours (or being "reasonably busy," whatever that might mean).
Memo after the jump.
Clifford Chance US LLP
MEMORANDUM
TO: U.S. Associates
DATE: November 7, 2007
FROM: Craig S. Medwick
CC: Ira Frome, John Christian, Jay Connolly
RE: 2007 Bonuses
I am pleased to announce the 2007 bonus levels for U.S. Associates:
Class Year -- Year-end Bonus / Special Bonus
Class of 2000 and more senior -- $65,000 / $50,000
Class of 2001 -- $60,000 / $50,000
Class of 2002 -- $55,000 / $40,000
Class of 2003 -- $50,000 / $30,000
Class of 2004 -- $45,000 / $20,000
Class of 2005 -- $40,000 / $15,000
Class of 2006 -- $35,000 / $10,000
Class of 2007 -- $35,000 (prorated) / N/A
Bonuses will be paid in January, following our year-end review process.
On behalf of all of our partners, thank you for your continued dedication and hard work throughout the year.
Regards,
Craig
(56) Comments
first
First!
first
blurst
Interesting - can some folks, pay some folks. All in a day's work.
first
IF CC matches the day after giving six associates the boot, isn't it time for CHICAGO FIRMS to announce?
Is their PPP much higher than FF, or is FF just cheap?
how much longer till 190???????
My count makes that 16 firms that have matched or gotten close. I think that the announcements will trickle for a little while, (WGM, CWT, etc.) and then we will see some of the large "non-NY" or "national" firms start to do some interesting things. Sidley, Latham, Mayer, OMM, Orrick and similar firms can't ignore this.
Were the six associates they let go normal, partner-track associates, or were they something along the lines of contract lawyers hired to do a specific task?
Lat, get to the bottom of this!
Does CC pay bonuses all associates regardless of hours billed or is there some floor?
the six associates were normal, partner track associates, NOT contract attorneys
CC + FF = TTT
@11:19
They were normal partner track associates hired to do work for one client? That doesn't sound right at all.
yeah, something doesn't fit. They were hired 18 months ago to work for one client, but were surprised that they were let go when work from that client disappeared? What we need to know is whether CC told them upon hiring that they would be switched to other practice areas if that client's work dried up, and also whether the 6 would have wanted to switch (perhaps senior associates would prefer to move firms rather than switch to another practice area)? Doesn't sound like these 6 would be surprised to be let go if they were hired purely to work for one client.
london firms in the mix...
if a+o and linklaters dont match, theyre officially LLL (the british version of TTT; lousy lame loo).
just kidding, manolito!
CC is a miserable place to work. I summered there but I rejected the offer for greener pastures. Even when people finished their work early they were expected to hang around and ask for more work to do.
GBTW YSBs
You aren't even real lawyers.
I have a friend at CC who loves the work and the people, so opinions vary.
@11:37
Don't know what group you sat with while you were a summer, but there is no "face time" requirement at CC.
none of YSBs ahve even seen t he inside of a courtroom. GBTW!!!
What does TTT mean?
11:01 - Yes, Chicago firms need to speak up. SEYFARTH SHAW! SEYFARTH SHAW!
TTT is a moron phrase for "third tier toilet." it's the american counterpart to LLL = "lousy lame loo"
PPP (FF) = TTT
PPP (CC) = LLL
12:10 -- an elegant formulation.
Weil will likely be matching in a memo later today or tomorrow. My friend there says it takes forever for the mgmt cmte to get together.
@11:37
Interesting, this past summer ('07) at CC we actually had an acceptance ratio in excess of 90%. 36 accepts, 2 declines (one for Skadden and one for Gibson Dunn) and two clerkships. Which one of those two were you?
If CC were smart they would actually beat the market in NY which given how robust their European M&A practice is, and the weak dollar, they could do easily. Especially now that other folks have announced, CC could have come over the top.
That would once and for all establish it as a top-tier firm in NY and be a major boon to its recruiting efforts.
