Dechert = TTT

Decert LLP to Dechert TTT

How do you pronounce the name of this firm?

Dechert is a TTT. This is just another way for them to not pay their associates bonuses. I wonder if they will dock their partners for not having ANY fucking work? Dechert is not a real player. Their PPP are grossly inflated. Vioxx settled in November and they just don't want to pony up the bucks.

Dechert might be a TTT, but fining people for not entering time works, so you can't knock them for doing it. They gotta get paid, and they can't get paid when lawyers don't submit bills.

Dechert doesn't have their money right. They laid off a lot of secretaries, paralegals, contract attorneys, staff attorneys, etc. They let go more than 60 people. Now they can't even pay associates their just due in bonuses. This firm is beyond cheap. Recruiters have trouble getting people to work there.

Dechert = TTTT

What is TTT?

2:02... Deck-ERt

Strict enforcement of time entry rules makes sense, since collection (even mor than billing) is the lifeblood of a firm. The memo doesn't tell the whole story though. It says that partners get fined for not entering their hours promptly. That's true. But partners also get cash money in hand if they enter all hours on time. It's not a ton, especially for partners... just $50-100/month or something, but nice to have. It's enough to pay the neighbor kid to detail the Benz. They should offer the same to associates or stop with the "partners have to comply too!" bullshit. It's dishonest.

So have they announced their bonus numbers yet?

2:11 - You must be slow in the head.

If you want to fall for the company line, then so be it. This has nothing to do with them not getting paid and having problems getting bills out on time. They need to find a way to trim the "fat" so to speak because they don't have the business to support associates salaries. Partners aren't going to take a hit in pay. Get with it. They need to let the service partners go.

TTT = Third Tier TOLIET

how hard is it really to get your time in by the end of the month? Really....

If there was advance notice of this, associates shouldn't complain. If there wasn't...

Lat,

You should do a story on Dechert's STEALTH lay offs. Word on the street is that they are pushing attorneys out the door. Same shit OMM is going right now. Making up bad reviews, etc.

My friend at Bingham was complaining about the same thing.

2:35 --

the policy doesn't say you have to have your time in by the end of the month. it says you have to have it in within 3 business days, or by the end of the month, whichever is earlier. that means entering your time on a weekly basis isn't even sufficient. if you're in trial or trying to close a deal, that timeline is not very forgiving.

My firm (AMLAW 200, midwest) sent around a memo several months ago indicating that bonii could be affected if WEEKLY time was not entered by the following Tuesday.

I don't know whether the threat was carried out on anyone, but then our bonii sucked anyway.

Orrick does the same thing.

Why do these people keep sending me cards?

Dechert associates get bonuses?

Dechert didn't mention to associates that they would be docking the bonii over this alleged time issue. BTW - secretaries are always late with getting associates time in. Wonder if Dechert will dock their already pathetic salary as well?

No bonus on the Dechert front yet. They always pay bonuses late. Dechert is doing the same thing that CWT did this year. No actual class year announcement numbers. Very subjective so that they can dick you even more.

Why do they keep sending me cards too? Am I some sort of a fucking loser and I don't even know it? I think it is pronounced Detch-ART. They seem to have very high PPP, but they also only have like a half dozen equity partners and three or four hundred non-equity partners, and one of the partners seems to be the son of the managing partner. So basically it sounds like they are the North Korea of law firms?

2:36 - that's exactly what I was going to post - I'm hearing the same activities you are alluding to..

Bravo 3:06!

Must be nice to be an associate at Cleary and then come to Dech-ART as a partner because my daddy is the big cheese.

Sign me up!!!

Dechert's not in a financial crisis. At least in Philly, they have a hx of defending monster products cases (cigs, pharma) and hiring on a "temporary" basis that may last years. They billed 100s of millions of dollars over the past few years for Vioxx. All of that was not distributed to partners. They've got plenty socked away.

Derek M. Winokur
He was most recently at Cleary Gottlieb Steen & Hamilton LLP in New York as an associate.

I guess being the son of the managing partner has its perks.

Lat - you should do a story on this!!

