Associate Bonus Watch: Here Comes Skadden
We expected this. Skadden has announced that they will discontinue the “special” bonuses from last year. Instead, they’ll be giving out the 2006/2007 standard package. From the memo, sent out by executive partner Bob Sheehan:
[W]e will pay the year-end discretionary bonus at the same levels by class seniority which associates received in 2007 and 2006. However, we do not think it is appropriate to repeat the “special” supplemental bonus that was instituted last year. That bonus reflected a strong and growing economy that contributed to a record level of profitability.
The Firm has historically paid its associates at the “top of the market” in their respective local markets. While we do not know what other firms will do this year with regard to paying a supplemental bonus, we believe that our bonuses this year should be limited to the year-end discretionary bonus. What we will do in the future years, will, of course, depend on business conditions at the time and competitive compensation.
You will receive a memo early in December discussing your individual bonus. We appreciate the efforts you have all put in this year. You have contributed enormously to the success that we have achieved.
That should pretty much set the market.
The 2007 bonuses weren’t bad. And Skadden isn’t laying people off. It’ll be pretty hard to complain if this is where the market ends up.
And, not for nothing, it shows good form by Skadden for telling people what to expect before the holiday season starts. That winter vacation to the Dominican Republic can now proceed full speed ahead.
Read the full memo after the jump.
SKADDEN — MEMORANDUM — 2008 ASSOCIATE BONUS
From: Robert C. Sheehan
As the year draws to a close and given the current economic environment, we thought it was appropriate to discuss our overall results for the year and our thinking with regard to associate bonuses.
In 2008, the level of the Firm’s business continues to be relatively strong, with our total workload, until very recently, being similar to 2007, our most successful year. However, we have more attorneys to do this work, and therefore, our results aren’t as strong as they were last year.
The Firm has a long term view of the important role associates play in the success of the Firm, and, accordingly, we are not planning associate downsizing. We believe that our associates represent our future and, as a matter of fact, offers to summer associates for employment next Fall were at the same high levels as in past years. In addition, we are planning for the summer class of 2009 to be almost as large as the summer class of 2008.
As we previously discussed in meetings with many of you, our business is not concentrated in the financial services industry. However, we should not minimize the importance of our relationships in the financial world as they are a key source of referrals. More importantly, they support the activities of our corporate clients, most of whom have felt the spreading negative effects of the financial industry turmoil.
In light of the foregoing, we will pay the year-end discretionary bonus at the same levels by class seniority which associates received in 2007 and 2006. However, we do not think it is appropriate to repeat the “special” supplemental bonus that was instituted last year. That bonus reflected a strong and growing economy that contributed to a record level of profitability.
The Firm has historically paid its associates at the “top of the market” in their respective local markets. While we do not know what other firms will do this year with regard to paying a supplemental bonus, we believe that our bonuses this year should be limited to the year-end discretionary bonus. What we will do in the future years, will, of course, depend on business conditions at the time and competitive compensation.
You will receive a memo early in December discussing your individual bonus. We appreciate the efforts you have all put in this year. You have contributed enormously to the success that we have achieved.
Earlier: Open Thread: Associate Bonus Speculation
Associate Bonus Watch Warning: Outlook Bleak
(296) Comments
Comments
Props to Skadden for taking the lead. Totally appropriate.
first!
mcfirsty
firsty
As expected. And First.
Roll Tide makes me firsty!!!!
I would say that is on the good end of what I expected to happen.
First
Confirmation that Skadden is not a top firm.
Second!
Skadden is TTT. What don't they divert some that PPP to bonuses for associates who are the backbone of the firm. I guess market conditions justify 2 mil partner salaries?
How can you "scale down" a bonus to the same level it was last time? You mean KEEPING bonuses at 2007 levels?
That's not bad at all given the market. Anyone who expected the additional "special bonuses" this year had to be on drugs.
Skadden...now that's a respectable shop.
Dang, 6th? I guess that's where we will be after SEC Championship. Shit.
Props to Skadden for taking the lead. Totally appropriate.
Skadden, once again, pwns.
S&C and Cravath will certainly go above this. Skadden will not be the ceiling.
Sullivan or Cravath will top that...easy. Door open.
Props to Skadden for taking the lead. Totally appropriate.
Second!
That's strange. I understood Skadden DC to be a sinking ship with associates demoralized and seeking jobs elsewhere.
Where's the SkaddenDC troll when we need him or her?
Seriously, is there a gay angle in there somewhere.
Last nail in the coffin for Skadden. This is only a taste of the horrors about to unfold at that shop.
Associates should be happy to see anything near last year given the current market conditions. While JT's insiders suggest Skadden remains solidly busy, there are whispers that even top clients are meticulously reviewing their invoices. Things are not good and people do not want to hand over a dime extra.
Weil can do better than that, right?
* i like men*
-nervous T-10 1L
email job leads to nervoust101l@yahoo.com
* i like men*
-nervous T-10 1L
email job leads to nervoust101l@yahoo.com
when crap firms like W&C and Mayer Brown are laying off associates, it makes me wish i worked at a solid firm like Skadden.
No layoffs + 2007 bonuses is awesome news for them. Congrats!
WHERE IS THE LINK TO SKADDEN'S BONUSES FOR 2007?
what are the precise numbers by class year?
Skadden is making itself a leader.
http://abovethelaw.com/2007/10/cravath_announces_special_bonu.php
elie, earn your cheeseburger and post the 2007 bonus scale
Can somebody post a reminder of last year's "regular" bonus scale? Thanks.
This was last year's bonus (sans special bonus):
Class of 2007 -- Year end bonus $35,000 (prorated),
Class of 2006 -- Year end $35,000,
Class of 2005 -- Year end $40,000,
Class of 2004 -- Year end $45,000,
Class of 2003 -- Year end $50,000,
Class of 2002 -- Year end $55,000,
Class of 2001 -- Year end $60,000,
Class of 2000 -- Year end $60,000,
We now have this as a floor ... we'll see who sets the ceiling.
So you can make more at Orrick this year (if you weren't laid off).
for those who hypothesize that Cravath and S&C will top last year's bonuses, can you explain why they would be motivated to right now?
I am a big douchebag.
-nervous T-10 1L
email job leads to nervoust101l@yahoo.com
If you think that is a floor you are smoking crack.
