Associate Bonus Watch: Dechert Pays Market Rate, Plus $7,500 for Top Hours
Dechert has been the subject of a lot of bad news lately. The associates still at the firm will be pleased to know that they will be getting a market bonus for hanging on this long:
We are pleased to announce that we will be paying base bonuses for 2008 to associates in each of our U.S. offices as set forth below. The following base bonuses will be payable to those qualified associates in good standing at the time the bonuses are paid who have 1950 hours (billable, pro bono and nonbillable in accordance with past practices) in 2008.Class of 2007: $17,500
Class of 2006: $20,000
Class of 2005: $22,500
Class of 2004: $25,000
Class of 2003: $27,500
Class of 2002: $30,000
Class of 2001: $32,500
Class of 2000: $32,500
For high billers, the payouts increase:
We will be paying additional bonuses for the associates receiving the base bonuses who have billed 2200 hours, 2350 and 2500 hours. We will pay $7500 for each level attained.
Stub first years will take home five grand and like it:
Associates in the Class of 2008 will receive $5,000 without regard to hours.
And there is even more good news:
We have determined that, despite the difficult outlook for 2009, we will progress salaries for associates consistent with past practice.
All the layoff news must be unsettling for the people working at Dechert. This bonus announcement will probably help morale.
Read the full memo after the jump.
DECHERT — MEMO — ASSOCIATE BONUSES
We are pleased to announce that we will be paying base bonuses for 2008 to associates in each of our U.S. offices as set forth below. The following base bonuses will be payable to those qualified associates in good standing at the time the bonuses are paid who have 1950 hours (billable, pro bono and nonbillable in accordance with past practices) in 2008.
Class of 2007: $17,500
Class of 2006: $20,000
Class of 2005: $22,500
Class of 2004: $25,000
Class of 2003: $27,500
Class of 2002: $30,000
Class of 2001: $32,500
Class of 2000: $32,500
We will be paying additional bonuses for the associates receiving the base bonuses who have billed 2200 hours, 2350 and 2500 hours. We will pay $7500 for each level attained.
Eligible associates in these classes who do not reach the 1950 hours but who worked at least 1900 hours will receive $10,000, and those who worked at least 1750 hours will receive $5,000. Associates in the Class of 2008 will receive $5,000 without regard to hours.
As in the past, bonuses for Counsel and other associates will be determined on an individual basis and communicated in the new year.
Finally, as in the past, we will also pay merit bonuses.
As you know this has been a very difficult year for the world economy and law firms have not been spared from the economic crisis. More significantly, 2009 looks to be a more difficult year for both the world economy and for law firms. We have, of course, been affected along with most other firms and will certainly not reach the record revenues and profits that we experienced in 2007. Nonetheless, we do expect that, if revenues come in as expected in the next 9 days, we will end with a very good financial year by any reasonable standard. Because of that expectation and the cloudier outlook for the world economy in 2009, we expect to depart from our normal practice of paying bonuses in the following year. We expect to pay the hours-based bonuses (including the bonuses at 1750 hours and 1900 hours) on December 31, based on time entered and closed by 5:00 P.M. on December 23, 2008. We also expect to pay the bonuses to the associates in the Class of 2008 at that time. And to the extent that we have determined bonuses for other associates, we will endeavor to pay those this year as well. We will, of course, review any time entered after December 23rd, and make supplementary payments in January As in the past, all bonuses will be adjusted for compliance with the firm’s late time policy and will be subject to pro-ration for those who started during the year, part-time status and leaves of absence.
We have determined that, despite the difficult outlook for 2009, we will progress salaries for associates consistent with past practice.
We would like to thank you for your valuable contributions to the Firm in 2008. We appreciate your hard work and dedication, especially during such a trying and stressful year. We look forward to working with you to tackle the opportunities and challenges of 2009.
Barton J. Winokur
Dechert LLP
Earlier: Dechert Ices 72 Staff Positions
Update: Dechert CEO Winokur Indirectly Responds to ATL
Prior ATL coverage of associate bonuses
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my shirt?