If [TTT] were [smart][capable of not being a TTT], it would actually [beat the market in NY][not be a TTT] which [sic] given how [robust their [European M&A] practice is][this is impossible], and the weak dollar, [they could do easily][it will not happen].
I vote for the latter. And short the greenback!
11:37 - never said it was summer '07
12.32 - ha ha!! SMACKDOWN 11.37
@ 11:37
Maybe the Firm you summered at just told you they were called "Clifford Chance," or maybe you misunderstood the name, or maybe you're just so anal and paranoid that that's what you incorrectly thought you were supposed to do, or maybe you're just lying.
Your tale sounds absurd.
11:37 = lousy lame loo without a job.
Damn, talk about adding insult to injury. Those six associates must have a very colorful opinion of CC at this point.
seems pretty low to fire just 6 associates if you are doing well enough to pay out special bonuses.
@11:37
Well, if you were one of the few who dinged us the year before in '06 when we had an 88% summer acceptance rate, you are entitled to your opinion and we are sorry you left. I hope the "greener pastures" you left for made your wallet a little greener as we did for our associates this morning.
If though, as I presume, you were from a prior summer class, I am glad you still follow news on CC so closely. I hope the view from the rear works for you.
@11:37
Well, if you were one of the few who dinged us the year before in '06 when we had an 88% summer acceptance rate, you are entitled to your opinion and we are sorry you left. I hope the "greener pastures" you left for made your wallet a little greener as we did for our associates this morning.
If though, as I presume, you were from a prior summer class, I am glad you still follow news on CC so closely. I hope the view from the rear works for you.
@11:37
Well, if you were one of the few who dinged us the year before in '06 when we had an 88% summer acceptance rate, you are entitled to your opinion and we are sorry you left. I hope the "greener pastures" you left for made your wallet a little greener as we did for our associates this morning.
If though, as I presume, you were from a prior summer class, I am glad you still follow news on CC so closely. I hope the view from the rear works for you.
@11:37
Well, if you were one of the two who dinged us the year before in '06 when we had an 93% summer acceptance rate, you are entitled to your opinion and we are sorry you left. I hope the "greener pastures" you left for made your wallet a little greener as we did for our associates this morning.
If though, as I presume, you were from a prior summer class, I am glad you still follow news on CC so closely. I hope the view from the rear works for you.
1:29 - shut up.
Is it just me or is the announcement parade slowing down? Maybe I got overly optimistic in thinking that once a clear-cut second tier firm like FF matched, the rest would follow, but I would certainly think that we would see more action than this over the past day or two.
LAT needs 300 votes. Let's give them to him! LAT to 300 more votes!!!
http://2007.weblogawards.org/polls/best-law-blog-1.php
I just want to say that Clifford Chance sucks donkey balls. If Skadden is my safety, and White & Case is my backup, Clifford Chance is the one that I didn't even pencil in an interview for. And I graduated from a law school outside of the top 14.
1:23-1:31 == sensitive CC partner. LOL at the "view from the rear" comment - do you really think any of these big firms are "ahead"? (yes, I do work for one). Do you really think it is hard to get a comparable position? (although I'm shorting being an associate who worked for a single-client at CC).
Macho BS is very TTT - 11:37 sounds pretty astute to have figured it out before-hand.
White & Case is a dump, and they're proving it by not matching. Remember that crazy round of attition 2 years ago? It'll happen again, just watch.
Interesting that the bonuses won't be paid until January, "following our year-end review process." Perhaps more layoffs ahead?
@2:57,
actually, it's not that interesting considering almost every corporation in the country pays bonuses the same way, to wit: in January after year-end reviews.
WC matched
where is cwt?
White & Case just matched.
White & Case just matched.
11:12, Sidley, Latham, Mayer, OMM, Orrick announce hours-based bonuses at the beginnning of the year. There's nothing for them to say. Associates who are going to get $paid$ already know they're getting paid. Obviously you're not one of them.
"No further redundancies are anticipated."
http://www.legalweek.com/Company/296/Navigation/18/Articles/1067577/CC+rules+out+further+post-crunch+staff+cuts+following+six-lawyer+NY+team.html