Associate Bonus Watch: ‘Mother (Hughes) Hubbard’ Does Better Than Last Year
When Hughes Hubbard released bonus information last year, a lot of associates were angry. Last year, Hughes Hubbard tied the “special bonus” to billable hours.
At the time, the firm promised that 2008 bonuses would be better.
Of course, that was before the great 2008 whatever the hell we’re living through. Few expected HHR to keep their bonus promise. But the structure that HHR released Sunday seems very generous and fair in light of market conditions:
Class of 2001 and above: Tier 1: $32,500 Tier 2: $65,000 Tier 3: $85,000 Tier 4: $105,000Class of 2002:
Tier 1: $30,000
Tier 2: $60,000
Tier 3: $80,000
Tier 4: $100,000Class of 2003:
Tier 1: $27,500
Tier 2: $55,000
Tier 3: $75,000
Tier 4: $95,000Class of 2004
Tier 1: $25,000
Tier 2: $50,000
Tier 3: $70,000
Tier 4: $90,000Class of 2005:
Tier 1:$22,500
Tier 2: $45,000
Tier 3: $ $60,000
Tier 4: $75,000Class of 2006:
Tier 1: $20,000
Tier 2: $40,000
Tier 3: $55,000
Tier 4: $ 70,000Class of 2007:
Tier 1: $17,500
Tier 2: $35,000
Tier 3: $50,000
Tier 4: $65,000
Tipsters are happy:
That’s pretty sweet - everyone’s pretty happy for now (although 2009 bonuses and salaries are still “under consideration”). Tier 1 is 1950 hours, tier 2 is 2100, … tier 3 is 2300 and tier 4 is 2500. … Since HHR counts pro bono hours 1 for 1 as billable, and a number of associates have TONS of pro bono it’s not quite as hard to meet the “tiers” and rake in a pretty sweet bonus.
Good news for Hughes Hubbard people. Congratulations.
Read the full memo after the jump.
HUGHES HUBARD & REED — MEMO — ASSOCIATE BONUSES
As we begin the new year, we thank you for all your hard work on behalf of the Firm and our clients. Your efforts have contributed greatly to the Firm’s success.
In recognition of those efforts, we will award bonuses for 2008 to those associates who have made significant contributions to the Firm, implementing the enhanced bonus program we announced in November 2007 for the year 2008. As always, eligibility for bonus awards is based on client hours worked, quality of work and client service, intensity of effort, hardship and other discretionary factors set out in OPM 404.
Our salary and bonus program for 2009 is under consideration by the Firm’s Executive Committee. We expect to announce the details of that program in a couple of weeks.
We will be commencing associate performance evaluations later this month. Adrian Cockerill will circulate a suggested form of accomplishment summary; we encourage you to complete that summary and to include discussion of significant client and pro bono work you did in 2008. Please provide a copy of the portion of your accomplishment summary dealing with pro bono work to Vilia Hayes, chair of the Pro Bono Committee. Pursuant to OPM 404, we expect that, as a general rule, and in order to be eligible for the treatment of pro bono hours as noted in the next sentence, associates will perform at least 200 quality G.O. hours. However, on specific recommendation of the Pro Bono Committee in individual cases, hours worked on pro bono matters will be counted in the calculation of billable hours worked without regard to that minimum.
We expect 2009 to be a year of extraordinary challenges, as we and our clients face unprecedented and uncertain economic conditions. This will require each of us to work even harder and smarter than before. In everything we do, we must continue to strive to provide high-quality, responsive service to our clients and our colleagues. In addition, efforts on business development and work to promote the Firm’s stature in our core areas of expertise will be more important than ever. We know that we can count on you to rise to the challenge and do everything possible to help in this important effort.
We thank you again for all or your hard work and contributions to the Firm in 2008. We look forward to working with you in 2009.
Earlier: Associate Bonus Watch: Hughes Hubbard and Reed
Prior ATL coverage of associate bonuses
(49) Comments
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Now that is some serious ASS LOBSTER!
Damn, I just ripped a real delicious PUSSY FART.
Me Chinese, me play joke, me put pee pee in your coke.
-Eliza Grey
#14 -- If need be, I will punch you in the fupa.
Congrats!!! Somebody should be making some money.
Bitch, spread those PuSSY LIPS so I can SMELL the pussy juICES deep inside.
finally, we defeated the terrorists who hate our bonuses!
uh oh, #14, I would watch out if I were you.....