Count? Your comments?
If Dechert can progress salaries, everyone should.
If associates are really worrying about whether they'll get a half-Skadden bonus this year or the same as last year, then they have big problems. You should be worrying about hitting your minimum billables, doing decent work, and surviving through the economic downturn. Who gives a crap about bonuses. If you really need the extra money then you're obviously a financially retarded individual who can't restrain your spending properly.
LOL I'm certain Latham will "find" money by year end to give raises
DECHERT pays $22,500 extra is you hit 2500 hours???
Quinn pays less than DECHERT to top billers!
QUINN EMANUEL SUCKS
DECHERT pays $22,500 extra if you hit 2500 hours???
Quinn pays less than DECHERT to top billers!
QUINN EMANUEL SUCKS
COUNT:
Dechert? Layoffs? Bonuses?
Your comments??????
I'm pretty sure this is the first time Dechert has done a memo with set class year bonuses outside the New York office. It's always been totally secret with people in the same year getting different bonuses before. Very stressful and killer for moral. This is a better way to do it. Wow. Dechert gets one thing right.
"Because of that expectation and the cloudier outlook for the world economy in 2009, we expect to depart from our normal practice of paying bonuses in the following year. "
does this mean no bonuses next year?
Paul Weiss.....are you catching this??????
I just billed 2500+ hours at a V5 for $17,500? And I could have made $40,000 at #&@*ing Dechert?!?!
Wow! High billers at Dechert will make more than high billers at Cravath.
Nice. I think the more "elite" firms are showing their true colors. You prestige whores can eat your nylon messenger bags with your firm logo. I'll take the money.
The Glass Cock here, thanking all of you hardworking associates who billed 2500 hours in exchange for the extra $22500. Though the Glass Cock is not a Dechert partner, he does love seeing how little value associates put on their lives, as evidenced by the fact that Dechert associates are willing to work beyond 1950 hours for a lower marginal pay rate. Meanwhile, we partners are making higher profits from your hours above 1950 than for the hours below 1950.
There's a reason why you're associates and we're partners.
Those extra bumps means Dechert is at the top of the non-Skadden market. I'm sure there are lots of people at V10 firms who are now making less than people at Dechert!
What's up with Mayer Brown bonuses?
GLASS COCK TO HALF-SKADDEN??!!??
At what point does it become "market" to go $17,500 plus $x for billables (i.e. at what point are Cravath, Weil,Cleary, Paul Weiss, etc) no longer at "market"?
We got royally fucked with this lock step crap!
Re: #6 / #7. I've got friends at Dechert. It's slow over there. Ain't nobody billing 2500 hours this year.
Guys in my frat used to pay their associates $17,500 bonuses all the time, it was no big deal.
2500? I bet they can afford this because a lot of people didn't even hit 1950 so really - this $$ is only going to a few groups.
21 - Not necessarily. I've got a couple friends there too and they are insanely busy. Not that it helps them, being in the class of 2008 and all.
So in May and June of this year, the 1st and 2nd year assigning partner at Paul Weiss was handing out assignments left and right and getting lots of associates saying they were too busy to take on more work. What did she say -- "if you're not billing at least 300 hours per month, you are not doing your part." Okay, Paul Weiss, I've been doing my part and have accepted all your assignments and have billed over 2800 hours this year. NOW DO YOU PART AND PAY ME WHAT A DECHERT ASSOC DOING SAME MAKES. If not, I'm getting out of here. I get headhunter calls every single day.
Guys in my high school used to mess up the frat stud joke all the time, it was no big deal.
who is this keith fink guy and why is he staring at me
10,
That's not what it means at all. It just means that they'll pay out the bonuses in December. In the past, bonuses where paid in the new year.
25---AMEN TO THAT!!!! PW SHOW US THE LOVE
Hey 25, maybe you should have done your part in math class. 300 x 12 = 3600 hours. You billed 2800 hours. 2800 < 3600. Therefore, you did not do your part, so know your role and shut your mouth.
