where's the attached memo?

First

Where are the numbers?

first

Numbers?

there's no memo, ATL.

It's pretty hilarious that Justin Spendlove is doling out the bonuses

where's the attached memo?

first

The parade continues!

where is the attached memo?

first

attachment?

is the memo??

FIRST

First!

FIRST!

FF!

FRIED FRANK DID NOT NOT NOT NOT MATCH!!!

FRIED FRANK MEMO:

On behalf of the firm, we would like to thank you for your continued hard work and dedication to the firm and its clients. You play an important part in the overall success of the firm and the partners greatly appreciate your contributions.In recognition of your efforts, we are pleased to announce that the firm will pay year-end bonuses to New York associates who are in good standing and performing up to the firm’s expectations. We will also be paying a one-time special bonus to associates on a discretionary basis based on performance and which in certain individual cases may exceed the amounts listed below.

Year End Special Bonus
Class of 2007 $35,000 (pro-rated) No special bonus
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 prior years) $65,000 $50,000

Jacob-Spendlove. heh.

I don't get the big fuss. I completely expect many firms to do what Fried Frank is doing. I mean, where are we getting this idea that ALL big NY firms are going to match Cravath's bonus lockstep? To my memory, most firms generally tie even their "ordinary bonus" to an hours requirement (usually 2000). So, why should they suddenly all abandon their policies and start paying lockstep "ordinary + special"?

Boo Fried Frank! Cahil and QE can match, but FF can't? Very weak!

Lat,

How about, instead of soiling yourself every time a firm matches, you do something like a nightly round-up, or, even better, a weekly one?

After all, there are 100 or so firms that will match - it can't possibly be news every time.

FRIED FRANK DID NOT MATCH. THEY ARE SECOND RATE AND SECOND TIER.

I'm sure FF's D.C. Associates must be thrilled.

4:30 -- this is not a match, so calm yourself.

BONUS NEWS HATERS:

If you're not interested in bonus & salary news, stop clicking on the links that have to do with bonuses and salaries!

(Duh!)

Yeah, is this really breaking news to anyone? The associates at the firm already got the memo, and it's beyond me why so many other people seem to care so much. You people are pathetic.

Fried Frank - No match, and the "discretionary" bonus only applies to New York. Hah!

anyone here anything RE Weil??

Yeah, is this really breaking news to anyone? The associates at the firm already got the memo, and it's beyond me why so many other people seem to care so much. You people are pathetic.

Do any associates actually work? You are over paid

in other news, A-Rod is a greedy bastard for opting out of his Yankees contract.

franks associates are fried.
that place is a filthy bunghole.

fifth tier trash heap.

Do any associates actually work? You are over paid

Fried Frank - No match, and the "discretionary" bonus only applies to New York. Hah!

4:30 - Not going to happen. At least not until another 15-20 firms match. At that point, almost all matches will be news only to associates at that firm and maybe they can be combined.

Right now roughly 2/3 of the firms that will match have not yet matched. Because the firms that have matched are, by some standards, the top 1/3 or so of the firms that will match, there are still headlines to be had. You can't say with certainty that because S&C matched, Dickstein or Steptoe MUST match. The converse would be true, though. So until the "bottom" edge of this tier of firms is identified, there will still be news.

If you don't like it, don't read it.

I like bonus news not because it's particularly surprising and interesting, but because it creates a good excuse to gossip about the merits of the different firms.

------------HEY LAT WHERE IS THE ATTACHMENT! -----------------

Partner, Pick one.

a. "You are over paid."
b. "You are over, paid."
c. "You are over-paid."
d. "You are overpaid."

These numbers are the same as other firms' reported bonuses. How did FF not match?

The attachment, which is a PDF file, is forthcoming. (As usual, our servers - which will be replaced later this month - are giving us trouble.)

I'm sure FF's D.C. Associates must be thrilled.

Crap - look at 4:40 - partners are learning how to use the internet. We better be careful what we say on here from now on.

Fried Frank's special bouses are DISCRETIONARY, meaning that in their discretion, they will likely give them to one person in each class, so they can givet he impression that they matched, when in fact they are cheaping out and going below market.

what a shithole firm.

law students who have options should avoid fried frank like the plague, or cadwalader.

