Associate Bonus Watch: Bingham McCutchen Announces
(Plus the firm's 2008 hours and bonus policy)
The season for bonus news is mostly over, but not just yet. Yesterday brought news from Bingham McCutchen:
Bingham has started delivering bonus news. In all offices except New York, it looks to be something like the Latham scale you posted about a few weeks ago. Higher scale in NYC, but not sure how much. Don't have too much information yet - it is communicated individually in annual reviews.
If it's similar to the Latham scale, then people should be pretty happy (since the LW folks generally were). If you're at Bingham, feel free to provide some data points in the comments.
A summary of what was paid out will be sent out to everyone in a few weeks. As in past years, you have to hit 2000 hours. Higher amounts at 2150 and every 100 hours after that. Policy for next year is being raised to 2100, but more non-billable type stuff is now able to be included towards the 2100.
We have a copy of that policy, which you can access by clicking here (PDF). One source described it to us as "convoluted," and the memo setting forth the policy certainly is lengthy (12 pages, counting tables). But look on the bright side: at this level of detail, where they even talk about how your hours get adjusted if you have jury duty or take bereavement leave, at least there's total transparency (unlike at some firms).
Bingham McCutchen -- Associate and Counsel Hours and Bonus Policy [PDF]
(38) Comments
wow, really bad form to reveal Bingham's client codes. That part of the memo really should have been removed.
I guess you're too busy fretting over Hillary's impending losses today Lat?
11:04 - Who cares? Those aren't external clients anyway.
Yeah, but what about Foley?
Oh...First!
They are worthless numbers unless you are in their system. There are no client names attached to them anyway.
Get over yourself.
2100 hours is an absurdly high minimum threshold
The memo actually says that you're eligible for a bonus at 1950 - not 2100. 2100 is a "goal" that presumably informs how much of a bonus you get. The closer to 2100, the bigger the bonus. This is how it was explained to me by someone in admin. anyway.
my understanding is that the minimum for a bonus is at least 1950 billable hours, while the remaining 150 can be reached with 'creditable' hours (pro bono/recruiting/mentoring/whatever else is on the list of 'creditable' hours that was distributed to associates when the 2008 hours breakdown was distributed).
i don't think this policy is crazy or unreasonable, particularly since this firm is a fun place to work (if any law firm can be a 'fun' place to work). i might need to hit their numbers to get a bonus, but i certainly don't need to put in face time, deal with an inordinate number of a*$holes, or put up with any of the crap that's rampant at many other firms paying market salary/bonuses.
My understanding is that you are eligible for a bonus at 2100 - nothing lower. Obviously the policy, despite the 12 page memo, is clear as mud.
oops...I retract. Went back & read it again. My bad...flame away.
please hire me.. please
pretty sure whoever sent that outed himself with the code on the bottom - "mustafs"
did PH announce bonuses yet?
Bingham rocks
Cleveland rocks
special bonuses in NY?
Binghamton rocks
what does participation in affinity groups mean?
Weird ... it looks like the hours policy got better, not worse. Last year, if you billed 1950 you got no bonus at all. This year, if you bill 1950 you do get a bonus. All the hype about the 2100 hour requirement seems really silly now. Is there a catch somewhere I'm just not seeing?
Prior to the new memo, you needed 2000 "creditable hours", of which 1800 MUST be client billable, the other 200 could be pro-bono, firm citizenships, etc.
This new memo is 2100 "core hour", of which 1950 MUST be client billable, the other 150 could be pro-bono and this other crap.
Mixed bag. Good news- more non-billable stuff is "core hours". Bad news- You need to bill 150 more hours.
1st yrs outside NY were paid 32500 for 2000 hours, 37500 for 2150 hours, 42500 for 2250 hours. good stuff!
I find it hard to believe that a firm with relatively low PPPs would pay senior associates $130K++ in bonuses. Seems kind of PR-y by Bingham.
Um...6:47, when are bonus payouts NOT "PR-y?" Do you think firms really pay them out of generosity or gratitude?
Bingham isn't transparent at all. Last year there were people who billed well over 2000 hours (in addition to the required 150 creditable hours) but didn't receive the full bonus because too many of those hours were pro bono. The official policy said that they should have gotten a bonus, but Bingham didn't feel obligated to follow the policy. It's more of the same this year - everyone understands that you need 2100 billable *and* 150 creditable hours (like firm citizenship) to get a bonus. Everyone's working harder and is less happy (at least in Boston).
bingham has over a $1 million PP. not too low.