27, he's the cousin of both Barton Fink and Batfink.
30: So 2800 hours doesn't warrant a bump?
Not only is 25's math a little fuzzy, wonder about his/her time management skills. Also wonder if s/he knows difference between billable vs. actually billed vs. actually paid.
right, PW associates working <3600 get no bonus. You heard that here first.
I love how the 250 hours of work between 1950 and 2200 are worth not a dime extra.
Kudos to Dechert for being more generous than most of the V10 firms. Having said that, I know several people at Dechert's Philadelphia office, and they are all miserable.
Any info on Dechert's Princeton office, is the bonus structure the same there? Layoffs, new hires, anything else going on there?
Right on Dechert!
36: Used to know people at Dechert's NYC office and they were even more miserable.
People working in BigLaw were miserable? Stop the presses!
39, 36, i know people all over biglaw and they are miserable. what difference does that make?
Ha ha ha! High-billing Dechert Philly associates take home more in 2008 than high-billing Cravath NYC associates.
33 - so everyone who bills 2800+ is not managing his/her time correctly? okay, sure. tell that to the people who made partner at PW this year. I'm sure they all billed over 2500 and most over 3000. At PW is you bill too much time writing a brief or something the partner will tell you as much and make you start billing the time to office general. it is possible to legitimately bill that many hours.
I was wrong Kevin. No letter today :(. Maybe tomorrow
43- If you're billing over 3,000 a year, you're full of shit or on the verge of insanity.
Not 43, but I am billing over 3,000 and I am on the verge of insanity---thank you Paul Weiss
SKADDEN TO 190!!!!!!!!!!!!!!!
$145,000 / 1950 = $74 per hour
$7500 / 250 = $30 per hour
maybe you should be spending those extra 250 hours tutoring kids for the LSAT.
48: Nope -
$145,000 / 1950 = ~ $74 per hour
$152,500 / 2200 = ~ $69 per hour
46 is a tool
49, 48 was measuring the marginal rate for the additional hours above 1950, and as was correct.
Asshats at more "prestigious" firms with lower bonuses can SUCK IT! Prestige doesn't put money in the bank, now does it?
Winokur is trying manage PPP. Accelerating bonus payments from Jan 09 to Dec 08 allows him to tamp down 08 earnings in a gloom-and-doom market, which will make his 09 PPP numbers look better. If need be, he'll pay 09 bonuses in Jan '10 to help prop up '09 results. Why do you think he canned the staff right before the holidays (in Philly the day before the holiday party)? The man has a tin ear when it comes to this sort of stuff (plus he really, truly doesn't give a shit), but even he knows the staff layoff could have been handled better. But if he was going to take the earnings hit for the severance this year instead of next, the axe needed to fall before the chickens all left the coop for Christmas. Like a public company, Dechert manages its earnings from year-to-year as best it can in order to try and show a smooth consistent trend line. He's taking his writeoffs now so he have a lower PPP target to hit next year in a challenging environment. He'll force out and de-equitize some more partners to help out in '09 in this regard. Equity service partners (to the extent there are any left) better have billed 2000 hours. He needs the room to justify elevating his heir. The dirty little secret is that, in most practice groups, the junior partner/senior associate cadre is considerably less talented than similarly situated people were at the start of Bart's Reign of Terror. Dechert's (deservedly) shitty rep among law students has resulted in fewer top notch, smart lawyers entering the pipeline (Winokur took over in 96, although every major decision during the reign of his predecessor ran through him as well, so he's been the driving force for two decades now). Part of the business model has been (1) protect the equity partners who were equity partners ten years ago -- and let them hang on to the firm's legacy billings without pushing the billing credit down to junior partners (unless they sleep with the right person), all in exchange for their votes to amend the term limits in the partnership agreement everytime Bart comes up for reelection so he can serve yet another term, (2) turn the junior partner ranks into a de-equitized tier that are basically senior associates with the additional perk of getting to attend his weekly lunch harangues and his annual brainwashing retreat, (3) move out junior partners after a few years so he can mint some new non-equity partners and create the illusion of advancement and opportunity for the gullible senior associates, and (4) and only admit new equity partners if they are laterals with large books or somehow have a book dropped in their lap (due to attrition, personal relationship with a mentor, dad's help) as senior associates or junior partners. That process of churning through the people who actually were doing most of the sophisticated work has started to dumb down the firm in the middle band between the heavy hitting rainmakers and the juniors.