First!

Last!

what about kramer levin or orrick-NY?

what about kramer levin or orrick-NY?

The attachment is as posted by 4:21 PM. That's an accurate transcription of the Fried Frank memo.

Where is White & Case and Weil in all this?

what about kramer levin or orrick-NY?

WTF? Hey 4:49 #s 2 and 3: I called last already!! Cut the shit.

I billed till its light excite all the freaks
Stack mad chips, Spendlove ain't my peeps
Fried Frank wanna creep, got ta watch my back
Think the doc review and indo sack make me slack?
Fried Frank ain't all that, cock-sucker gs up
One discretionary item, get swiss cheesed up
Clip to tec, market bonus I demand it
Slip and break the, 11th commandment
Thou shalt not fuck with my bonus J-poppa
Feel a thosand deaths when I drop ya

The memo is as posted by 4:21. That's an accurate transcription of the PDF file (which we've been trying, without success, to post).

4:39

Cut the melodrama and emotional outburst please. If Fried Frank is a "fifth tier trash heap" for this, then what about a whole ton of other firms (ranked below FF) that will inevitably do this as well? Are they 6th-10th tier?

Let' just be reasonable. The top traditional "lockstep all the way" firms (and I am talking about say 10-15 firms) will match normal and special bonus lockstep. I can't understand why would anyone be surprised if other firms do what FF is doing. Seems perfectly "traditional" and "market".

Unless anyone forget, "lockstep bonus all the way" is NOT market practice for all NY firms. Many, many firms have billable requirements for ANY bonus.

As an example, if SRZ's policy is "standard bonus for anyone who hits 2000 hours", then last year, a 1st year associate hitting 2000 hours will get $35K.

So why in the world are we expecting (and indeed calling them 10th tier for not doing so) SRZ to suddenly "match" by changing its policy to "standard + SPECIAL bonus for EVERYONE, regardless of hours" ?

I am all for higher compensation, but I don't understand the expectation.

For those of you crying about too much bonus/biglaw talk... at the time of this comment there are only 2/8 entire stories on the main page relating to bonuses. That leaves you whiners with plenty of other reading material. In the words of a few other commenters... if you don't like it, don't read it. Beat it, nerd!

I think 5:02 is right.

First tier = Wachtell and 1 or 2 other firms, though that is subject to debate.

Second tier = lockstep match, no hours

Third tier = lockstep match with meaningful hours requirement (you can all debate this. I would assume 1100 is not meaningful and 2100 is meaningful-the mark is probably somewhere between 1700 and 2000).

Fourth tier = no match

What will FF do in DC? They have 100+ attorneys in the District.

Partner: In the future, only post once please, thanks.

nice

I second 4:56

And note the high comment traffic on any compensation-oriented post. Whiners are the worst. I am sorry you work at a small, crappy firm and don't make these bucks... but we do so stop spoiling the party. And you are getting your drool on my sleeve, so beat it, nerd!

I fifth the sentiment that fried frank is a fifth tier toilet.

What about the phrase that some associates will be paid more than the listed numbers?

how do we interpret Skadden's reasonably busy requirement?

how do we interpret Skadden's reasonably busy requirement?

how do we interpret Skadden's reasonably busy requirement?

Memo is posted now.

"how do we interpret Skadden's reasonably busy requirement?"

If you're sitting around posting on here, you are probably not included.

FIRST!

5:24 - It says in some cases MAY exceed. What will ikely happen is that the FF partners will, in their discretion, not give market bonuses to anyone, and also not give anyone more than market.

5:24 - yeah, I am guessing that one associate on pace to bill 3000 hours for the year will get above and thats it.

I think the name fried frank is funny.

Holy S**T. Somebody give Valerie Jacob a tube of sunscreen as a bonus.

http://www.friedfrank.com/index.cfm?pageID=42&itemID=339

5:38-

LOL! I almost spilled my drink from that one. Nice!

Where is Fried Frank on the NYC V100? Also, where are (1) Herrick, (2) Orrick, (3) Stroock, (4) Proskauer

-if anyone knows, that would be helpful.

you gotta spend love to make love?