37-b/c Skadden's memo basically says they (and thus everyone else) will not follow if the are one-upped. Makes it easy for Cravath and SC to be top of market by themselves. I know...they don't need recruiting RIGHT NOW...but they will sometime soon. The market will turn, and being top of market or above it lasts a long time when it comes to compensation. BTW, why is no one talking about how you can make more this year at Orrick!!!!!!!!!
I am a big douchebag.
-nervous T-10 1L
email job leads to nervoust101l@yahoo.com
If bonus speculation was a ship, this result would be the S.S. Inevitable. Cravath saw this coming, which is why we all saw "special bonuses" instead of increased regular bonuses.
The top firms may beat this to show strength and solidify their market position, but if they do it'll likely be by a discretionary component -- similar to what Weil always does (match standard Cravath bonus + discretionary bonus for mid-levels and up).
All the associates working 80-hr weeks at skadden must be thrilled. Those 80 hours aren't such a big deal when the market is bad.
As an added bonus, Skadden pledged to change its hiring policy, which currenlty focuses only on complete d-bag a-holes.
7 years of 2500 hours a year. 60K bonus.
this is why Biglaw is for douche morans
This is a floor in a sense, b/c Orrick has a higher sum when special is added to regular bonus. No one at Skadden will make as much as some do at Orrick this year.
44: the sting of your skadden ding will dissipate with time
"...can no proceed full speed ahead."
NICE TYPO, LAT!!!!
What a poorly drafted memo...
"..can no proceed full speed ahead. "
NICE TYPO, ELIE!!!!! NO bonus for you this year, I assume.
CRAVATH JUST ANNOUNCED 40K FOR FIRST YEARS - MEMO TO FOLLOW
Skadden associates do the best job ever of photocopying my balls.
Prompt and polite service.
CRAVATH JUST ANNOUNCED 60K FOR FIRST YEARS - MEMO TO FOLLOW
I can confirm 51.
CRAVATH JUST ANNOUNCED 60K FOR FIRST YEARS - MEMO TO FOLLOW
CRAVATH JUST ANNOUNCED 60K FOR FIRST YEARS - MEMO TO FOLLOW
CRAVATH JUST ANNOUNCED 60K FOR FIRST YEARS - MEMO TO FOLLOW
When photocopying balls, Cravath associates first shave said balls to prevent hairs from jamming the machine or reflecting light which could impair image quality.
Cravath #2 at photocopying balls in Biglaw
TTThis just in: Kaye Scholer matches Skadden, then muff-punches Cravath and SC. Don't be hatin'
When photocopying balls, Cravath associates first shave said balls to prevent hairs from jamming the machine or reflecting light which could impair image quality.
Cravath #2 at photocopying balls in Biglaw
So I wonder what the memo to the associates will say when Skadden's PPP numbers go up at the end of the year.
"..can no proceed full speed ahead. "
NICE TYPO, ELIE!!!!! NO bonus for you this year, I assume.
61
The memo will say "Thanks for photocopying my balls for 100 hours a week. P.S. You will never get the chance to have your balls photocopied."
"..can no proceed full speed ahead. "
NICE TYPO, ELIE!!!!! NO bonus for you this year, I assume.
I work at Orrick in NY, did not get laid off, and will make more than my peers at Skadden. Must say--did NOT see that one coming. At all.
"..can no proceed full speed ahead. "
NICE TYPO, ELIE!!!!! NO bonus for you this year, I assume.
42 - do you really feel the need to explain what's going on using a marine analogy?
How about this one: if 42 was a female hygiene product, he'd be a douche.
"..can no proceed full speed ahead. "
NICE TYPO, ELIE!!!!! NO bonus for you this year, I assume.
skadden is a crap place to be
sorry
"..can no proceed full speed ahead. "
NICE TYPO, ELLIOT!!!!! HO bonus for you this year, I assume.
"..can no proceed full speed ahead. "
NICE TYPO, ELLIOT!!!!! HO bonus for you this year, I assume.
"..can no proceed full speed ahead. "
NICE TYPO, ELLIOT!!!!! HO bonus for you this year, I assume.
Lay offs aside, Orrick topped the market, right? You CAN get more at Orrick than you WILL get at Skadden. I guess there is a trade off, but still.
I don't see how SC and Cravath can resist giving a special bonus now that Skadden has invited them to and already said it is willing to be left behind if they do.
LOL at 65, prepare to get naivepollyannapwn3d!
S&C will top Skadden for it's senior classes. Otherwise, their memo would have to say that they are paying less in bonus than they did in 2007 to their senior classes. S&C will not be able to follow Skadden's route of not paying special bonuses to their senior classes, because they never paid special bonuses. Their senior classes just got a regular bonus in an amount higher than any other firm's special + regular bonus. This will be very difficult for S&C because their senior associates are extraordinarily busy at the moment with just about every major financial institution transaction annouced this year. As a reminder, below is S&C's bonus memo from last year:
SULLIVAN & CROMWELL LLP -- 2007 ASSOCIATE BONUS MEMO
Sullivan & Cromwell is pleased to announce the following bonuses for associates in the classes of 2004 through 2007. The Firm will pay bonuses on December 14th pro-rated for those who joined the Firm after January 1, 2007.
Class of 2007: year-end bonus of $35,000 (pro-rated)
Class of 2006: year-end bonus of $35,000; special bonus of $10,000
Class of 2005: year-end bonus of $40,000; special bonus of $15,000
Class of 2004: year-end bonus of $45,000; special bonus of $20,000
As announced earlier this year, the Firm will pay senior associates compensation in addition to salary and bonus through our new Senior Associate Supplemental Bonus Plan ("the Plan"). We have decided to accelerate payments under this new Plan to result in the following amounts being paid on December 14 to our senior associates, with final supplemental payments to be made in the Spring of '08.
Class of 2003: $80,000
Class of 2002: $95,000
Class of 2001 and above: $110,000
Special, European and other counsel also participate in the Plan, and their compensation will continue to be determined separately on an individual basis.
We believe S&C associates are the best in our profession. This year our associates' efforts were exceptional. The Firm is committed to maintaining its position as a compensation leader.