53 = disgruntled non-equity partner, or super senior associate, or Bart's driver.
41: Dechert has its own special kind of "miserable". You have to see or hear first hand to fully appreciate the difference.
51 - 48 was not "as was" correct, or correct in any other way. My point, which flew above your head, is that his measurement does not give you an accurate picture. Getting a lower rate on additional hours is part of the territory. Many firms do not offer you the option to bill as may hours as you want and get paid over time or even the same amount you would get if you just met requirements. There is no guaranteed premium for additional hours. Your $30 per hour is inaccurate because the possibility that you will bill more than the minimum and not be fairly compensated is already priced into the salary and bonus structure. Last year, how many firms paid the same rate per hour after you met your requirements? Can you name one? Didn't think so.
BITCH SPREAD THE JUICY INSIDES SO I CAN SMELL THE BUTT CHEEKS!!
-GULC 2L
This is a total PR joke by Dechert. Very few people will get the hours needed for bonus. Some senior level associates were told to stop billing a couple of months ago so that junior associates could get a few more hours. This was done because too many senior associates were on track to bill sufficient hours to be eligible for a bonus. They also changed prior year policy that did not count December in the current years bonus. (It would roll into next year and they would count December 2007 for this years bonus.) Additionally, many associates (especially the more senior) were told to take vacation days because Dechert was "concerned with their quality of life", when they were really trying to tamp down hours. The "good standing" language to be eligible for bonus is in there so they don't have to pay bonuses to anyone they have stealth layed-off, but who have not yet reached their final day with the firm.
Anyone at Dechert or any other firm who believes that Dechert has any integrity whatsoever is dreaming.
Very, very few people will be receiving any bonus from Dechert, unless they have their nose so far up a "particular" partners ass or they are sleeping with someone important.
Remember this is just after this oh so generous firm shit canned 72 staff members a week before Christmas.
Winokur is trying to put lipstick on a pig with this "bonus" announcement. Anyone who works at Dechert and believes they are "bonus eligible" better be on the lookout for the grim reaper, because they don't have to pay you a bonus if they decide to lay you off this week.
54
Soon to be former Dechert employee who believes the total load of bullshit that Winokur is selling.
Dechert has been stealth laying off people all year. Not performance related whatsoever. Good people with good hours.
Remember that 72 staff were canned last week along with an untold number of associates who were not made public because Dechert is the King of Stealth Lay Offs!
Dechert to Vault 200, if the y don't go bankrupt first.
54 is quite possibly correct that there simply aren't very many associates actually receiving a bonus, much less an additional bonus for high hours. In past years, hasn't Dechert stated the amount in the bonus pool and how many associates were receiving bonuses?
^ ^ Oops, that should be 58, not 54.
60
37:
Dechert Princeton is the same hellhole as the rest of Dechert. The Princeton office is best know for mass torts (Re: Vioxx) and this case settled. (The case was actually settled by the client directly with the plaintiffs counsel because they were so upset with the way Dechert was running the litigation.) They have some work, but the place blows.
The Princeton office has been engaged in the same stealth lay offs as the rest of Dechert. Except for the baby Winokur and the "much respected" Finance and Real Estate Group with 85 Associates and very little billable work, everyone else at Dechert is on death watch and they are all dead men/women walking.
Anyone who even dreams about working at Dechert who wake up from their nightmare and do anything possible other than work for Dechert.
