Associate Bonus Watch: Morrison & Foerster (non-New York)
Before the New Year, associates in the New York office of Morrison & Foerster received their bonus news. Now it's time for their colleagues outside of NYC to collect their cash.
In addition to the firm's "standard productivity bonuses under the published 2007 compensation program," MoFo is paying out (1) "a one-time bonus" (it sounds "special" to us), ranging from $10,000 - $20,000, to associates and certain of counsel who met or exceeded their hours requirements, and (2) merit bonuses, for "exemplary lawyering and exceptional teamwork," ranging from $15,000 - $30,000.
Full memo, after the jump.
MORRISON & FOERSTER -- MEMORANDUM -- 2007 BONUSES FOR ASSOCIATES AND OF COUNSEL
To: Associates and Of Counsel
From: Keith Wetmore
Date: January 28, 2008
I am pleased to confirm that productivity and merit bonuses will be paid to all eligible attorneys on January 31, 2008. Across all offices, we are awarding bonuses totaling approximately $24 million in appreciation for the commitment and contribution of our associates and of counsel to the firm's success in 2007.
In light of the strong performance the firm enjoyed in 2007, I am also pleased to announced that, in addition to our standard productivity bonuses under the published 2007 compensation program, the firm will pay a one-time bonus, ranging from $10,000 - $20,000 based on salary class, to associates and certain of counsel in U.S. offices (other than New York) who met or exceeded their minimum client service hours requirement (billable, pro bono, and legal services hours) during 2007. As with other bonuses, the bonus will be prorated for those who started or had a leave of absence during the year.
Merit bonuses are awarded for exemplary lawyering and exceptional teamwork to those selected through the 2007 annual evaluation process. The merit bonuses will range from $15,000 – $30,000 and recipients will be notified this week of their award. The dollar amount awarded depended solely on salary class. Approximately 30% of the eligible attorneys were awarded a merit bonus, comparable to the percentage in 2006. Merit bonuses were given to eligible attorneys in almost every practice area of the firm, in each associate salary class level, and in almost every office of the firm.
We remain committed to attracting and retaining the best lawyers, as you have proven yourselves to be. Thank you for your dedicated work on behalf of our clients in 2007. We look forward to working together to achieve continued success in 2008.
Keith C. Wetmore | Chair
(46) Comments
First one to say I'm tired of bonuis posts
First again
I can't even spell "bonus" right. I nominate myself for the worst first poster of the day.
This is not a Jones Day DC post!
Where's my raise?
no one i know has any idea how to get the merit bonus - it looks better than it actually is.
What are the standard bonuses under the "published compensation program"?
Lat - only seven comments after one hour? Pathetic. You better get some NYC to $190k noise up in this joint if you want to keep your job.
So mofo got "standard" bonuses, "speacial" bonuses, and "merit" bonuses? WTF??? In the aggregate, are these bonuses above market, commensurate with market, or below market?
30% doesn't seem like a lot.
What about DLA?
Mofo is weak. They hire people from UC Davis.
Well put, 11:43! 190 NYC by week's end!!
What a bunch of cheap mofos.
Under MoFo's published bonus schedule, there are no bonuses until 2100 hours (they moved the previous 2000 hour bonus into the base earlier this year as their cheap version of a raise).
Mofo seems pay less than market. Minimums of 2100? Pathetic.
12:11: Not true. The bonuses referred to above (merit, special) are both available at 1,950.
To be fair, this isn't actually the "complete" memo.
The complete version led with the word "CONFIDENTIAL."
so what's the bonus at 2100? you're saying there's a standard bonus at 2100, and then discretionary bonuses at 1950 and above for good work?
Technically the merit bonuses may be available at 1950, but I'd be shocked if that's the reality of the situation.
No kidding on the DLA front -- they are proving that they are not willing to keep up with the big firms.
I keep getting all these emails from Dechert ... what gives!?
Does anyone know what does this amounts to in $$ terms? What is a 2006 person making at 1900 2000 and 2100 hours?
DLA did what they did last year in nyc from what I heard: they paid what was market in nyc last year to everyone who hit 2000 and then over that based on additional hours requirements.
Anon 12:50 -- not sure where you are getting your information, but my understanding is that MoFo NY pays market regardless of hours. The only hours dependant portion this year was the special bonus. Regular bonus and regular salary were not hours dependant at MoFo NY.
DLA has been completely silent so far, but they promised bonuses on Feb. 1. Are they going to swoop in with great news or will they disappoint us? Anyone hear anything?
1:03 - is that an early or a late announcement for them?
1:03 - is Feb. 1 consistent with when they normally announce bonuses?
DLA said they would announce bonuses this week. Nothing yet. They will be paid on Feb. 1.
Can someone from MoFo post actual numbers? From what I recall, the normal "productivity" bonuses are next to nothing, so this is still far, far, below market.
DLA is supposed to announce today or tomorrow, but it will be by individual e-mails.
DLA bonus = free trip to any firm office located in a 3rd world country
"DLA bonus = free trip to any firm office located in a 3rd world country"
Zambia here I come!
12:44:
mofo -2006
1900 - 160,000
2000 - 170,000
2100 - 185, 000
merit bonuses do not exist... MOFO is undermarket...
Thanks 6:35. Can someone post the numbers for class of '04?
Where are the numbers for OMM and PHJW?
I, too, was a non-believer in MoFo merit bonuses for many a year. High hours, low hours, good reviews, less-good reviews -- no obvious impact. I knew no one who had ever gotten a merit bonus, not in any office -- the mothership, NY, no where. Then, for reasons that were never explained, I got some merit bonus love, two years running. Did I do anything better than before? Nope. But my bank account says that they are real. Real or not, I sure as hell wouldn't count on getting one until the cash hits the barrel head.
MoFo is for people who can't get top jobs but want to prance around pretending they could've, but just chose MoFo. Why? Cuz of the lifestyle difference. lol.
It was a great year at MoFo for class of 2006 folks with high hours and strong ability.
+10K @ 1950
+15K @ 2100
+10-15K @ 2300+
+15K merit
=50-55K total
I barely researched compensation/bonuses at all when choosing firms, but I'm pretty happy with the outcome.
It is so obvious that 12:08 is a Mofo partner. Here's what 99% of Class of 2006 is getting, regardless of ability:
+10K @ 1950
(+15K @ 2100)
=10-25K total
It is so obvious that 12:08 is a Mofo partner. Here's what 99% of Class of 2006 is getting, regardless of ability:
+10K @ 1950
(+15K @ 2100)
=10-25K total
People who get merit bonuses don't go around trumpeting the fact that they got a merit bonus. FYI, it's tacky.
But yes, they do exist, and if you get one you're at or above market, but if you don't (70% of associates) you're well below market.
It may well be that good manners prevents some MoFo merit bonus recipients from crowing about them, but the real reason the recipients shouldn't get too uppity is the fact that the bonuses are not obviously tied to actual "merit" (whatever that is). Only mirror-kissing asshats get pumped about their role in receiving what is essentially an arbitrary and unpredictable payment. Might as well pat yourself on the back for winning the scratch-off game at 7-11.
Now, now, look at it this way. You are paid more per hour once you reach bonus territory.
Those extra two hundred hours from 1900 to 2100 work out to $125 an hour, which is way better than the $160K to get to 1900, now isn't it?
Isn't it, people?!!!
Plus you have the added excitement of random merit bonuses. You never know who is going to get one!
Wilson Sonsini announced bonuses yesterday. Does anybody have details?
Didn't MoFo do away with the automatic bonus at 1950 when they "raised" salaries earlier this year?