FF is #19 in NEW YORK Vault, I think.

IMPORTANT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Everyone, Lat needs our help. If you have not yet voted (or if you voted more than 24 hours ago), PLEASE DO SO NOW:

http://2007.weblogawards.org/polls/best-law-blog-1.php

Maybe Cadwalader should buy this dog?

http://www.cnn.com/video/#/video/tech/2007/11/06/imanuel.fl.bed.bug.sniffing.dogs.wcjb

val is scaring me

HOly Sh*T!! Lat needs only 260 more votes to win this thing . . . COME ON PEOPLE!!!

http://2007.weblogawards.org/polls/best-law-blog-1.php

does anybody else see the facial similarities between Val and Mr. Whitney?

http://www.pillsburylaw.com/jonathan.whitney

Val looks like her skin as truly been fried. The name of her firm is fitting.

Discretionary Bonuses: Let's Bash This TTT!!!

comments clusterf*&k?

Skadden's reasonably busy requirement is brand new. The past three year's bonus memos have NOT had that language.

We won't know until November 21, I suppose what that actually means.

6:47, not exactly. For the past six years that I have received Skadden's memo, it has always had a "good standing" or other like requirement. Go back and look at Greedy Associates, this debate goes on every single year. Every year it is the same answer: 1600 = full bonus, less than 1600 = half. Period. This year is no different. If you don't believe me, ask your office's recruiting coordinator or HR.

Every firm has a "in good standing" requirement. This means that you are still employed on the date of the bonus payment. The "reasonably busy" phrase is something new, as is the discretionary part of the Fried Frank bonuses.

DON'T FORGET TO VOTE FOR ATL (because the the other competitors are bush league and Lat rules):

http://2007.weblogawards.org/polls/best-law-blog-1.php

Wasn't Fried Frank the name of a Garbage Pail Kid?

6:51 - Yes, there's been a "good standing" requirement, but NEVER a "reasonably busy" requirement.

This year, there was both.

I agree, it is probably just a codification, if you will, of the unofficial 1600 hour requirement (which I know is a soft requirement, especially if your practice area is slow).

I'm coming in at a solid 1850 or so, however. I'd be a bit more nervous if I was headed towards 1700 than I would be in previous years, however.

Here is the rub for CA Attorneys - most of us have to bill at least 2100 to get any bonus. If you bill 2099, no guarantee of a bonus. We spend our time worrying about hours for a full 12 months trying to figure out if we will bonus that year - pretty much sucks. Some associates get the plum assignments where partners don't care how much you bill to their clients. Other partners are always watching the meter and will "encourage" you not to bill time or write off some of what you billed as "client development" so that their collections aren't screwed up by writing off associate time.

I work in a large int'l firm that is based in CA but has a decent sized office in NYC. Sucks that those associates never have to write off time, don't worry about hours, and will still get a much higher bonus than any CA associate - except those in CA that bill 2300.

I don't really know how many hours our NYC couterparts bill, but I can vouch that most CA associates bill between 1950 to 2150. Very few are under budget and there are also a few superstars that do 2200+.

-Wasn't Fried Frank the name of a Garbage Pail Kid?

Let's ask Google.

http://www.poundart.com/gpk/roughs/s05/191_benfranklin.jpg

Series 5, card #191

Scratch that, actual card is at

http://www.geocities.com/lopezgpkid/hmge50.jpg

I am worried about me.

That was friggen awesome.

100th!

I would hate to be a fried frank associate and find out that, under Worthington's Law, everyone at Milbank and Dewey Lebouef was a better person than me.

7:17 - shut up.

7:17 needs to get himself some rich parents, a better law school diploma, a job in a real city, better clients, higher billing rates and a tall, cold glass of shut yer trap.

What is the talk among Philadelphia BigLaw circles regarding Special Bonuses? Will Blank Rome be this year's superstar and finally come out of the shadows of MLB and Dechert?? Our legal market is booming and the partners surely recognize the need to keep us here.

Does FF have a better work environment? Why would one go there or stay when their peers down the street have more guaranteed $$?