The Dechert death spiral will begin soon. The few partners with work will soon be peeling off and seeking greener pastures. Winokur is running this place into the ground.
24:
If your first year class of 2008 friends are busy at the Dechert Philly office, it's because they are trying to do the work of all the senior associates who have been stealth layed off in the last couple of months. They are working a large amount of hours because they have no idea what they are doing. The seniors (who have already been fired or who just don't give a crap anymore because their secretary got canned last week) could have done the work in 10% of the time, but they aren't doing t because the work has been reassigned to the low level minions.
Any clients who still employ Dechert should be looking at their bills very closely. There is a great deal of "work" being billed by first and second years with very little actually work being performed.
Jesus Christ. 48..... just wow.
Meant 49.... sorry... was just in shock at his response.
49, I have a proposition for you. After you are done billing your first 1950 hours, you can come polish my shoes for one hour and I will hand you a dollar. But under your view of things, you are still getting paid about $74 on average, so it should be worth it to you. ($145,001 / 1951 = ~ $74 per hour). Sound like a good deal to you, jackass?
it's times like these when i am glad i left biglaw. just got my bonus today and it was ridiculously better than the garbage listed on here and better than my class year at skadden.
the lockstep bonus model is decidedly foolish. the reality is that bonuses should be based on merit, with merit being judged from a quantity of billable hours and quality of work product. the former is a function of the partners in your group while the latter is all on you. of course, law firms are too chickenshit to treat their associates differently depending on the economy.
also, firm's should be paying you a bigger chunk of change when you "decide" to go over 2k in hours. over 2k, and it's gravy for the firm. my shop, all hours above 2k, you get 30% of your billable hourly rate. when work is overflowing (as is the case now at my firm), the bonus numbers get pretty high.
54 -- nope. As an aside, I've been told that it is an inside joke that Bart's drivers have done quite well at that firm over the years.
49 -- with that math, I hope you are a litigator and not a transactional lawyer.
62 -- the death spiral starts the day Winokur decides to retire. He'll be the first out the door once he thinks the model isn't sustainable. More likely, he'll merge the firm with a more prestigious name, his henchmen will be taken care of and everyone else will be screwed.
This is no surprise. Its just a matter of time before Philly outpays NYC (we already do when adjusted for cost of living) and Philly regains the dominance over NY Biglaw. Firms like Cravath, Thacher Profit, and Loeb and Loeb are good firms, but Philly law firms are equally good: Dechert, MLB, Montgomery McCracken, Blank Rome, Ballard Spar, Echert Semen.
Back in 70's, there was nothing more prestigous than being a Philadelphia Lawyer.
This is no surprise. Its just a matter of time before Philly outpays NYC (we already do when adjusted for cost of living) and Philly regains the dominance over NY Biglaw. Firms like Cravath, Thacher Profit, and Loeb and Loeb are good firms, but Philly law firms are equally good: Dechert, MLB, Montgomery McCracken, Blank Rome, Ballard Spar, Echert Semen.
Back in 70's, there was nothing more prestigous than being a Philadelphia Lawyer.
This is no surprise. Its just a matter of time before Philly outpays NYC (we already do when adjusted for cost of living) and Philly regains the dominance over NY Biglaw. Firms like Cravath, Thacher Profit, and Loeb and Loeb are good firms, but Philly law firms are equally good: Dechert, MLB, Montgomery McCracken, Blank Rome, Ballard Spar, Echert Semen.
Back in 70's, there was nothing more prestigous than being a Philadelphia Lawyer.
This is no surprise. Its just a matter of time before Philly outpays NYC (we already do when adjusted for cost of living) and Philly regains the dominance over NY Biglaw. Firms like Cravath, Thacher Profit, and Loeb and Loeb are good firms, but Philly law firms are equally good: Dechert, MLB, Montgomery McCracken, Blank Rome, Ballard Spar, Echert Semen.
Back in 70's, there was nothing more prestigous than being a Philadelphia Lawyer.