IF THERE IS A CONTEST BETWEEN A FIRM THAT DOCS AND A FIRM THAT DOESN'T DOCK, WHICH DO YOU CHOOSE ASPIRING ASSOCIATES?

TO ME (AN BIGLAW ASSOCIATE), DOCKING IS ONE MEETING AWAY FROM LAYOFFS.

JUST SAYING

Does any firm NOT penalize associates for not entering time promptly?

At D&L, associates get direct deposit taken away if they enter time late twice. on time = by tuesday of each week .

I can't believe Dechert associates are complaining about their bonuses being docked by around $500. Many of these same crybabies will be casting votes for Hillary and Obama today. If you think losing out on $500 is too much to bear, just wait until your taxes are raised through the roof. Idiots.

When did lawyers become so smug and self-entitled? Bonuses are not part of your normal salary - they are rewards for hard work and going your job well, which includes entering in your hours. If you have enough time to be complaining on these message boards, you have enough time to log your hours.

I'm with you CAPS MAN. All of a sudden this is an issue for Dechert? Give me a break. It's another thing they can slam you with at review/bonus time. Partners never call associates bitching about why their time was not closed because it's costing them money. If that was the case partners would be shouting from the roof tops.

The real outrage is that they're still paying only $145K in Philly.

Why the fuck would a firm want to take away direct deposit?

THIS IS TOTAL BULLSHIT. Associates were NEVER TOLD that if they did not close their time three days after working that there would be monetary penalties. In fact, the memo that the PRC uses to defend itself is so buried on the intranet that you can't even find it when you are looking for it. Moreover, it says that partners will be fined if they dont close time after three days- in CONTRAST, it does not say the same thing for associates. It says that associates should enter time in a timely manner. They purposely did not define timely so that they could make up whatever effing policy they chose later. Now what stops them from saying at the end of 2008 that your bonus will be docked if you dont close time everyday? Or if you dont sufficiently bow when walking in the building? Not being able to count on compensation is the fastest way to lose good associates. And the whole idea of making up your lost bonus if you are good for all of 2008 is absurd. If they were trying to get out of looking cheap, its way too late for that.

If closing time after three days is such an issue, why didnt anyone notify associates after January 2007, or February? or March? Because that wasn't the policy. This policy was made up today.

This is an absolute outrage. Associates who got all of their time in by month end are being penalized based on a policy made up after the fact. Fabulous recruiting strategy.

guess they take away direct deposit to punish you, but in a less cruel way than taking away your bonus?

>Why do these people keep sending me cards?

I was wondering the same thing. I don't care what goes on at that firm. How did I get on their mailing list?

"We expect all associates to follow the Firm's policies on time-recording. If associates do not enter all their time promptly (within three business days or the month-end cutoff if earlier) their 2008 bonus or salary will be impacted. We have not decided, or even discussed, the financial impact, but you should assume that the impact will be severe. In the worst cases, bonuses may be eliminated entirely."

Sorry folks but this is extremely low. It's more than $500 bucks. More like $10,000 for my class year if they pay market. I doubt that they will. Your bonus could be completely taken away on some bogus rule that was NEVER disclosed to associates in advance.

Schulte Roth & Zabel raised their clerkship bonus to 50/70 from 15K

Dechert Philly associates need to get over it and go work at Pepper Hamilton (better culture) or move to the NYC market. It's pretty bad when your own firm raises to $160K scale market in places and they won't even take care of their home office. Dechert is not Skadden. It does suck that you guys only make $145K scale and then you have to fight for a shitty bonus, which is also less than market. Vote with your feet.

NY to $180K...

God forbid that Dechert actually condition your pay on you fully executing your job........

I think 3:15's post is funny. I was curious, so I went to look at Derek Winokur's bio on Dechert's website. Although 3:15's selective quote from the bio suggests some type of bias: He was an associate at Cleary and is now a partner at Dechert (where his dad is managing partner). 3:15, however, neglects to point out that Derek graduated from Cornell, and U Penn's law school (magna cum laude, Order of the Coif, Articles Editor of the Law Review). Those facts would seem to suggest that he might have made partner on merit, and that Derek's rise to partner would not be a juicy story for Lat. It seems more likely that he was a smart associate at a prestigious NYC firm for several years (graduated law school in 1997), and then moved to Dechert, a firm he was familiar with because of his father.