How is this not PR-y? Firms make bonus announcements in many ways. Weil or Milbank, for example, usually (grudgingly) just say, yeah, we will match Simpson. No huge splash, just a reality of life (for the partners). On the other hand, Bing Mc comes out with a long memo, and claims are made that they match Latham's bonuses. But wait, unlike Latham's memo, I see no data points. Anecdotally, Latham's PPP is $2.2M. Bing Mc is, what, half that. At that level, if Bing Mc pays out $130K bonuses (say, 280 base, 130 bonus = 410 comp), then their senior associates would be taking home more than junior partners. Not gonna happen. I call bullshit on "matching Latham".
Pyrite, you're such a dumbass. Bingham hasn't come out with a bonus memo yet, and it never said it was matching Latham. The memo discusses the hours policy, not bonus payouts. Individual associates saw their bonuses and aparantly told Lat that it "looked like Latham."
Also you are a dumbass.
9:09, how can you possibly be this confused? You don't need 2100 billable. You need 2100 core hours, 150 of which can be creditable.
The people whose bonuses were reduced for doing too much pro-bono deserved to have their bonuses reduced. They had 300 pro-bono. If you want to be a public interest attorney, take the public interest salary.
blah
at least it's more transparent than most firms
>>Individual associates saw their bonuses and aparantly told Lat that it "looked like Latham."<<
Yeah, that would be the PR department and some rah-rah juniors claiming they "matched Latham". Lat picks this up and spins it so Bing Mc looks good on the bonus front. I call bullshit, since bonus payments made by Bing Mc in past years and the firm profitability make the payment of high bonuses unlikely. Not sure why you are defending the firm and its supporters, maybe you work there.
um...Pyrite, no one is saying Bingham "matched Latham." Are you even an attorney? Can you read things? I'm not defending bingham or its supporters. I'm saying that this isn't any more or less "PR-ey" than any other bonus announcement.
Are you an OMM associate who's upset and embarassed that assocaites at other firms are making so much more than you?
and this isn't even a bonus announcement! The tipster says the official memo will come out in a few weeks.
You are TTT
If no bonus announcements have been made so far, perhaps you Bingham lawyers could explain to me how the "Tipster" can say "it looks something like the Latham scale".
This is an attempt to drum up free positive publicity. By the time announcements come out later like a slap across the face of Bingham associates, bonus news will be stale so Bingham won't take a reputational hit, and due to the timing of their bonus payments, their associates will have missed the best time for lateral movement. I thought it was pretty transparent, but I guess their "leak" is actually pretty clever, since it seems to have fooled a bunch of you juniors.
Pyrite, have you been diagnosed with Down's Syndrome officially, or is it just an open secret among your friends and family?
Bingham has "started delivering bonus news." Associates find out what their individual bonuses will be during their evaluations. That's how they know it appears to be "something Like the Latham scale."
Further, because you are retarded, you're misreading the post. Although Latham may have given a 130K++ bonus for senior associates in NYC, the tipster's qualification of "in all offices except New York" implies that there will be no special bonuses for Bingham. As a result, senior Bingham associates will NOT be getting 130K++ bonuses.
You're truly an idiot for getting so passionate about your misreading of an innocuous post.
Clearly the Bingham PR team has decided to work this site hard because all of the attorneys that I know who work at Bingham are extremely disappointed by the bonus news. I'm a recruiter and I've got on my to do list to start making calls in the next few weeks to the associates at Bingham because I'm sure greener pastures look pretty attractive right now.
I don't really know from Latham or particularly care what their bonuses were, but my bonus was consistent with my class year as shown on that Latham chart. Two others I talked to, one a year below and one a year above, told me their numbers and they also are consistent with that chart. Perhaps all 3 of ours were above the median for our class year, but probably not. I think its all usually pretty lock-step.
Overall, I don't know who exactly would be disappointed - perhaps only those who were holding out hope for a true match of the NYC "special bonus" level in the other (non NYC) offices. I haven't heard anyone complaining yet where I am.
I concur with binghamite 11:31AM. I'm happy with my bonus, which are consistent with the Latham numbers.
I'm a class of '06 Binghamite, and my bonus exactly matched Latham's: 35K. I don't know why anyone would be complaining unless he or she didn't make hours and got nothing. No one expected to get the NYC special bonus. Not even Latham LA got one. Hell, OMM associates at my level only got 27.5K, and they call themselves "Big 3."
Thanks for the bonus Bingham!