With appreciation and thanks,
Rodge
"..can no proceed full speed ahead. "
NICE TYPO, ELLIOT!!!!! HO bonus for you this year, I assume.
guys at my high school used to work 100 hours a week in bankruptcy and make no special bonus all the time. it was no big deal.
My bonus was a pair of latex gloves to wear while photocopying balls.
Delightful!!!!!
Anyone complaining must be living in another world. Having a (incredibly) well paid job AND get a bonus in a year like this = BE MORE THAN HAPPY.
My bonus was a pair of latex gloves to wear while photocopying balls.
Delightful!!!!!
Obama just announced he is taxing Skadden bonuses at 100%. Damn.
S&C will top Skadden for it's senior classes. Otherwise, their memo would have to say that they are paying less in bonus than they did in 2007 to their senior classes. S&C will not be able to follow Skadden's route of not paying special bonuses to their senior classes, because they never paid special bonuses. Their senior classes just got a regular bonus in an amount higher than any other firm's special + regular bonus. This will be very difficult for S&C because their senior associates are extraordinarily busy at the moment with just about every major financial institution transaction annouced this year. As a reminder, below is S&C's bonus memo from last year:
SULLIVAN & CROMWELL LLP -- 2007 ASSOCIATE BONUS MEMO
Sullivan & Cromwell is pleased to announce the following bonuses for associates in the classes of 2004 through 2007. The Firm will pay bonuses on December 14th pro-rated for those who joined the Firm after January 1, 2007.
Class of 2007: year-end bonus of $35,000 (pro-rated)
Class of 2006: year-end bonus of $35,000; special bonus of $10,000
Class of 2005: year-end bonus of $40,000; special bonus of $15,000
Class of 2004: year-end bonus of $45,000; special bonus of $20,000
As announced earlier this year, the Firm will pay senior associates compensation in addition to salary and bonus through our new Senior Associate Supplemental Bonus Plan ("the Plan"). We have decided to accelerate payments under this new Plan to result in the following amounts being paid on December 14 to our senior associates, with final supplemental payments to be made in the Spring of '08.
Class of 2003: $80,000
Class of 2002: $95,000
Class of 2001 and above: $110,000
Special, European and other counsel also participate in the Plan, and their compensation will continue to be determined separately on an individual basis.
We believe S&C associates are the best in our profession. This year our associates' efforts were exceptional. The Firm is committed to maintaining its position as a compensation leader.
With appreciation and thanks,
Rodge
WHITE & CASE JSUT ANNOUNCED RETURN TO PRE-GUNDERSON BASE SALARY FOR 2009. MEMO TO FOLLOW.
WHITE & CASE JSUT ANNOUNCED RETURN TO PRE-GUNDERSON BASE SALARY FOR 2009. MEMO TO FOLLOW.
Will this structure apply to all Skadden offices? I know it has in the past but I wonder if the smaller offices can expect it to continue?
Skadden people work more than 40 hours a week. 80 is more like it. 120 sometimes. Divide that salary by 2 or 3. Do that before telling me I live in another world and to BE MORE THAN HAPPY. dbag
The memo says bonuses are "discretionary." Does that mean far fewer associates will receive bonii at the top level this year?
As a relatively senior Skadden attorney, I am very happy with this. It strikes me as the generous, yet responsible and appropriate, thing to do.
Obama just announced he is taxing Skadden bonuses at 100%. Damn.
First!!!
SKADDEN IS A CRAP SANDWICH
Good for them, what a great outcome for Skadden people.
To people who think this is horrible unfair to the associate or that this is a "floor" take a look at the financial services industry where 1000s are going to either lose their job entirely or have their comp cut in half.
Word on WLRK?
88
You're not making partner. No up for you, just out. Good luck dbag.
85--All offices
87--Skadden always calls regular bonus discretionary, but everyone gets it if they bill 1600 hrs (minus a few cases here and there for weird reasons...maybe a handful of 1500 associates).
WAIT!!! am I missing something. The memo call for giving "discretionary" bonuses. And it said that they would be sending individual emails ot peopel letting them know what they are getting. Why are we assuming that the discretionary bonuses are based on that lockstep structure? please correct me if I am wrong.
89. you hears it here first!
Word on WLRK?
This is obviously going to get dismissed as soft, but aren't the shots on Elie getting a tad nasty? Repeated references to him being an overweight gay dude, really? I have no allegiance to Elie, but cruelty is cruelty.
87: Bingo! Nice that Skadden confirmed bonus but really, was there any doubt? More important is how many associates will qualify for it? I'm sure the firm already ran those numbers.
WAIT!!! am I missing something. The memo call for giving "discretionary" bonuses. And it said that they would be sending individual emails ot peopel letting them know what they are getting. Why are we assuming that the discretionary bonuses are based on that lockstep structure? please correct me if I am wrong.
92
People in the financial services made a lot more money in boom times. What partner makes 20-50 million a year like the top VPs or traders or execs at top banks make?
I'll take 10 million a year for 5 years and a pink slip over 200K a year for 8 years than 1/5 chance at partner.
Douchebag
@98...100% 2008 comp. Anyone with 2400+ gets additional 15k...
88/92 = Seriously? Why does that even matter? SO if one industry does bad because they acted like idiots and deserve it, other industries should oncsider themselves luck to not be in the same situation? Give me a break. You're pathetic.
Um, hello, 92? Were you feeling sorry for your finance friends when they were taking home millions in bonus while your bonus was $50k?
After reading the last two ATL posts, so glad I accepted at Skadden instead of Mayer Brown for summer 2009.
102...not everyone being laid off are making millions - many many make about the same if not less than associates at Skadden.
You misinformed piece of grabastic shit.
Skadden is for douchebags who couldn't get jobs at a V4 firm.
the truth hurts.
Where's the Drudge-style siren on this post?
104 - we're pretty much the same industry, idiot.
*** BREAKING ***
WACHTELL JUST ANNOUNCED 150% BONUSES
@106...thats only b/c you were not good enough for WLRK.
*** BREAKING ***
WACHTELL JUST ANNOUNCED 150% BONUSES
*** BREAKING ***
WACHTELL JUST ANNOUNCED 150% BONUSES
*** BREAKING ***
WACHTELL JUST ANNOUNCED 150% BONUSES
*** BREAKING ***
WACHTELL JUST ANNOUNCED 150% BONUSES
16 - what does pwns mean?