"Dechert's not in a financial crisis. At least in Philly, they have a hx of defending monster products cases (cigs, pharma) and hiring on a "temporary" basis that may last years. They billed 100s of millions of dollars over the past few years for Vioxx. All of that was not distributed to partners. They've got plenty socked away."

Whoever posted this is a dumb ass. If Dechert had their money right and "socked away" as you so eloquently put it, then why in the hell did they lay off more than 70 people? They could have kept them until the next batch of work came in or restaff them on current work. The problem is that Dechert doesn't have any real work. Also, Dechert dropped a lot of cash for their new office space at Bryant Park. Most of that money (Vioxx) was paid out to the partners. Shit the managing partner takes in $8 million alone. You can believe that the money was paid out. When Vioxx settled they lost over $130 million in business. That's a lot of cash my friend. No business to replace it and the current work is not enough to sustain all the associates. They may have some cash stacked away, but it's not deep and long to the likes of Skadden, Simpson, Weil, Cravath, Wachtell, etc. Dream on....

4:05 - can you tell me when Dechert layed off "more than 70 people" - I find it hard to believe any firm could do this and not receive "real" publicity. As a lawyer, you think you'd learn to back up your talk with evidence.
On a side note, the Byrant park office space will actually cost LESS than the current Rockefeller Center office.

I wish you whining a-holes would leave my law firm.

TO 4:03:

You are kidding right? Sounds like Derek posted here to save face. Let me break it down for you:

1. Yeah, Derek Winokur is certainly qualified on paper. If he is so brilliant and doing so well at Cleary then why didn't he stay there with all of his skills to make partner? Because it would have never happened otherwise. Why work hard at Cleary when my old man can make me partner at his shop. You're an idiot if you think that his father, the managing partner didn't influence the decision to make his own son partner.

2. I would be pissed as hell if I was next in line for partnership or up for votes and then the managing partners son comes waltzing in before me. I wonder if Derek will have his bonus docked for not getting his time in?

3. People will be afraid to speak out against him because he is the managing partners son. Do you think he will EVER get an honest upward review? Not on your life. Associates can't tell it like it really is because they would be slamming the managing partners son. Can you imagine the blow back? Even other partners won't want to say anything about him.

4. Derek could have been brought over as counsel before he made partner. That way he could prove himself and people would not have to cry nepotism. He wasn't even counsel at Cleary. Give him counsel track of 2 years and go from there.

There are so many other points to make that I could go on forever. Just get your head out of your ass 4:03. Rarely do people make partner at an AMLAW30 in less than 10 years flat with no book of business, with hundreds of other people in line before you, and having skipped the counsel mark.

Huzzah to Dechert for the policy. One associate I used to work with would only enter hours on a monthly basis and never had very good notes as to hours worked, leading one to believe that his hours submissions were not accurate. The associate even openly admitted to guessing what hours he worked at the beginning of the month. The associate was among the heaviest billers in the section - even though the associate was known for loafing around and disappearing for hours at a time. Partners were aware of the situation, but no overt action was taken and the associate is still at the firm. Needless to say, the other associates are not happy.

They definitely did NOT tell us in advance. Whatever memo they supposedly gave us I definitely never got. If they actually wanted to warn us about this, they should have sent a firm wide email (which they only did in January AFTER they decided to screw with us retroactively). It seems like they decided to do it at the last minute just as a way to save money by being cheap. Next year maybe they will retroactively decide to dock our bonuses for not going to enough recruiting events, not wearing a tie on thursdays, or keeping our office too messy.

anonymoustexan @ 4:39 - you are just jealous

sounds like 4:30 is bitter he didn't/isn't making partner...

4:11

Dechert has been doing stealth lay offs since last year. Not all at one time but over the course of 4 months. Here's something for you: 65 Broadway. Talk to all those people who were let go. Recruiters have been flooded with people who used to work there now looking for jobs. Secretaries, paralegals, staff attorneys, many got their throats slit in the Philly, NYC, Princeton, DC, etc. offices.