What about CWT?

What about CWT?

CA Associate or 7:17
Please provide details on cost of living, housing prices, and average hours billed by associates at your firm.

CA Associate or 7:17
Please provide details on cost of living, housing prices, and average hours billed by associates at your firm.

8:52 - 7:17 has been told to shut up. Be careful or you'll get the same treatment.

Wow - that gabage pail post was priceless - I'll never look at FF the same way again.

All this focus on hours, but the truth is you all waste your time and don't work efficiently just so you can reach the target. I've seen it. 1 lawyer, 2 or 3 sitting on a call when they weren't needed, but at $500 a pop, who cares about the fees or the cost to the client. None of you. you, the partners, the legal fraternity in the US of A are just wasteful and lazy and then you think you're so busy because, as a result of your inefficiency, you now have to work the weekend. Tell you somthing, how stupid....but that's the American way. Put an American lawyer in a room with a real lawyer who works, and you'll see which one is smarter, faster and better...but alas, the American one gets the $ cause he huffed and puffed about how busy he is and runs around like a headless-chicken with no direction....odd.

Thanks, 9:05. Maybe that works in communist China, but here in the U.S. our clients have the benefit of what's called a "free market," meaning they can fire and hire a better, more efficient lawyer any day. If you are a U.S. lawyer and you are not making a lot of money, I guess it means you are (1) stupid or (2) inefficient or (3) both. Based on your post, I vote for door number 3.

why don't you go complain to your queen?

8:27, I think Philly is on the Kansas scale. Has anyone heard news on Wichita bonuses?

A find it funny and pathetic to find so many associates who aren't even at NY firms panting over who is "matching" and who is not . . . . Why on earth should every law firm, including those not in NY, match the so-called top tier firms? You aren't ALL going to leave and head for Skadden or Wachtel, because the truth is you could not get in there and would cry like a baby if you did. Those are real lawyers, Mary.

another multiple choice question to get you through to admission. Mmm, let's see, I'll answer it the way I was taught by Barbri to answer it: eliminate (a), (c) and (b) and choose (d) - but unfortunately, you didn't give me the choice of (d) so I guess ignorance is something that is not only the domain of the bar examiners. I'm guessing from your comment that you've never worked in a real legal environment, overseas with lawyers in Australia, England or Asia or Europe. Trouble with such a parochial view of the legal profession is that we all end up with a 'free market' which leads to a culture of excess. You are right about one thing, thought: the free market allows clients to fire and hire a better lawyer any day...perhaps this is why US firms are now looking overseas to recruit better more efficient lawyers...any day

At least FF and many of the others have made it clear the bonus structure applies to senior associates. Certain firms have not.

Angel - how can you hold yourself (and your brethren) out as someone who works and does not waste time when you are busy posting on a legal blog that (apparently) doesn't relate to you?

Way to be focused and efficent. Give me a break.

9:05 - Your broad, unsupported generalizations about our entire country's legal profession so persuasive. Do your country's law schools have internet legal tough-guy classes, or is it one of your special talents?

Please tell me, what country produces such superior lawyers like yourself, who lay waste to entire legal tabloids with a single anonymous post?

Seriously bro, come win a $100M+ case against me and someone might give a shit.

Why the hell is everyone screaming that FF didn't match? Because Lat (for some reason) didn't put "Matches" in the headline? Here's Cravath's memo:

Class of 2007 -- Year end bonus $35,000 (prorated), no special bonus
Class of 2006 -- Year end $35,000, special $10,000
Class of 2005 -- Year end $40,000, special $15,000
Class of 2004 -- Year end $45,000, special $20,000
Class of 2003 -- Year end $50,000, special $30,000
Class of 2002 -- Year end $55,000, special $40,000
Class of 2001 -- Year end $60,000, special $50,000
Class of 2000 -- Year end $60,000, special $50,000 (same as 2001)

Here's FF's:

Year End Special Bonus
Class of 2007 $35,000 (pro-rated) No special bonus
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 prior years) $65,000 $50,000

Looks like they matched to me...

8:27, you're an idiot.