@101
Not everyone is paid in US$. Thus, for non-US associates, an individual memo is helpful to identify the bonus in local currency.
105, don't know about 92 but I certainly felt like a moron. I'd love to see a $400k bonus just once in my lifetime.
Now that the market dropped again 400 points, that bonus will buy a lot of GM stock.
Anyone working on the ball photocopying project?
I need by close of business today.
118 just wins clueless comment of the day.
110--No we're pretty much NOT. This guy...
I'm willing to trade 10 shares of GM for 10 photocopies of my balls.
Deal?
Mmm, I can taste the cocaine and hooker's breasts already . . . .
Mmm, I can taste the cocaine and hooker's breasts already . . . .
Skadden:
- $160K in all offices
- Same bonuses in all offices
- 1600 billable requirement to get bonus
- NO LIMIT on how many pro bono hours count towards billable goal
- Also, we get 100 "shadowing" hours counted toward our billable goal
Final analysis - my highest monthly total this year is less than 185. Maybe 1-2 80 hour weeks, no 100 hour weeks, more like 30-35 hour weeks in general. And this is what I get paid. Not too bad if you ask me.
110 - yes, except that law is a profession.
I think its a nice move on the part of Skadden, both from a financial and a client-relations perspective. Go Bob.
MysTTTal
What kind of photocopiers are being used?
Elie, you're a fucking moron. How can you ignore all the comments (and my god damn tipster email that I offered to verify with multiple sources) regarding layoffs at Skadden??? DC staff attorneys cut, DC lit associates cut, DC secretaries prohibited from taking overtime (and this came in an email from Mike Rogan HIMSELF). Don't you fucking say "no layoffs" at Skadden. Are you getting paid by Skadden, you fat fuck, or are they just giving you their leftover cookies??
@118
You stupid white trash American should be aware that there are other countries in the world with different currencies. And the exchange rate applied by firms is not current market rate.
132 - Elie gets paid by Skadden. indirectly or directly. what do you expect? Idiot law student deserve the lies they beleive
132 is angry...
This just in...Orrick beats Skadden in year end bonus.
Only one question remains: How long until SC or Cravath (and then both) beat the Skadden bonus?
Just wait.
How fucking hard would it be to fix the forums so that you can only post once every 10 seconds, thereby stopping people from posting 4 times in a row when they impatiently spam "post comment"?
127 - i know 1/2 dozen people who work at skadden and they ALL billed over 2400 last year. You can try to spin it however you like, but skadden SUCKS.
DEAL WITH IT!
132 - shut up with your hate about Elie. This is going too far. People like you should have their IP addresses blocked from making any more comments.
138: the sting of your skadden ding will dissipate with time
No talk of K&E bonuses so far? I'm shocked.
Anyone know anything?
132 is going to pelt Elie with some brick filled doughnuts.
67:
Hygiene products don't have genders. Looks like you're on the S.S. FAIL.
140 - Skadden Ding? I work at a V5. Thank you, come again.
120,
With hyperinflation, your wish may come true. If you still work for Skadden -- and that's a big if -- you will receive a $400K bonus.
But then again, a cup of coffee will cost $120 and your children's private school tuition will cost $250K per annum.
Sucks to be you, doesn't it? You just can't win.
I am a big douchebag.
-nervous T-10 1L
email job leads to nervoust101l@yahoo.com
NervousT101L,
Photocopy my balls? It's a job!
Skadden = TTT
I will stick with my mid size law firm. Thanks!
Drudge style siren with a return to the old heading for this sort of thing: Skaddenfreude.
139,
Since Elie's clearly allowed to graze freely at the Skadden cafeterias, my IP address probably will be blocked. God forbid someone inject some anti-Skadden reality into this blog and Elie lose his meal ticket and, subsequently, his innertube of flub.
-132
As a 2L with a firm job this summer, I am deathly afraid that I will turn into some soulless vulture post-law school whose entire existence depends on the size of my bonus and the imminent dissemination of such news. What is wrong with people? I worked before law school for several years. This doesn't happen in other industries.
Someone please post something with the Skadden and Orrick bonus tables side by side.
Do you think it's a bad sign for bonus season if your firm is cutting back forks, knives, napkins, and other various office accoutrements?
138 - this is 127. I was on my stub year last year, but you're right. Many people did bill over 2400 last year, in a record-setting economic boom of an M&A environment. The girl next to me billed 2400. But many did not. The average corp. dept hours firmwide last year were 1925 (1915 in NY). And this year the girl next to me will barely hit 1600 (including pro bono). And she will get the comp I described above.
DEAL WITH IT.
And, by the way, if you really do work at a V5, then why are you fronting like Skadden bills so much more than anyone else? I'm sure if you really do work at S&C, Cravath, DPW, and certainly if you work at Wachtell, that you bill just as many hours as your peer firms (like Skadden) if not more. So you were probably busy last year and slower this year numb nuts.
DEAL WITH IT.
P.S. - I had a four-way with your girlfriend, sister and mom last night.
DEAL WITH IT.
152- Law firms aren't like other industries. Lawyers aren't like other people - not anymore.
Get used to it. Or don't.
Anyone heard any rumors about Cleary? I don't believe them at all.
125 - pwned! lol
What's a "stub bonus" and "stub year"....can someone explain?
I agree with 155 - these people who are all jumping around about billing 2400 hours need to go for a reality check. I work at a V5 (corporate), and the vast majority of my colleagues will end the year with around 1500-1600 hours (which includes pro bono). I have spoken to many, many friends from other V5 firms, and it's about the same.
Yes, the top firms (including mine) are doing many complicated mega deals, but many of these require significant partner and senior associate input. These mega deals are not keeping all the first years and second years busy.
Here are the max bonuses starting with 1st years (not pro-rated zero years who just started) at Skadden and Orrick. Clearly, if you are hard working, talented, etc. you could make more at Orrick this year.