Attorneys will never be able to "make-up" the money next year that is being docked from their bonus this year because the firm will let them go. It's an easy way for the firm to black list people for any number of made up reasons. Who's to say they won't let you go before the next review period? Your money will still be sitting in their bank account collecting interest for them.

4:03

Who the hell cares about Derek....I thought the point of this thread was the bonus penalties?

It's true people might leave. But i don't think its blacklisting people because from what I have heard, its a large percentage of associates that got docked - i would guess upwards of 75%. it just goes to show their supposed "policy" was actually not communicated to us.

Not submitting your hours on time is terrble. Terrble, terrble, terrble.

anonymoustexan @ 4:39, why the fuck would partners complain about this kid? He sounds like a dream associate for a firm. The beef that partners have with associates not getting in their time is that time tends to get lost. If an associate has the balls to make sure that no time gets lost, and that any error is in the firm's favor, who would complain? You should quit your bitching and start fluffing. Look at the people who made partner at your firm in the last five years. I can guarantee you that every one of them had a very fat pencil in those billing logs. No one likes a whiner who isn't willing to give himself the benefit of the doubt when it comes to writing down time.

Before complaining about nepotism, why don't you ask yourself, who's your daddy? That's right. I'm your daddy, children, and you should all be grateful to work for me. The time is now past 5:30, and if you haven't closed out your time from last Thursday, you now have Saturday detention where you will write 100 times on a blackboard, "I will not be a dilatory timekeeper".

Dechert to $180K...hahahaha yeah right.

They need to actually pay bonuses first.

Hilarious - revenge of the support staff!

MWE has a comparable policy.

03:06 PM:

What firm are you with? We received 3 cards from them last year (1 or 2 paper, plus an email with a link to some online flash presentation) and this year we received one paper card and another email with a link to a flash presentation.

No one here knows anyone at Dechert.

I assumed Dechert (annoyingly) sent their promos to every lawyer in the city. We've been getting their emails and cards at LeBoeuf also.

blah

Dechert has never missed an opportunity to short change its employees. I know associates that scrupulously entered their time each day, but failed to "close it out" who have been docked thousands of dollars. These are people who follow the rules to the letter because not doing so would cost them money. No rationale person on notice of the policy Dechert purports to have had in place would ignore it to the detriment of thousands of dollars. Dechert works its associates damn hard, under pays them, then manufactures b.s. reasons to dock them out of hard earned bonuses. Bonuses at Dechert are a moving target. Lateral to this firm at your peril.

Interesting. A firm that's never met a case it couldn't over-staff. Why put one associate on a matter, when 12 could get it done so much less efficiently? Lat, did anyone send you the Dechert bonus memo, which suspiciously lacked a chart listing bonuses by class year, which it has included in prior years. If I were a glass is half empty sort of person, I'd think they were shorting most associates. Nothing like keeping information close to the vest to a dissuade associates from sharing how much they got screwed. Jones Day has a similar policy.

Please close your time every hour. As you know, clients expect to receive their 10 banker boxes of bills each and every day because in-house likes nothing more than to read the unedited, stream of consciousness of associates' and partners' over-billing. Failure to do so will result in my arbitrarily docking you between 3% and 100% of your bonus. Sure we got paid for all those ridiculous bills, but what are your gonna do? Quit? Fine, we don't have the work for you any way. Don't let the door hit you on the way out and please tell all the UPenn 2Ls about our collegial culture which is easily worth $15k base and (n)- (f*ck you bonus).

6:09 - don't laugh too hard.

The staff is the first to go. Looks like your ass is next because their cutting attorneys' throats too.

Just closed my time for the day. Just wanted to let you know. These other partners said they were going to dock my partner draw if I didn't close it in 15 minutes. Just made it with less than 5 minutes to spare!!!!

Close one!

Derek, stop posting!!!!
I didn't bring you on as partner to socialize with the help.

Gee, Dad. Do I have to? I mean, I'm like order of the coif and sh*t. I could have easily made partner at Cleary, but Dechert is so collegial.
Hey is it true that all my upward evaluations are stellar? That's amazing. It's like they think I'm your son. . .but wait. . .