9:49, read the text surrounding the numbers. everyone at cravath gets both bonuses. Fried Frank hasn't committed to paying anyone either bonus. It might well be the case that the average Fried Frank bonus for class of 2005 is less than 40k, whereas every class of 2005 person at a lockstep firm will make 55k. The discretionary weasel language is a lot worse than an hours requirement.

9:49 you should be shot in the head for stupidity and then your bullet wound should be peed in by someone with a severe staph infection.

Is it true that Skadden is "okay" with attorney's billing 1600 hours? Or, is this sarcasm?

This just doesn't sound right.

Good point 9:42pm (Devil's in the Detail), but I'm not wasting time, just waiting for one of the great American legal minds to get back to me after a day which he spent running around like a headless chicken....I'm just paying the price of his "efficiency"...oh, but I'm working very long hours...and as for 'tough internet guy' comment from 9:49pm aka, "ANONYMOUS", yes we learn all our tough guy talk from US lawyers who bark loudly with $100m+ lawsuit victories but who live in the shadows of their own anonymity

any truth to the rumour a firm will be announcig both bonuses plus raise in base salary tomorrow?

i'll believe that when i hear it 10.13 - very unlikely.

10:11 - Nah, they're not okay with it, really. You can get away with it for one year, but after that, they'll start getting concerned. That being said, I've never known anyone here who hasn't hit 1700 (although I guess it must happen) so no one really has anything to worry about. That being said, nobody has ever mentioned my hours to me - either good or bad - in any final year review (for what it's worth).

And, uh, Angel, plenty of us have worked overseas for non-U.S. firms. As far as I've seen, Big Law looks the same the whole world over.

Yes, you're right, Anonymous (10:24pm). BigLaw looks the same the whole world over but delusions of grandeur seems to be more ingrained in US BigLaw...self-importance is the American lawyer's way of covering up his/her incompetence...quite frustrating, really...

You people are ridiculous...

We already make $160,000 right out of school, with $35,000 guaranteed bonus, and you are all dumping on a firm for making part of the bonus discretionary??

The whole idea of a "bonus" is that it is discretionary! They give us a bonus, which should be for effort above just showing up.

For the record, I am a 3L with an accepted offer to go to Fried Frank and I intend to work hard enough where I will not be at the whim of their discretion. If you don't want to work hard and earn the absurd money they are willing to pay us when we know absoutely nothing, then go somewhere else. I, for one, would rather have the people who work hard around me than you whiny ingrates.

Alas, I'm now heading home so as to avoid living the life of an American lawyer (ie: get to work at 10am, having breakfast at 11am, lunch at 1pm and then start work at 4pm so that I have another "all-nighter")...sweet dreams, yankies...

10:38 - hard work does not guarantee anything, but good luck.

10:11 - You're the one coming in here with a chip on your shoulder. You won't see me come into your "2nd tier lawyers from 3rd tier countries" blog and start bashing your law firm/fish shack.

Nice job on learning the tough guy talk from us, too bad you haven't mastered the whole "getting paid" thing just yet.

Burkina Faso to 4K!

10:38 - hope you don't flub a word like "absoutely" in any documents you're drafting next year. I heard that some partners at Fried Frank might bring up type-os in your review, which may come into play when determining your discretionary bonus.

actually, we've mastered the whole 'getting paid' thing too -- notice how many of us foreigners are here working for so called "Tier 1" firms in a "Tier 1" country doing so called "Tier 1" work. Must be hard for you to swallow, 9:49: I bring home the bacon, I chomp it, chew it and spit it just like you. I live and breathe amongst the vermon hereof, thereof, heretoforementioned - or in plain English, you...better you wipe the sleep from your eyes, tough-guy: the dream is over...sweet dreams...

10:38 your naivety is adorable. You're like a little kid with downs syndrome.

Way to make generalizations about a country of 300 million people, Angel! With an attitude like that, you must be really worldly!

To 5:50:

No one cares about (1) Herrick, (2) Orrick, (3) Stroock, (4) Proskauer. Get serious.

STROOCK & STROOCK & LAVAN JUST RAISED

SORRY FORGOT TO FINISH!

Stroock just raised to THREE ampersands!!!!