Associate Bonus Watch: McKee Nelson Gets Funky With It
In good times, people are generally happy with lockstep bonus structures. In bad times, people start grumbling about “carrying” less lucrative practice groups. In these times… I think there was a novel about “Flies” that explained the situation.
For those who prefer a more “performance based” bonus scheme, McKee Nelson might be the place for you. Yesterday, the firm announced their bonus structure. A firm spokesperson explains the process to ATL:
McKee Nelson has always paid bonuses to associates based on a combination of performance and hours. As a general rule, we have not published a bonus scale or sent a bonus memo to associates as bonuses are determined and communicated on an individual basis. An exception was made last year as part of our voluntary program.… I will tell you that 2008 McKee Nelson bonuses were based on the Cravath scale but with our customary variation in the bonus awards made to individual lawyers based on performance and hours.
Remember that McKee Nelson recently laid off 32 people, including 17 corporate finance attorneys. Paying bonuses at all really is a “bonus.”
After the jump, McKee Nelson tipsters share their thoughts.
McKee explained that there are many factors that go into the “variations” in attorney bonuses. But to the extent hours are one of the factors, we should expect to see differences between departments.
Sure enough, our tipsters report that the bonus paid out to some litigation associates was roughly double to what their classmates in received in the capital markets practice group — at least among junior associates. This was not that surprising to the people we spoke to:
The first years in capital markets are getting paid 160k to work what is essentially a 9-5 job (with some exceptions here and there, of course). I’m jealous… But I don’t think anyone was surprised when we (litigation) got more than them.
Eat what you kill.
Earlier: McKee Nelson Lays Off 32 (17 Attorneys, 15 Staff)
Prior ATL coverage of associate bonuses
(35) Comments
Comments
Comments hidden for your protection. Show them anyway!
The bank, a news article reported, “had pled guilty to charges that it made false entries.”
Why “pled”? A lot of lawyers (and a lot of lawyerly writings) seem to prefer it, and some dictionaries list it as an alternative past tense for “plead.” But we don’t say someone “pled for his life,” or “pled for mercy.” We say “pleaded.” And so it should be with legal pleas. Case closed, one hopes.
But no, not quite closed, and fair enough.
Drew Trott, a staff attorney at the Sixth District Court of Appeal in San Jose, saw those thoughts on the Web and was doubtful. He said he looked in the ultra-comprehensive Oxford English Dictionary and found quite a few examples of “pled,” starting with Edmund Spenser in 1596. For himself, Mr. Trott said he not only used the word and ran into it in both formal and informal contexts, but found it more pleasing to the ear than “pleaded.”
“I suspect it is for similar reasons,” he e-mailed, “that we don’t say ‘readed,’ ‘bleeded’ or ‘speeded’ — they are unpoetic…I acknowledge that we lawyers do say ‘deeded,’ but in that instance, consider the alternative.”
Aha! A point well taken. And more research seemed essential.
The O.E.D. traces “pled” to Scottish legal usage and dialect. The dictionary’s citations are balanced, and those for “pleaded,” by gum, include Blackstone, the giant of Western law.
Several references call “pled” colloquial, but a couple say it is established American usage. If so, it doesn’t seem frequent in any kind of formal writing, and the American press certainly isn’t sympathetic to it. A Nexis search turned up “pleaded” overwhelmingly.
That result is probably skewed, however. The Associated Press stylebook, the guide on such matters for most American newspapers, condemns “pled” as colloquial. And the New York Times stylebook, also influential, prescribes “pleaded” without comment.
There may be room for argument, and “pled” may gaining. It is certainly not irrational for the ear to prefer it to “pleaded.” But the strong preference here, and clearly the safer course in American journalistic writing early in the 21 st century, remains “pleaded.”
~first?
bored much, 1?
Who knows something about what K&E is doing?
K&E Chicago Associate.
1) This approach makes sense. The overall bonus structure is determined by the firms overall financial situation (i.e. bonuses will be less than last year). Individual bonus pay is then determined based on individual performance.
2) McKee Nelson has enough money in the bank to afford being a sponsor of WNYC, NYC's NPR station. It's funny when that happens.
WNYC is also sponsored by Cowan. In case you were wondering if any other firm does/did radio sponsorships - Latham and Watkins had spots on WFAN, the sports talk station. Good job.
bored much, 1? i've got about 200 ft of walk and driveway which need shoveling.
My office just announced early shutdown @ 3pm due to the snow!
THAT need shoveling
that NEEDS shoveling
K&E Chicago = no bonus. Merry Christmas.
oops, my bad. misread. sorry, 8.
8,9 DOUCHE BAGS you are
What about Jones Day?
7- ridiculous, the Bridge and Tunnel crowd will have a normal commute as they retreat to whatever hovel our hard work provides for them. it's only sleeting now anyways.
Elie, have you ever touched a woman?
9: you fail on both counts.
and 8, thanks for retraction - glad THAT you know correct usage re: that/which.
grandma take me home
grandma take me home
grandma take me home
4
We will know next week. My understanding is that non-share Partners are informed of thier allocations before Associate bonuses are announced. K&E needs a few days to give them their love before our sheppards will bring ours. Our firm has class...along with the best bonuses (besides WLRK), training and system for allocating work.
ellie. ellie. ellie. eh eh eh. under my umb-er-ellie.
4 - you hear anything about what they're basing the grid on?
20
No rumors in DC. What I know is that the average billibles for our office are only down slightly from last year and are still over 2000 (thanks to IP studs) so from an economic perspective there is not much reason to see a decrease from last year.
21
We all know the IP studs are in the NY office
Skadden DC is on the road to implosion. You heard it here first.
Think Thelen and Heller.
15 made me poo a little.
15 - Elie is married.
25,
Doesn't necessarily mean that he's touched a woman.
You've never heard of the term, "beard," have you?
25 - The question still stands.
25 - The question still stands.
- 15
26 - Yes, I am well aware that some gay men marry women in an attempt to hide their sexuality, but Elie does not look like the type. It seems like his chances of nailing a homely looking woman are much greater than nailing a dude.
I defer to your greater knowledge of the possibilities of nailing a dude.
I would, however, suggest that you become familiar with some Ex-Gay groups since it appears you need some counseling in that regard.
Why would I need that sort of counseling? I'm a girl.
-25/29
Comment removed by moderator.
I thought this firm had already folded.
i prefer "pled"
25 - Michael Jackson was married too; does anyone believe he ever touched a girl?
Pleaded.
Bryan Garner said so.