8:54 is correct, many associates entered their time daily, but did not close it out because they weren't aware that they were supposed to close it out. Many people just close it out weekly or monthly after proofing and editing for an entire period before closing. There is a very large number of associates who had no idea that it was supposed be closed daily. The policy wasn't known, nobody informed associates that they were not in compliance, and the TPS reports every month stated that the associate didn't have any late time entires.

Wouldn't it be grand if every associate didn't enter their time for just 1 day? Come in, service the clients of course, but give them a freebie. Just don't bill for 1 day and let the partners eat it. Who's with me!?

Oh shit. I think I see Rich Rizzo coming this way!

It is completely unfair to take money from associates for a policy that was never actually communicated by the firm. If you want time entered on a daily basis, then tell associates what will happen NEXT YEAR. Be specific. Don't decide to interpret an 18-month old memo to mean that associates who entered time last year more than 3 days after it was worked (but before monthly time close) somehow violated firm policy. This is simply false.

If the partners are intent on taking the associates' money, but don't want to be painted as cheap, then they should pledge to do something worthwhile with the money they are taking. Give it to charity, or use it for a development program for associates. Anything but lining the partners' pockets a little more.

Dechert wants to be a first-rate firm but treats its associates like fourth-rate suckers. Go elsewhere if you want to be treated with respect.

I just took a monster deuce, billed it, and closed out my time- - -all in 15 minutes!!!

Y'know, they fine us if we don't get those bathroom breaks closed out every half hour.

They reference a time-entry policy for partners. Was that applied retroactively? I bet not. I'm sure the partners were given plenty of specific information about when fines would kick in, and how much they would be. Yet associates get retroactive penalties for past conduct that they can't do anything about and was never defined as violative of firm policy. And they were never told that their time entry practices were in any way unsatisfactory. I call bullshit.

Dechert is not a market leader. They never will be and I guess they are happy being known as a follower. Even as a follower they can't pay market bonuses. The shit that they are pulling now is par for the course. This is yet another example of how the partners inflate their PPP. They cut corners at every turn and it shows. They are going to have a tough time keeping real talent and attracting new top talent.

Laterals that came in after this 18-month old memo was sent out really get screwed, because there was no way for them to know that they were acting inappropriately.

Morale at Dechert has never been high. Today I saw "on track" associates get docked along with mediocre associates. The partners basically sent a signal to all the associates that each and everyone are worth exactly jack and sh*t. The partners are basically calling the associates out. Will you take this abuse or will you say, thank you, sir, may I have another? Sadly most will take their meager bonus and crawl back to their desks to slit each other's throats for a goddamned doc review. Sad bastards.

Dechert Philly to $1.99. . .okay, $1.50 and that's our final offer.

What are the chances Dechert will lay off 1st and 2nd year associates outside of NY and Philly?

I don't think it's possible for Dechert to show more contempt for its associates. Maybe if the firm sent an email telling all associates to go f themselves. Wait, that happened this morning.

Apparently Dechert docked everyone. How low is that? It's amazing to me that the same week that the firm issues a bonus memo, they follow-up with a "here's how I'm going to f$ck you memo" putting you on notice that you weren't going to receive your due. How hard up is this firm? They want to reference some memo from 18 months ago that NOBODY has seen. If this was such an important issue, then why not update and send out the memo again? Why is it that plenty of people haven't even heard of the memo until today? This speaks of desperate times at Dechert.

Do you think the fun has even begun? Just wait until review time when you find out how you totally screwed up the footnote on page 16 of your 50 state survey from your summer associate year. What's that? You didn't know you're the world's most awful associate? Tell you what, we're so awesome, we'll give you 1 tenth of the hundreds of thousands of dollars you made us. Maybe we'll keep you around even though you're so damned unprofitable from year to year. It's ok. No need to thank us. The look of joy on you poor sons of bitches' faces is enough for us partners. By the way, you owe US money. Seems your time was entered at 5:31pm on January 2008, which is 4 whole months after the review period ended--slacker.