Class of 2007 -- $35,000 (Skadden) / $45,000 (Orrick)
Class of 2006 -- $40,000 (Skadden) / $50,000 (Orrick)
Class of 2005 -- $45,000 (Skadden) / $55,000 (Orrick)
Class of 2004 -- $50,000 (Skadden) / $60,000 (Orrick)
Class of 2003 -- $55,000 (Skadden) / $75,000 (Orrick)
Class of 2002 -- $60,000 (Skadden) / $80,000 (Orrick)
Class of 2001 -- $60,000 (Skadden) / $85,000 (Orrick)
155 – Skadden is a sh*thole, which is why no one thinks it’s prestigious except for those who work there (and of course clueless law students).
PS - Medically speaking, there is no way that your penis, or as women like to refer to it, your "NUB" is capable of insertion in any hole. There are medical procedures you may wish to undergo (i.e. penis enlarged) so that one day, god willing, you will be capable of sexual intercourse. Until that day however, you can always continue to spread peanut butter on your “NUB” and let your dog lick it off.
DEAL WITH IT!
I started in September and have billed about 200 hours so far. What are my chances for a special bonus?
SKADDEN TO 190!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Clearly it pays more to work for Orrick.
I'll turn down my offer from Skadden and accept the one from Orrick.
Thanks.
A 3L
161-Helpful chart--why is nobody raising hell about that? Anyone have peeps at Skadden to see if they are talking about it internally???
SMACK! 155 just got PWNED!
161-Helpful chart--why is nobody raising hell about that? Anyone have peeps at Skadden to see if they are talking about it internally???
158 - not quite, dickhead.
125
161-interesting. skadden is clearly a better firm, but interesting nonetheless
I would be shocked if anybody under 2000 or a higher cutoff got this bonus.
I think firms will announce regular sized bonuses this year - and rely on people being too ashamed to speak up when they find out that regular sized bonuses only went out to half the assocs, with some of the rest getting their walking papers.
Of course, the anonymity of the interwebs may torpedo this.
#162 can't take it huh.
Good job Skadden dude at 127 and 155. Btw, since you hate Skadden so much, I assume Skadden had a had a four-way with your girlfriend, sister and mom last night.
P:S: Please explain to me there is that there is no way that Skadden's is capable of insertion in any hole.
Skadden pays lock-step bonuses (min 1600 hours). The chart is worthless. Post one that shows what the average Orrick associate gets for each year.
161 -- thanks, but unless you know the minimum hours requirements, the comparison doesn't mean anything. If you need 2000 hours to qualify for the Orrick bonus, there will be a lot of people coming up short.
141 - K&E doesn't announce, they just come over the top right before X-mas.
And to all the people applauding Skadden; you idiots, this memo is for the other firms as much as it is for Skadden associates. All it says is that bonuses are going to be lower than last year. Meaningless to an associate, more helpful to other firms trying to figure out what to do.
The big boys will hold bonuses at last year's (total) levels, though, and SkaTTTen will be left back with the also-rans, where it belongs.
Skadden has always paid bonuses at 1600. Nothing will change.
"Clearly" 165 is also 166 and 161 and 168.
175--afraid you are right. the other firms will beat this. i say "afraid" b/c, well, you can figure out where i work...
147 - what rumors re: Cleary?
147 - what rumors re: Cleary?
176--I think 165 was joke, dude.
138/162 - this is 127/155 again. Because I work at Skadden, I can not opine on your firm, although, since it is a V5, like mine, I would presume it is not a shithole. For some reason, people who have never worked at Skadden hate it - why? How do you know it is a shithole if you have never worked there? And why don't you tell us where you work? Afraid to see stupid comments about your shop?
Your nonsensical arguments must stop immediately, for the good of the ATL readership. Why don't you make another stupid anti-Skadden comment? I know - make fun of our website for being bright red! Because that is the true measure of a firm's prestige and practice, right?
As for my NUB, you are right, it is not capable of insertion. Which is why I just had your mom and sister each tongue one of my balls while your girlfriend licked my taint and photocopied the whole thing (since that seems to be the new rage). Nonetheless, I was able to finish all over all 3 of their faces, leaving them permanently blinded by Skadgoo.
Orrick bonuses are lock-step too. So they will get at least as much as Skadden associates this year.
183--Lock step at what hours level? How do you know? Just wondering
Orrick bonuses are lock-step too. So they will get at least as much as Skadden associates this year.
"stub year" bonus is when you're an incoming. For instance, the class of 2008 will get what a first year would, but pro-rated by how many days out of the year they actualy worked. Your year is a "stub" of a year as an incoming b/c they generally start in sept/oct.
Man, I really should have gone to Boston.
- NY Ass.
FIRST!
FIRST!
SkaTTTen is a shiTTThole.
the difference is that Orrick won't exist five years from now. Skadden will.
Not bad. i thought bonuses would be 50% below the regular bonus last year. many won;t get nay bonus because of hours anyway. Not many people billed 2000 hours (or 1900) that I know.
104 -- Seriously. Of course, without seeing all the numbers, it's impossible to finally decide one's mind on these things, but my impression of this is that it's a very responsible move.
I wouldn't, of course, draw a strict parallel between our industry and the banking industry, but we are in an economic downturn that has the potential to severely affect all industries, including ours.
88
Why did whoever posted the Orrick chart say "max bonuses" if they are lock-step? And also, why say if you are "talented and hard-working" you could make more at Orrick if they are lock-step?
182 - your mom here...quickie later?
194-b/c the skadden number is the discretionary bonus (the most you can get) and orrick number is the regular bonus + the special bonus (or whatever the termonology they used was). Both = the most you can make bonus-wise
182 – Listen, I am sorry for posting disparaging comments regarding Skadden. In all seriousness, I hope you use your NON-SPECIAL BONUS to get the necessary surgery to your “STUB.” I imagine, given its small size, which severely restricts your ability to grasp it, you have to sit down to pee- like a female. This must be devastating to your self-esteem, especially when coupled with your disfigured face and your cankles.
Is it just me, or does it royally suck to be a bankruptcy associate. You work your ass off in "bad" years - the same years that your bonuses suffer.
Although I guess in "good" years, it's pretty sweet to bill squat and get a special bonus.
Weak. There should be adequate comp for top billers.
Hey 197,
182 here. No hard feelings. I'm like Larry David - it's more comfortable to pee sitting down anyways. It is hard to grasp and control, but sometimes I like to just let it go wild - like when I'm giving your sister, mom and GF a simultaneous golden shower. Plus, you just proved my point that you have nothing substantive to say about Skadden. So I'm OK with how this ends.
