Associate Bonus Watch: Fried Frank Wades Into Half-Skadden Pool
After stealthily laying off at least 30 associates, the Fried Frank bonus announcement should come as no surprise:
Nobody expected Fried Frank to break into Skadden territory on bonuses. But at least there is a nod towards the reason for paying the low-end bonuses championed by Cravath:
Current global economic conditions have presented new challenges for our clients and your contributions play an important role in our ability to work together to meet these challenges.
Let’s close off the Fried Frank loop after the jump.
In the earlier days of the 2008 bonus season, firms like Half-Skadden and Skadden-Mart said that their bonus decisions were made, in part, to avoid layoffs. But back in November, we reported that Fried Frank had hopped on the stealth layoff bandwagon. Speaking about Fried Frank, a tipster said:
There has been no formal review process announced, and no one knows what directive came from management last weekend at the partner retreat, but it seems that each group was told to make cuts. People were completely taken off guard when they started getting calls earlier in the week calling them in for their reviews, some of which dredged up years-old information to use as justification for lay-offs, and many of which lasted only 5 minutes or so. Most of the layoffs have been mid-level associates and up, but most junior associates have not yet been reviewed.
We later reported that the number of Fried Frank associate cuts were at least 30.
Notwithstanding Fried Frank’s proclamation that they “don’t do layoffs,” this bonus news comes in addition to associate cuts.
Will Fried Frank at least pay the people who are left class appropriate salary raises? I guess it depends on what they mean by “working together.”
Earlier: Nationwide Layoff Watch: Fried Frank Stealth Layoff Update
Nationwide Layoff Watch: Stealth Layoffs at Fried Frank
Prior ATL coverage of 2008 associate bonuses.
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my first
my first
thirdly
BITCH SPREAD THE BUTTCHEEKS SO I CAN SMELL THE JUICY INSIDES!
fTTTrTTTiTTTTeTTTTd fTTTrTTTaTTTnTTTk
Fifth, bitches.
4- whoa tex
sevenf
ninf
ninf
ninf
BITCH SPREAD THE BUTTCHEEKS SO I CAN SMELL THE JUICY INSIDES!
NO BONUS FROM S&C !
HOW ABOUT NOT SENDING COMPLETELY WORTHLESS COMMENTS / TRY TO SAY SOMETHING HELPFUL NOT JUST CHILDISH
first
Anybody from Jones Day got their comp memo yet? I still see nothing.
Wow, a comment so childish/immature that it offends even gen Y internet posters.
mission accomplished 4,12
MysTTTal, once again, get off your fat ass and figure out the bonus situation at CWT.
4,12 = unrepentant sheep nailers
Just ignore 4, 12 and maybe it will crawl back into its hole and die.
You people should be thankful you're getting any bonuses at all. Back here in below-marketland, it's a "there'll be no bonuses this year, and all associates are getting a 5% cut in salary effective January 1" Christmas.
You people should be thankful you're getting any bonuses at all. Back here in below-marketland, it's a "there'll be no bonuses this year, and all associates are getting a 5% cut in salary effective January 1" Christmas.
You people should be thankful you're getting any bonuses at all. Back here in below-marketland, it's a "there'll be no bonuses this year, and all associates are getting a 5% cut in salary effective January 1" Christmas.
BITCH SPREAD THE BUTTCHEEKS SO I CAN SMELL THE JUICY INSIDES!
Wait, 21-23, you have a job? And it pays how much?
Oh, right.
So STFU and enjoy your merry xmas.
Great it's spreading.
16 -- Was told JD comp memo would come "mid-December". If it doesn't come this week, I'm going to start wondering WTF is going on.
Elie cover the layoffs at Darby & Darby
21 - care to elaborate about the salary cut?
4, 12, 24 YOU are a douche!
16 -- Was told JD comp memo would come "mid-December". If it doesn't come this week, I'm going to start wondering WTF is going on.
29 - Sorry about the triple posts. Itchy mouse finger. We were basically told "We could either do layoffs or salary cuts. We still have more work than we can handle, so we didn't want to do layoffs. If you're unhappy with this, please feel free to leave; we've had resumes coming in faster than we can read them."
16 -- if Jones Day's comp letter doesn't come by the end of this week, I'm going to start expecting them to pull a Latham on us.
16 -- if Jones Day's comp letter doesn't come by the end of this week, I'm going to start expecting them to pull a Latham on us.
32 - what firm? Biglaw?
Seriously. Who cares. I mean Skadden was stupid to keep bonuses that high. I guarantee you they are regretting it now, especially now that Latham has frozen salaries. Everyone should just be happy they have jobs. Things are only going to get worse in the next month or so as firms realize they haven't hit their budget targets for the year. Clients are paying as quickly and someone has to pay, and it won't be partners.
Who cares about a a firm that is named after street cart food?
27 - I heard the same thing, but was wondering if anyone else had seen theirs yet. This week I imagine? I am new to the firm so don't know what they do even in a normal year.
I actually have had solid hours....wonder if the non-lockstep thing will help me? Or if everyone will be screwed equally. =/
Biglaw commentary by bloggers actually in or refugees from biglaw at http://www.lawshucks.com
We promise we won't act like the market is set by the one or two firms that paid the best. We promise to use a spellchecker and to proofread before posting. We promise not to pander to the lowest common denominator.
34 -- that's what I'm afraid of.
Biglaw commentary by bloggers actually in or refugees from biglaw at http://www.lawshucks.com
We promise we won't act like the market is set by the one or two firms that paid the best. We promise to use a spellchecker and to proofread before posting. We promise not to pander to the lowest common denominator.
And our comment system works.
27/38--
Dudes, it's December 16 -- still "mid December" by any reckoning. Don't get your panties so tied in knots.
What's going on with KIRKLAND & ELLIS?
42 -- there are 31 days in December, so it is mid-December.
42- Too late, already crapped my pants.
-38
35 - No, not biglaw. 30 attorneys, midtown. Basically, the type of place that all the laid off Biglaw associates who can't lateral are trying to get into (hence the utter lack of concern over people grumbling about paycuts; they know somebody will trickle down into our spots if we make a fuss).
What about Paul Hastings?
˙uʍop ǝpısdn ʇǝʞɹɐɯ ǝןoɥʍ sıɥʇ pǝuɹnʇ ɥʇɐʌɐɹɔ
48 - cool...how did you do that?
it's also weird that Fried Frank is using an old typewriter to compose their compensation letter...huh...times must be tough.
˙ǝlƃooƃ ʎɹʇ 'sıɥʇ ǝʞıl - 49.
FYI. "Attorneys in good standing" means no one is getting bonuses. They gave everyone negative reviews so as not to pay bonuses...
FYI. "Attorneys in good standing" means no one is getting bonuses. They gave everyone negative reviews so as not to pay bonuses...
Their notice refers to New York associates; what about DC? Any news on them?
DC same as NY, except that DC associates have to make hours: 1950, 2150, 2350. Bonuses go 50%, 75%, and 100% of NY rate, respectively.