Associate Bonus Watch: Chadbourne & Parke
Yesterday at around 5:30 p.m., just as the New York office was getting ready to head off to the firm holiday party, Chadbourne & Parke issued its bonus memorandum. The upshot is that Chadbourne is paying year-end and special bonuses to "eligible" associates in New York, Los Angeles, Washington, and Houston (yes, Houston -- wow).
The bonus table is your standard table, with the most senior associates getting $115,000 in bonuses ($65,000 year-end and $50,000 special). But it's not a lockstep match due to the "eligibility" requirement. It's not clear what the eligibility criteria are, but here's the relevant language from the memo:
As in the past, eligibility to receive a full or partial year-end bonus will be performance based, with the quality of performance as well as billable or quality non-billable hours expectations each taken into account. Eligibility for a partial or full special bonus will be based on meeting or exceeding all of the Firm's expectations.
It seems that Chadbourne is going with the Fried Frank model. Some people will get full special bonuses, some will get partial special bonuses, and some might get no special bonus at all. In addition, it appears that some CP associates might not even get a full year-end bonus, based on the memo raising the possibility of getting a "partial year-end bonus."
In sum, it pays to be an eligible young associate.
(21) Comments
JT misses JT's days over at 30 Rock.
Special bonus in HOUSTON? Jimminy crickets. That makes me want to go jump in Lake Michigan.
GO BLUE!
There is only one associate in Houston, and he is a second or third year. Not too much of a financial stretch for the firm to pay that one guy a few grand to keep him happy.
Memories
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Scattered thread posts
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FIRSTS we gave to one another
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Can it be that it was all so simple then
Or has LAT rewritten every line
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Memories
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So it is the FIRST posts
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Whenever we remember
The way we were
NY list of shame update?
What's the point of having one assoicate in Houston?
to serve the 2 partners in Houston
Ah, but note that they're paying the special bonus in L.A.!
A shot across the bow to the CA firms and other firms with offices in CA - be cheap with your associates at your peril.
Charlotte is notably not included
1:21: What is Charlotte?
1:21: "Charlotte is notably not included"
As are Chicago, Dallas and Omaha. All for the good (and obvious) reason that CP doesn't have an office in any of those cities.
I want to know if the Polish associates are getting special bonuses. Krakow to 190k!
If you choose to work in Charlotte, your bonus should be paid in pork barbeque.
hogan's ghetto holiday party is tonight. are we going to hear about bonuses? that is the only reason why i'm going...that and to drink up my bonus. damn are they cheap.
According to NALP, Chadbourne has 4 lawyers (3 associates) in Houston. Doesn't really seem to warrant a "wow" to pay bonuses to 3 people in Houston. In fact, two other firms are paying bonsues in Houston and have much bigger offices: Skadden (23) and Weil (46).
Also, Chadbourne has 6 lawyers (2 associates) in LA. Not really a shot across any bow to pay 2 people a bonus. What probably affects the market more are firms with bigger offices in LA paying the bonuses: Quinn (199), Sidley (166), Skadden (134), Milbank (74), Proskauer (65) etc.
According to NALP, Chadbourne has 4 lawyers (3 associates) in Houston. Doesn't really seem to warrant a "wow" to pay bonuses to 3 people in Houston. In fact, two other firms are paying bonsues in Houston and have much bigger offices: Skadden (23) and Weil (46).
Also, Chadbourne has 6 lawyers (2 associates) in LA. Not really a shot across any bow to pay 2 people a bonus. What probably affects the market more are firms with bigger offices in LA paying the bonuses: Quinn (199), Sidley (166), Skadden (134), Milbank (74), Proskauer (65) etc.
2:09,
Your figures are dated. Chadbourne has about 10 associates in LA, 1 in Houston, and 20 in DC.
Not huge total numbers, but illustrative nevertheless of the odd phenomenon that is developing where NY based firms with D.C., LA etc. outposts are paying more to associates in those outposts than the big fish in those cities.
2:26: "the odd phenomenon that is developing where NY based firms with D.C., LA etc. outposts are paying more to associates in those outposts than the big fish in those cities"
Not "odd" if you have any knowledge of what biglaw paid circa 1998 (and earlier). That was the norm. Indeed, SF firms paid about 30% less than NYC firms and generally paid smaller bonuses, too. This oddity could be viewed as a return to mean.
the more interesting thing to note is that unless things have really picked up (especially in litigation) since i left most '06 and '05 associates won't make their hours and will at most get a "token" bonus of $5,000-10,000 total. its the scam all the non-lock step firms play to say they still give "market" bonuses
LAT- Heard through the grapevine that WLRK has paid bonuses. Use your sources so that we all can know how appropriately jealous we should be.
What about Schulte?