Signing off after having clearly won the argument and sincerely yours to think about for the rest of the day (especially when you pee and/or talk to your mom, sister or GF),
127/155/182
152 - I am also a 2L with a firm job next summer. I pray to God that I can turn into "some soulless vulture post-law school whose entire existence depends on the size of my bonus the imminent dissemination of such news." That would mean I have a job and I am making bank. Souls are highly overrated anyway. I can't use a soul to repay my law school loans. I can use a nice bonus to pay those loans.
200 – You are absolutely right. I will be thinking about you for the rest of the day, but only because you will be in my prayers tonight. For you see, I can only imagine the challenges you faced in your life due to your NUB. I can’t even imagine what it must have been like when you showered after gym class in high school. I guess my questions is, did the other guys laugh or simply throw up at the sight of your NUB?
More concerning than your NUB, is the fact that you work at SkaTTTen. Enough said......
PS: I WON AND YOU KNOW IT. SUCK IT NUB!
202 - You are my new hero.
Only reason Skadden was able match 2007 level bonuses was by gutting their DC office. SkaddenDC was sacrificed for the good of the firm. I feel for all of those associates and their families during this holiday season.
um 168, the reason nobody is "raising hell" about this is that the avg skadden assoc will still get more than the avg the orrick assoc. if anything, orrick will be BELOW MARKET for ny b/c the standard bonus is only $25k. and you only get the standard bonus if you bill 2000 hours, (which i doubt many people at orrick are doing this year) whereas you get $35k at 1600 at skadden.
200 clearly pwn3d 202
If Skadden is so great, why are they so unselective, especially compared to "peer" firms?? At migh school, the avg gpa of those who got interviewed was like 3.4, compared to 3.6 for DPW. And DPW interviewed 1/2 the number of people.
Look at skadden's lawyer bios compared to dpw or s&c. see any difference?
Didn't Morrison & Foerster already announce (earlier in the year) bonuses for 2008 that exceed both Skadden and Orrick?
175 NAILED IT. NAILED IT GOOD, 175 did.
Hey 201,
At least I know how to accurately quote someone using quotation marks. Try cutting and pasting, shit-for-brains.
152
Hey 201,
At least I know how to accurately quote someone using quotation marks. Try cutting and pasting, jew-for-brains.
152
Hey 201,
At least I know how to accurately quote someone using quotation marks. Try cutting and pasting, shit-for-brains.
152
the level of douchebaggery on this site has reached an all time high.
the level of douchebaggery on this site has reached an all time high.
Texas bar results are finally out.
Skadden's office interiors are to die for. They really know what they are doing there. They just ooze authority.
*reads post, furiously applies to skadden and hopes they'll spread some of the bonus love to a 1l sa*
-nervous T-10 1L
email job leads to nervoust101l@yahoo.com
127/155 (aka Little Skadden Firstyear Pissant): Please post back here when you get laid off shortly, so we can laugh our collective asses off at the failure of your delusions of entitlement and superiority.
Skadden is just bitter about having to pay bonuses while still wiping Cravath's ass every day. That would get anybody down.
Clive Milton
Guys in my high school used to steal the siren from Drudge all the time. It was no big deal.
Doesn't skadden hire anyone w/ a pulse? a non-URM kid at my school got an interview even though he was bottom 1/3. he didn't call back, but skadden interviewed him even though firms like nixon peabody dinged him.
any firm that raises above this now is going to look tacky to clients. and since bonuses are dolled out on an individual basis, firms can still reward those who really pulled their weight with superstar bonuses. the memo is PR. the reality is behind closed doors and gives firms much needed flexibility.
Thank god I work in Texas and do not have to deal with all of this bullshit.
At the lockstep NYC firms I know, everyone gets what the memo says they get. If you work someplace else, I'm not surprised its all BS smoke and mirrors. This is the difference between lockstep, no billables and everything else. The latter is far superior for everyone involved I think.
Skadden's office interiors are to die for. They really know what they are doing there. They just ooze authority.
I'm praying that the Law Blog reports this so I can permanently relocate. News a day later = better than news laced with annoying pontificating.
So how does nervous T-10 3L feel about this? Not so nervous anymore I hope?
As a first-year Skadden associate, I have to say that people in my office are generally happy with the bonus decision. Yes, some firms may top us this year, but its a wise move on the part Skadden to err on the conservative side. We have no idea when the economy will turn around.
isn't there a certain pool of money, from which associates will take $x and the partners will take the balance? if this is the case, i don't understand all these people who are claiming that Skadden is doing the responsible thing (i.e., erring on the conservative side).
great opportunity for S&C/Cravath to give the special bonus and set themselves apart.
207,
Maybe, just maybe, where you went to law school doesnt affect how competent of a lawyer you will make. And maybe, just maybe, Skadden is one of the few firms to realize that and act on it. And maybe, just maybe, that is one of the reasons Skadden is tops in every category, in every city.
But dont let anyone see you admit that. It would discredit all this inane blogging and pwning and TTTing and "i cleveland steamrolled your mother bc you work at a Vault 20 firm" etc, etc.
207,
Maybe, just maybe, where you went to law school doesnt affect how competent of a lawyer you will make. And maybe, just maybe, Skadden is one of the few firms to realize that and act on it. And maybe, just maybe, that is one of the reasons Skadden is tops in every category, in every city.
But dont let anyone see you admit that. It would discredit all this inane blogging and pwning and TTTing and "i cleveland steamered your mother bc you work at a Vault 20 firm" etc, etc.
227 -- On the contrary, I am still very nervous. This memo changes nothing. Many 3L's will, over the next few months, have their offers revoked.
Why do we care about what current associates will be getting as bonuses? They should be saving the money for us!
207-- God I'm so glad you feel you are too "good" for Skadden. Skadden wouldn't want you. Instead, they will recruit outside (gasp!) the T14 schools and cherry pick the best of the best out of T50 or T2 schools. Hell, a lot of those top students at the "lower" schools are probably more intelligent than you. Perhaps they couldn't afford your fancy LSAT course or didn't come from a long line of lawyers or had other circumstances that prevented them from going to your douchebag of a T14 school.
But they make hard-working, bright, and earnest attorneys. More firms should realize that.