66 - you are the jackass. You are assuming that after you bill 1950, you are a free agent who is able to get the highest price available for your "extra" hours. Wrong. You agreed as part of your contract not to moonlight. You have no opportunity to work elsewhere. All of your working time is pre-committed to your firm. Therefore, to treat the "extra" hours as ones which should be compensated at the same rate as the first 1950 is simply inaccurate. The firm can pay you whatever discretionary bonus it chooses. If it pays you $34 per hour for the "extra" hours, taken in isolation, that is a skewed view of the payment because there is no fucking market for your "extra" hours. The firm owns them, jackass. The firm is paying you for all of your hours combined. Now do you understand, you fucking moron?
69-72:
Loeb and Loeb in the same sentence as Cravath, followed by the words "good firms"? Based on the name, I can only assume that Loeb and Loeb is a New Jersey Personal Injury firm that advertises heavily on the E-channel between the hours of 11pm to 3am.
This is good news for philly associates, especially MLB associates. This type of transparency for bonuses in the philly market is very unusual. It will be interesting to see if MLB matches in the philly office- but we need to wait until January because MLB needs four months to make bonus decisions (fye of Sept. 30).
66 - furthermore, did you have a fucking choice as to whether you'd bill over the minimum? If you did, you are a fucking tool who doesn't value your free time. If, however, you were committed to your work and spent as long as it took, you are a fucking moron if you expect to get compensated at the same hourly rate as you worked for the minimum hours. Last year, bonuses were close to 40% of salary at top firms. (Not including Wachtell.) That's pretty fucking high. This year your firm paid out about a 5% bonus. That's pretty fucking low. Gee, I wonder what contributed to the disparity? All of you fucking whiners may be in for a surprise when PPP's are announced. Are you assuming that clients can continue to pay their bills? Are you assuming time won't be written off? That clients won't demand larger discounts? I'm not saying this is happening, but is it really beyond your comprehension that the meltdown of the global economy might have adversely affected PPP, especially in a firm with a normally thriving corporate department? Why do you think firms are dissolving? Furthermore, do you think it is at all possible that partnerships are provisioning reserves for an uncertain (and probably horrendous) economic 2009? You whiners are not thinking! Give me a fucking break. For a profession that prides itself on rationalism, you attorneys are a bunch of confused ignoramuses.
In all seriousness, can anyone over the age of 27 and not a partner explain why we stay in New York and toil under these ridiculous conditions? I am at a v15 firm, billed over 3,000 hours this year and got the lockstep glasscock up my cravath....this sucks
Jones Day released bonus info today.
77: to be honest, I don't understand why anyone stays in New York, lawyers or otherwise. You should move to somewhere with: (a) better weather; (b) better cost of living; (c) less pollution; and (d) less attitude. That's pretty much anywhere except Chicago (due to (a)). NYC is a horrible place to live if you look at it objectively. People move there because of the romanticism engendered by movies, television, and literature. But given your button-down lifestyle, I am sure you understand that all that glitters isn't gold.
76: It's "Ignorami," ignoramus.
77, don't despair. Philly is only 2 hours from you. Work here and live like a king. Dechert and Morgan Lewis pay more than Cravath, Simpson Thatcher, etc. And we work less too!
77, don't despair. Philly is only 2 hours from you. Work here and live like a king. Dechert and Morgan Lewis pay more than Cravath, Simpson Thatcher, etc. And we work less too!
53 - your post is awesome and on-point. Dechert is just gearing up to dump a ton of associates and partners asap. dirty dirty dirty firm.
73, 76 - this is 66 writing. My point is that the view of average wages per hour espoused in 49 makes no sense. You get paid a certain amount for billing 1950 hours. Once you reach that amount, you may get an additional amount for billing 250 additional hours. But it makes no sense to average everything together to analyze what your average wages are when working those 250 additional hours. And yes, I do assume a degree of choice in how much you work after you hit 1950.
Philly Big Law just bitch slapped New York "Big Law". Second year bonus at Cravath = $17,500. At Dechert = $42,500. NY'ers can have your "prestige". I'd rather have my $25,000.