Rumor has it that the total amount of penalties that were imposed across the whole firm is less than $260k. Can anyone confirm? That number seems like it couldn't be accurate.

Craig, How did you feel about drawing the short straw? I mean didn't it feel like a breach of professional responsibility to put your name on such an obvious lie? Clearly you have about as much honor as a firm where the managing partner's son would be allowed to come in as a partner. Oh, wait. . .
Ever write a review for your boss' son? I'm sure you were really attentive to when he entered his time. Shame on you, you sycophant.

You know, there is a memo on the intranet about professional dress. It's possible that the firm will interpret this memo as meaning that all associates must wear a tie once a week. Just FYI, you might want to wear a tie once a week or more or suffer the consequences in your 2008 bonus. Ladies, I guess you'll have to improvise.

10:14...A.K.A. Partner/Marketing Troll/Kool-Aid Drinker

Bad rumor, not even. It's a flat out LIE. Sounds like the partners are trying to put a spin on this screwed up situation. It's a hell of a lot more than that. The firm set aside $15 million for bonuses this year. Even if the firm docked at a straight 3% across the board, that would be $450K. I've heard people were scrupulous about entering (not closing) their time docked 5%+.

I bet some people were docked as much as 10%. I would not put anything past this firm because they are so cheap.

Lat, has anyone sent you a copy of Dechert's bonus memo today?

Does anyone have a copy of it? If so, send it to Lat. I have to see what the uproar is all about.

Guys in my high school used to make their sons partners in their firms all the time. It was no big deal.

Guys in my high school used to come up with outrageous reasons not to pay associates portions of their bonuses all the time. It was no big deal.

--well no big deal for the partners who took the money and spent it on blow.

I guess this is par for the course with the way that they nickled and dimed the special bonus as well. We'll see if they make up the holdback that they promised on those as well.

These sons of bitches have big brass ones-- well probably not Craig. This is a firm that can't start reviews on time, or pay bonuses within 2 months of the close of its fiscal year that has the nerve to bitch at associates about getting their time in.
What they can do on time is give interviews about how PPP are up nearly 15% from last year. Funny how they can crunch that number so well with all that supposedly late time. This is perplexing unless you take into account that they are lying sons of bitches.

10:29

None of the above, but friends with a junior partner who said he thought the number was in that range. Don't know if that is just spin and looking for others to confirm....I agree, from the uproar it sounds like that's complete bullshit.

10:42
sorry. you were just collateral damage. didn't mean it.

I guess that it was should have been somewhat obvious that something was up when they told people to hang tight on bonuses because they were still analyzing hours, yet TPS reports had been out for weeks that showed whether or not an associate had made the requisite number of hours.

10:46

no offense taken. I can"t figure out how to copy and paste the bonus memo into a post, but the email that went around yesterday claimed that more than $15million in bonuses were paid, and that this was a big increase over last year's amount. But they are really playing games by not fessing up to what amount of that "increase" was just on paper and was taken right back out of our pockets by the late time penalties. I want to know what the "real" numbers were.....

Hey, Bart, can you adopt my bro and I? Seriously, we'd love to be partners at your firm, and we understand it helps to be related to you.

Now, the [firm] don't move to the beat of just one drum,
What might be right for [Derek], may not be right for some.
[An associate] is born, he's a man of means.
Then along comes [Derek], [he's] got nothing but [Bart's genes].

But they got, [Dechert] Strokes.
It takes, [Dechert] Strokes.
It takes, [Dechert] Strokes to [f*ck] the world.

LOL at 10:53.

If my Dechert colleagues are this prone to bitching and moaning, I think my prospects of outlasting you people and making partner here are much better than I previously thought. So, screw your bonuses, someday soon I'll be a partner and it will be money in my pocket.

10:52
After Craig's memo this morning and its abuse of the English language I wonder what was meant by Molly's use of the phrase "bonus pool." Is that how much the firm set aside for bonuses AND ACTUALLY PAID, or how much it could potentially pay.
No worries. I'm sure that accounting has the unpaid amount in a high interest earning account alongside our lag at the Bank of We're Greedy Sons of Bitches, not FDIC insured.