Say whatever you want about Skadden. It won't change the fact that I know I'm not getting laid off (and neither are friends of mine) and that I'm getting a huge bonus even though my productivity this year is llagging. I look at all these poor souls being shown the door at other firms and I thank God every day that Skadden does take a long term view of things. We have this image perpetuated almost desperately by others on this board as some kind of soulless sweatshop but I've been here a number of years and I think the truth is if you are reasonably competent your job is secure and the firm will stand by you through a crisis. It is still a real partnership and the benefits of that definitely trickle down to associates. Those of you who work elsewhere and believe you will get more -- good for you. But everyone should be thrilled that Skadden laid down a marker of no layoffs and the same bonus as last year minus the boom year bonus. This was really the best possible outcome. I don't know about other firms but I would almost cringe to work at a firm that paid a boom year bonus this year. It's just tacky in light of what's going on at our clients. I know that means partners will make more but right or wrong the perception of excessive associate pay is what gets clients riled up.
Finally, I just want to clear this up for people. Everyone firmwide who makes minimum hours gets the lockstep bonus and to a degree you can control your hours even in a downturn because you get full credit for pro bono. Some few people get more than the lockstep. The lockstep minimum is not the same every year but has never as far as I know been more than 1700 hours.
balls.
132 - Let's the proof. You hate on Skadden DC and you ramble on and on like a moron. Prove something, post a memo, send a link, or better yet...GET A LIFE.
You clearly got rejected/fired from Skadden DC and can't move on with your life. Do us all a favor, either show some proof or shut the hell up.
132 - Let's see the proof. You hate on Skadden DC and you ramble on and on like a moron. Prove something, post a memo, send a link, or better yet...GET A LIFE.
You clearly got rejected/fired from Skadden DC and can't move on with your life. Do us all a favor, either show some proof or shut the hell up.
237, 238
Mr. Arps, you only need to hit the post comment button once.
HTH
237, 238
Mr. Arps, you only need to hit the post comment button once.
HTH
237, 238
Mr. Arps, you only need to hit the post comment button once.
HTH
237, 238
Mr. Arps, you only need to hit the post comment button once.
HTH
232 -- yeah, associates at skadden are very happy. that's why they ranked 129th in midlevel assoc satisfaction. and that was WITH the special bonuses. expect a drop to 180th without them.
http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1202423399211
I used to like Skadden until I found out that Laura Ingrahm was an associate there. Awful.
Actually, I kinda respect Skadden, Arps, Slate, Meagher and Flom. With the exception of Slate, there pretty much isn't an industry standard name in the group....
NY Firms:
The Top - WLRK
The Elite but Miserably Overworked - CSM, S&C
The Nice Elite - DPW, Cleary, Debevoise
The Douchey - Skadden, Weil, Latham
The Fake Nice - STB
The Sweat Shop - PW
The Irrelevant - Everyone else
234, yes because we all know that high LSAT scores and GPAs are based on genetics, which is why only those who "come from a long line of lawyers" can get into top law schools. This must be why blacks don't do well.
Not sure how Asians seem to do fine though.
That is, of course, unless you take an LSAT prep course, which apparently does miracles in raising one's LSAT score. It's curious that T3 and T4 students who are willing to borrow $40k a year for tuition cannot borrow $1k for an LSAT prep course, when the LSAT prep course would have vaulted them into a top 14 school. Talk about not spending money where it counts.
Why don't you go around telling Cooley-caliber college students to borrow 2.5% of a year's loans for LSAT prep since that will get them into T14. Better yet, T3 students can drop out, take an LSAT prep course with two weeks' worth of student loans, and use that new score to get into T14.
This seems like good money given the way the economy is going. A lot of people come off as spoiled bitches on this blog. Yes, we work our asses off - the hourly breakdown of these figures might not be so impressive - but even at 2007 levels, the fact, with bonus, a 2nd year lawyer is able to pull in over 200k isn't a bad deal. Keep this in perspective: Citigroup just laid off 50,000 people yesterday.
Also:
The Idiot Douche - 245
245 -- do dc and san fran!!!!
So fun to watch you all struggle to find a basis to criticize this action by Skadden. Only a dominant powerhouse like Skadden could elicit such venom when it makes a wise and appropriate move like this. And so beautiful that Skadden could give a rip what the other firms do. Can't touch this. So sorry royal red causes such pain for those of you who either made the wrong choice or (more likely) didn't have the option in the first place.
250 -- you seem happy. next time, turn in your midlevel assoc satisfaction survey, then maybe skadden will move up to 125th in the rankings
251 - Pretty clear what your options were! Again, so sorry.
252 - options included firms at least in the top 25 of assoc satisfaction and vault. sorry. pure "prestige" gets old when you're miserable.
Skadden rocks!
250 - has FlomAIDS therefore he will die.
Skadden: good work. You aren't the loser firm we thought you were. Still, maybe Skadden people shouldn't call it "tacky" to pay out special bonuses. Why is that tacky? CSM and S&C clients don't foot bigger bills if associates get bigger bonuses. And S&C especially has been on basically every big deal related to the credit markets in the last 6 months. Skadden is a good firm but it's no S&C, and that will probably be reflected in the bonuses.
The bonus chart needs fixin':
Top Level bonus in 2007 for class of 2000 or earlier was $75,000 (sans special bonus).
It is no coincidence that any post that relates to Skadden generates a high volume of d-bag comments.
KIRKLAND & ELLIS bonuses will SHATTER the MARKET!!
The lack of special bonuses is essentially a 'pay cut' from 2007 (ie, people at each level getting paid overall less this year than last). So the real question for all Skadden non-partners: are the partners also taking a pay cut from their 2007 salaries? And if so, is it the same percentage as the associate cut? I'm guessing the answer is NO.
What does "pwned" mean?
261 - it means that the writer is a massive antisocial dork
235 - I understand your point. But I also doubt that a client cares much about the difference between the following: If it's legal bills are X, are they then divided 60-40 between partners and associates (partners making up only about 25% of the firm) or 55-45 between partners and associates. (I obviously am making those exact #s up, but the point is the same.) Skadden will not keep any meaningful cash on hand, at least not much more than in normal years. Thus, either special bonuses are given (because the year was a very good one), or PPP ticks up. Maybe you're right, special bonuses are easier to detect and are noticeable sooner, but the bottom line remains the same: Client pays X, Skadden divides it up.