Expect Morgan Lewis and Pepper Hamilton to match Dechert. Morgan may even surpass Dechert this year. Everyone knows that Morgan Lewis has almost no exposure to resi and commercial mortgage back stuff that pumped Dechert's profits. A great time to be a part of big law in Phila., PA.
80: No, it's not. (Please tell me you were kidding.)
Dictionaries either list both plurals as acceptable, or choose "ignoramuses."
See, e.g.,
http://www.merriam-webster.com/dictionary/ignorami
http://dictionary.reference.com/browse/ignoramus
In fact, if you read this article, you may learn that there is no Latin plural-noun form of the word ignoramus, which means "we do not know": http://historymike.blogspot.com/2007/10/ignorami-versus-ignoramuses.html
You know what? If you are going to try to lord your "superior" education over me, at least be correct. Just so we are on the same page, I will limit myself to English: dick-face.
Can we get a list of shame going for all of the NYC lockstep firms that shafted their associates that billed above average (i.e. 2250, 2500, etc) hours???
Cravath
Weil
Cleary
Paul Weiss
DPW
All your bonuses are belong to us!!!
84: you still don't get it.
You said: "it makes no sense to average everything together to analyze what your average wages are when working those 250 additional hours"
Read my earlier post (48):
$152,500 / 2200 = ~ $69 per hour
In other words, I am not analyzing average wages when working those 250 additional hours, I am analyzing average wage when working those total 2200 hours. I don't understand what is so complicated here.
84: you still don't get it.
You said: "it makes no sense to average everything together to analyze what your average wages are when working those 250 additional hours"
Read my earlier post (48):
$152,500 / 2200 = ~ $69 per hour
In other words, I am not analyzing average wages when working those 250 additional hours, I am analyzing average wage when working those total 2200 hours. I don't understand what is so complicated here.
If I bill 250 additional hours, then the firm gains over $100k in revenue. Thanks for the extra $7500.
Those fucking fuckers. They lay off 72 people last week and dole out thousands of dollars of bonuses this week?!? If they hadn't fucking given the unappreciative attorneys so much fucking money on top of their already ridiculous salaries they might have not had to lay off as many people!
Assholes.
Seriously though, the writing is on the wall. When Bart drags down the company with his bi-polar tactics and attitude I won't be surprised.
62: Where are you getting your info about Dechert Princeton? Stealth layoffs? So far, that's not the case at all. One incompetent got encouraged to leave in 2008, and two good people left for other jobs/firms. Not a single other associate has left, so pretty hard for your crap to be true, no?
Some staff were axed, but a librarian and some secretaries don't count as Associates, last time I checked.
90/91 - No, you still don't get it. Why would you average your wages for working 2200 hours when it is so clear that you are getting paid at such a completely different rate for the last 250 of those hours. So I still stand by my initial comment. If you think it is appropriate to average it all together instead of looking at your marginal wages, i.e., your wage for each additional hour worked, then come polish my shoe for one hour for one hour. Under your view, your average wage for that one hour was still about $74 and should be worth it to you.
53 - Spot on. You summed up the opinion held by many of us...
95: because you are not my employer. See my earlier post. If you don't believe you are polishing the partners' shoes, licking their asses, and getting tea-bagged already, Te salute! You've pulled of the self-delusion of the century!
Suck it, NY. A Dechert associate with good hours and a merit bonus in Austin, TX just got a check big enough to buy a 2000 sq. ft. house in that ass crack of a state...
NYC has showed the money in the past (anyone remember last year's special bonuses?), but the gravy train just hit the wall - hard.
98: yup. Economy's to blame. People are tightening their belts. When you already have a tight-ass profession such as this one, tight-ass + tight belt = time to put the coke spoon down.
IT'S NEVER TIME TO PUT THE COKE SPOON DOWN!!!
WHAT?! NO NEWS OF PITCHFOLKS AND TORCHES AT LATHAM? SURPRISING.