Go f&ck yourself. You're either a partner, a marketing person, or the world's biggest tool.

10:59

get off your high horse and if you think you have what it takes to be a partner at Dechert then go use that talent to get us some information. Go kiss some ass and get some partner to tell you how much they screwed us on these penalties....$15million in bonuses means shit if they are docking us in the millions too. They can't just give out partial information and get away with it.

10:59, watch it. You'll work for me someday. Maybe you already do.

10:59
Just spoke to Bart. He used his black magic to trace your IP address, and verified that you will indeed become partner. He says it's a simple matter of filling out some adoption papers. You just need 5-10 years as non-equity partner to learn the art of docking associate bonuses first. Don't worry, Rich Rizzo is a master and teaches CLE's on the subject at partner retreats. It helps if you are order of the coif and sh*t.

I don't need to be order of the coif or Bart's adopted child, I just need to be a better lawyer than you.

11:10
Wow! Zinger, dude. Are you done with your online doc review? Wait, wait how is that 100 person conference call going? I heard from Bart that if you're really good, he might let you argue a motion before you turn 40.

You are the type of tool that will go far, if you can get your head out of the partners' asses. You see, they are shitting on you, and right now would be a great time to stop kissing their ass. You sad, bastard.

Actually, the partners treat me like a rock star. I never knew why until reading these posts tonight.

The fact that Dechert has not even paid bonuses yet is very telling. Maybe because they were taking so long trying to "create" issues based on associate "time"! The firm has a lot of nerve considering that they already screwed people on "special bonuses," now this! Pretty soon the associates will have to start punching a clock or they will dock us in the upcoming years' bonus that won't be paid out until after the first quarter of 2009. PATHETIC!!

11:17
There you go. That's the ticket. You're already Dechert partner material. Just continue cultivating your utter contempt for your fellow associates and you'll be partner in no time. First thing tomorrow, why don't you stab a couple of associates in the back. Y'know, ask 'em how they feel about getting shat on (or is that shitted? I'm sure you'll correct me), then go run to all your great friends in the partnership. They may even put you on the double secret fast track to partner. Douche.

Anyone hear about some meeting in NY tomorrow?

Re: meeting in NY. Chances are the partners will send their endless stream of group administrators who are empowered to do nothing. The decision to pay or not pay bonuses was made some time ago. All that remained was to wait until after bonus season when the firm's shame wouldn't stay on the front page of ATL very long. When screwing associates out of their money, timing is everything.

One almost has to feel bad for the group administrators. They have no power to do anything and I'm sure that they were not involved in the decision making, but they are going to catch the brunt of the outrage.

Don't feel too bad for the group administrators. They play good cop to the partners' bad cop. There'll be a lot of "gee, that's ridiculous. Wish there was something we could do. Let's not press the issue," type of talk. The partners claim to have an open door policy yet hire admin, who quits, after admin, who quits, to run interference for the firm. Go ahead- test out the so called open door policy, and see how long before they toss you out on your ass. Contact Craig, or any member of the PRC and see if how attentive they are.

Did anyone notice that this year's excuse for a bonus memo didn't mention an hours requirement? I wonder if too many associates met the hours target this year and the partners needed to come up with some new cutoff to get the bonus numbers down. Wouldn't want to admit to the Amlaw folks that Dechert PPP were less than $1.5mm, huh?

Every TTT's got a special kind of story
Every TTT finds a way to shine,
It don't matter that you got not alot
So what,
Dechert partners will have theirs, and they'll have YOURS, and they'll have mine.
And together partners will be fine....

Because it takes, Dechert Strokes to f$ck the world.
Yes it does.
It takes, Dechert Strokes to f$ck the world.

This here is some raggedy-assed shit, boy!