Willkie Farr = no bonuses this year but moving pay to starting 190.
rip on skadden = you work at a less prestigious firm. period.
rip on skadden = you work at a less prestigious firm. period.
235 -- right on. Chirp all you want little chickadess, we have jobs and bonuses. Suck it.
wow, i don't really care about the broader argument here but just based on reading this it really does seem like SOME folks at skadden are world class douches... congrats on the bonus, most of us are probably also getting them. get back to work.
266= Worst (i.e., most SkaTTTen-like). Argument. Ever.
SkaTTEN Partners: In order to respect our clients properly, we're cutting your bonuses and keeping the money for ourselves.
SkaTTen Associate: YESSS! You guys are SOOO smart, I am SOOO glad I came here. That way I get to share in the pain of the general marketplace even though I have been working my ass off. Such a bold move proves the supremacy of my firm!!!!
ATL: Dude, why are you so happy? You just got chumped.
SkaTTTen Associate: SHUT UP!! I hate you and your stupid ass-face!
SkaTTen Partners: That's right, son, finish that kool-aid, and make sure you don't get any on the photocopier or my balls.
SkaTTTen Associate: Yes sir. Thank you sir!!!!!
Signed,
-associate at a more prestigious firm
265/266 = Works at SkaTTTen and is bitter he couldn’t go V5. Consequently, he will defend SkaTTTen to the death.
The truth about SkaTTTen is - it’s more prestigious to work at the fragrance counter at JC Penny's than to work at SkaTTTen.
269 just offered prove that maybe douchebaggery is an ATL disease? -268
268 / 271 obviously does not appreciate parody or sarcasm.
As a non-Skadden NYC biglaw associate that doesn't care about "firm prestige," Vault, or any of that other crap that only matters to law students, I have to thank Skadden. My firm will at least match this, and anyone who turns up their nose at this level of bonus compensation is crazy. It's the best that anyone could reasonably hope for given that the country is in a recession.
And yeah, the level of idiocy on this blog must be at an all-time high.
Working at KIRKLAND & ELLIS will SHATTER your SEX LIFE and sense of WELL-BEING!!
Skadden isn't a bad firm and is much better than many others out there. But my observations back when I interviewed with them, and those made while working with Skadden cocounsel, are that Skadden isn't a very pleasant place to work and that it isn't on par with WLRK, S&C, Cleary (with whom I've worked a good deal) or CSM (where I chose to go).
This is pretty much mirrored in their bonus: this will be at the top of the heap, but won't match the true elite.
i love how so many people are bitter re skadden. given that skadden has a rep for being douchey, i find it ironic that the douchiest comments are coming from the non-skadden people.
sucks that the ONLY place CSM and S&C are marginally more prestigious than skadden is on VAULT. that's gotta explain the breathtaking insecurity of some of the posters here. enjoy virginity, faggots.
276 - Perhaps you should re-read the posts. It’s clearly the SkaTTTen associates who are insecure. People at truly prestigious firms don't defend their firms against hateful comments, because they don't need to. SkaTTTen on the other hand, is a sh*thole and as such, requires little SkaTTTen wh*res to defend its reputation (or lack thereof). The bottom line is SkaTTTen sucks and so do all the whinny SkaTTTen b*tches.
First year bonus to 50K..... and NY to 190!
First year bonus to 50K..... and NY to 190!
I don't think I've ever seen in a bonus announcement such a clear statement that EVEN IF other firms pay higher bonuses, Skadden will NOT be matching.
That could work in our favor. Normally, firms have less incentive to go over the top with bonuses because they know everyone else will just match, rendering any PR boost minimal. Here, there's at least one competitor who has signaled it won't match. Hopefully there'll be a firm out there that recognizes this for the opportunity it is, and decides to distinguish itself with bonuses more in line with last year.
LOL at 277 assailing Skadden people for being insecure yet resorting to the use of "SkaTTTen."
As for reputation, explain Chambers ranking them in band 1 in almost every practice group, in almost every city. Explain topping AmLaw's corporate scorecard in 23 out of the last 25 years. Explain being ranked #1 by corporate board member 8 years running. Explain being a finalist for litigation department of the year. Explain them, through the first half of 08, being on 6 of the top 10 deals. Exactly.
87--why won't you learn? It's " bonuses," not "boni," and definitely NOT "bonii." Gentleman at fraternity lothario's prepratory academy learned latin; clearly you did not. You lack of proficiency in the English language should have disqualified you from law school admissions, let alone a big law job and any kind of bonus.
282 - maybe 87 said "bonii" because it's funny. S/He is obviously aware of the word "bonuses" since s/he quotes it in the post.
You are a fine example of why people hate lawyers.
281 = SkaTTTen associate = Insecure = Never been laid
260---for a senior associate (not sure about others) moving up a year on the salary scale and getting a $50,000 smaller bonus is approximately a 10% cut from 2007 to 2008. I'd be surprised if many partners take that kind of cut.
Guess Skadden's not looking so bad now. Cravath just reamed their associates.
I am 2nd year at a T50 firm with little work and scared shitless for my job. I would kill for a bonus like this right now. I know people getting laid off (would rather be laid than laid off) and it is scary as hell out there. If you have a job in this market and are getting anything at year end, you are much better off than most out there.
What was that about Cravath kicking Skadden's ass on bonuses? Wrong often? Just goes to show that 80% of you posters are still in law school and don't have a fucking clue what you're talking about.
Oh, and how does the math work that PPP goes up when firm-wide billable hours dropped about 200 hours a year? I may have shunned math all those years ago in college, but aren't profits sort of tied to billables firm wide?
And no, I don't work at Skadden.
Despite bonus news, SkaTTTen still = Sh*thole, and it always will.
-Former Skadden Associate
"CRAVATH JUST ANNOUNCED 60K FOR FIRST YEARS - MEMO TO FOLLOW"
Where you at now, chump?
290 = SKATTTEN ASSOCIATE = TTT
291 = dinged by skadden
i like blue jelly beans
Any word on bonuses at Sidley?
MOOOOOOOOOOOOOOOOOOOOOOG!!!
skadden sucks balls