60 astutely points out that unlike previous years this year's bonus memo leaves out the size of the bonus pool. This memo was written for ATL readership to give the impression that Dechert is stronger and more generous than it actually is. Dechert trims 12% of its staff, lays off associates, settles it's biggest cash cow (Vioxx) and we're supposed to believe that it's paying higher than market bonuses? Simply put, the bonus pool is much smaller this year than last year, and the firm will be paying the highest possible bonus to very, very few associates. This is a PR stunt. If the ATL community knew the real bonus numbers it would be a lot less impressed. Keep in mind that being in good standing when bonuses are paid is enough wiggle room for the firm so that it need not pay bonuses to people even when they make their hours. If you've been stealthily told to take a hike because the policy committee thinks you're not partnership material, then you will not be paid a bonus. Similarly, if you did not comply with the firm's draconian late time policy you may be denied any bonus. Basically, Dechert gives the impression that it will be paying better than average bonuses, but in reality can and probably will award bonuses to far fewer associates than in past years. Don't believe the hype.
OK, Flavor Flav . . .
JD is a joke. letters today, 2200 plus billables, bonus cut, base salary a few k above market. Are you kidding me?
*farts*
*shits*
aww yeah
Do the math - that's $50 an hour for each extra hour that you stay in the office, damaging your health and your family life. Only a muppet of the highest order would think that worthwhile.
106: jesus, you are thick. That is an ex post calculation. Was the bonus structure pre-announced? No. So what was your ex ante calculation? It was not, Gee is x amount of dollars per hour worth it? It was, what work needs to be done. It was part of the bargain that you would work those extra hours. Your bonus is low because of the economy. It's DISCRETIONARY. Suck up and fucking deal or vote with your feet. End of story. Whine if you must, but no one is sympathizing with you.
106: jesus, you are thick. That is an ex post calculation. Was the bonus structure pre-announced? No. So what was your ex ante calculation? It was not, Gee is x amount of dollars per hour worth it? It was, what work needs to be done. It was part of the bargain that you would work those extra hours. Your bonus is low because of the economy. It's DISCRETIONARY. Suck up and fucking deal or vote with your feet. End of story. Whine if you must, but no one is sympathizing with you.
the lack of a salary freeze for associaTTTes is troubling. the firm need to be ruthless in protecting those who matter: partners with business.
i am hopeful other firms will step up to the plate and do the right thing - follow the forward thinking Latham and prepare for the worst.
102 - valuable associates should get more. Run of the mill associates (the middle 80%) should get nothing, and the bottom 10% should be fired to make way for those with fire in their belly.
53,
Most of your post has a ring of truth to it, but I have to question the assertion that "the junior partner/senior associate cadre is considerably less talented than similarly situated people were at the start of Bart's Reign of Terror." I wasn't at Dechert before Bart took the reigns, but I have been here long enough to know that it's really, really hard to make non-equity partner today. Only a tiny handful make it, and each junior partner I've worked with has been exceptionally good. Granted, senior associates at Dechert might have gotten more meaningful experience earlier in their careers 15 years ago, but I have hard time believing they were that much smarter or worked that much harder.
102 hit the nail on the head.
110 is full of crap
Milbank just froze salaries for 2009; no lock-step pay increases.
94:
The stealth layoffs happened in October. Those people are still there and will just disappear in January.
Have you noticed a few more closed doors and people who have taking an awful large number of "vacation" days.
Wake up and smell the crap. Dechert is TTT and heading to the Fourth tier toilet bowl with a bullet.
114: No, actually, I haven't seen more people taking "vacation" days. Are you a stealth layoff and want to identify yourself? Princeton may lose a person or two to the "you best move along" process, but most of Princeton is either busy, or motivated/afraid enough to be getting busy. Maybe in Philadelphia, but Princeton isn't in as bad a shape, at least for 90%+ of the associates there. Either way, Phila and Princeton associates just got NY bonuses and will be laughing their asses off on the way to the bank...
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