Fools. I've been peppering your Inbox with ambiguously worded e-mails for months, except that time before the cutoff date for special bonuses. That was totally my bad. Y'see I was closing out my time and just forgot to tell you that a significant portion of your compensation was being determined.
But trust me associate lackeys, we've got some sh*t for yo' ass come your review time. Remember that time that you totally screwed up? No, well, that's because no one told you. It's a secret like when the firm makes the managing partner's son a partner without sending around the customary welcome new partner e-mail. Don't worry, if you're really, really good for the next 12 months we might give you all the money we're screwing you out of back. Provided of course, we don't fabricate some new arbitrary rules and apply them retroactively.
Until next review period, lackeys. Stay sucka free.
Best,
Rich Rizzo

Just discovered -- memo on the intranet concerning email usage. Turns out that email should not be used for personal use. Now, every single employee of the firm has been violating this policy to some degree since email was invented. Reviews have come and gone, bonuses have been paid, and nary a word has been spoken about it. So, if the trend holds, you will hear in 2009 that some of your money is being docked because you used your Dechert account for non-business reasons. More than 50 personal emails = 5%. You heard it here first (you certainly won't hear it from the partners until next year).

Attorneys have a duty, under a memo buried somewhere on the intranet, to keep their offices clean. Thus, associates with "messy" offices will be docked pay. The term "messy" means whatever the f*ck we decide it means. Your office has already been inspected, so don't bother trying to fix things now, you're screwed. 90% of you have "messy" offices and are being docked. Obviously the problem is that you all ignored us, rather than that this policy was communicated in a poor fashion. Your bad. This firm is run in a professional, logical fashion. We swear.

Here's a tidbit - the bonus memo specifies that the firm handed out 337 US Associate bonuses. Anybody know how many domestic associates there are at Dechert?

There are a lot of malcontents posting on ATL, so some gunners and Koolaid drinkers will ignore all the bad press while clutching their Dechert recruiting brochures. Laterals and potential summers, do yourself a favor and read the amlaw's midlevel associate survey. In 2007 Dechert's Philly office ranked 18 out of 18 in mid-level associate satisfaction. There were 25 respondents from Dechert in the survey, more than any other Philly firm surveyed. Dechert's NY midlevel ranking was 62/81 with 21 midlevels responding.
This is a place that thinks very little of pruning 30 year partners who lack so called premium practices. In Philly associates and partners routinely cross the street to go to Pepper. Read the May 2007 Amlaw, which has a profile on Dechert, including its outsized attrition rates. Between 2001 and 2007 37% of the partners left the firm. Associate turnover in that time was 35%.
If you have a choice when lateraling or choosing your summer associateship, do yourself a big favor and don't choose Dechert.

Dechert has about 456 US associates, so bonuses were paid to about 74%.

11:30
I wonder whether associates in particular groups are getting stiffed more than others. I nominate FRE. I hear they have been slow because of the subprime mess.
Runners up are probably products associates. Weren't nearly half the products associates 100% Vioxx? The group heads are going to need to get rid of the extra bodies or it's going to come out of their partner draw.

10:42 (last night)

Seems like your friend was actually telling you the truth...heard from two different partners today, including in a meeting with other associates present, that the total of the penalties was just under $260k and that the $15m number in the bonus memo takes the penalties into account and is being fully paid out.

1:16

Nice try. I can't believe marketing trolls and partners are still trying to spin this. If it's only $260K, then why do it at all? To make a point? How so, if it's (money amount) not "really" hurting anyone? I call BS. People know the real deal about Dechert now and they just have to deal.

I was pretty happy with my Dechert bonus. Class of 2004, a 2200+ hours, $50K. Pretty fair.

I do think they should re-think this penalty, though. It was poorly handled, there wasn't sufficient communication to justify it, and frankly, the firm managed to create a negative distraction from what should have been a very good piece of news.

Whose time is it? It's MY time!!!

Nicely done, Dechert. Already off ATL's front page. Keep flying under the radar like this, and all the Penn students you're trying to con into accepting offers might never find out just what a TTT you're running. Bravo.
Rich Rizzo to 160!

Google bomb this thread, 1:32?

Google bomb? Explain.

Are you kid'in me. Most of those asssociates who start at $145K don't know their butt from first base. And whining about being penalized! Come off it. How hard is it to do your time every day. It's hard to do it if you don't have any work, though. Partner bonuses on time entry went away over a year ago! Now they just get penalized $200 a day. Lots of problems with the way Dechert does things but making associates account for their time on a timely basis isn't one of them.