Damn Kirkland & Ellis. I really hope that there's an exodus to teach the partners not to be cheap when they can afford not to be.
--K&E Chicago Associate
Does anyone know what Jenner & Block has done yet?
#14 -- your FUPA is going down ..... best prepare yo' self
What is going on with the comments on this site in the last two days? Has some sick disease overtaken all the readers? Why is it all stupid and highly offensive stuff?
ELIE, PLEASE REIN THE SICKOS IN!!!
Hughes Hubbard has not announced tiers. I specifically told ATL this but they chose not to listen. The tiers were for last year. One would assume they are the same this year but the bonus announcement gives the firm wiggle room.
Brody Jenner hasn't announced anything yet. He is still recovering from WILDMAN HARROLDS ass plundering.
Hughes Hubbard has not announced the hours requirements for each tier. I specifically told ATL this but they chose not to listen. 1950, 2100, 2300, and 2500 were for last year. One would assume they are the same this year but the bonus announcement gives the firm wiggle room.
What % of associates are hitting tier 2 or higher?
13: At this point, why would you reasonably expect ATL to pay attention to any details or take any cautions with their tipsters? Just be happy they redacted your name from the tip.
10 - numbers come out individually during annual reviews, which start this week.
At least we can still rely on Sullivan & Cromwell to fuck its associates. What a greedy firm-- it gets all the bank bailout work and the sov. wealth work and many of the big investigations, and still fucks everyone over. We can't wait for the economy to improve so that we can leave this sweatshop.
..............lobsters.................
12 -- probably laid off attorneys with nothing better to do.
Brody Jenner got a six figure bonus for Bromance. He only got a half-Skadden for the Hills.
I am sick of these comments. They are tasteless and offensive. In Texas, I was always raised to keep my mouth shut unless I had something positive or productive to say. These comments are shameful!
16, quite a number in litigation. Almost no one in corporate is getting a bonus. Not too many junior or midlevel hit tier 3 or 4 though.
The reason people were unhappy last year Eli was not because the firm tied special bonuses to hours which was done at pretty much every non top v-10 firm but because bonuses sucked. If you billed 2000 hours as a second year or third year you got $7,500 plus a half a special bonus when market was $35,000-$40,000 plus a special.
I haven't been critical of Eli in the past but this time he chose specifically to ignore what was told to him and what he could have gatthered by just looking at last year's announcement.
Anyway, HHR did a good thing this year with bonuses. I feel fortunate not to have lateraled elsewhere when many of my colleagues did.
I don't get the whole Kash Ass Lobster thing? Did I miss something?
BEST BONUS STRUCTURE OF THE YEAR
Sure makes me glad I chose the more prestigious Latham & Watkins!
Oh, wait...
Wow
Awesome for HH. I wish I had gone there (busily submits lateral resume). Any word on % of people in their bankruptcy dept. are hitting tier 3 & 4?
Any word on class of 2008 stubs?
#23, go f*ck yourself, slowly at first though, enjoy it, massage it, don't forget foreplay, now ram it in!
If you don't like the comments, don't read them.
These boni blow K&E's out of the water. For my year and hours, the difference is > 2x.
Come on 29, are you really that naive?
Nice trolling, 23.
I really hate these comments.
HHR doesn't give stub bonuses. Another key compensation factor that Eli decided not to mention.
HHR doesn't give stub bonuses. The 2008 class gets zero. Another key compensation factor that Eli decided not to mention.
There is no 2008 stub bonuses for HHR associates. HHR does not give stub bonuses.
32-34:
thanks
still submits resume / loves generosity coupled with performance incentives
-28
ANY WORD ON CAHILL LAYOFFS???????
NEED TO KNOW ASAP.
Most ppl will only be in tier one.
Not all pro bono hours count, there are exclusions and the hours have to be approved.
The Bankruptcy department only picked up after the lehman case came in which was really in the last quarter.
SI SE PUEDE.
This is so much better than White & Case that only gave 25% more than half-skadden for 2200+
The pro bono "hours approval" is really a formality - everyone I know has always gotten them counted 1 for 1. I know at least a few associates in the "junior" tiers who have many hundreds of pro bono hours. (One I know has 600, another close to 500, another over 700.)
A number of associates in litigation - including juniors - will be reaching at least 2nd tier, if not higher. There is a lage securities case that many associates have been logging 10 or so hours a day on.
Hughes Hubbard = Best firm ever. to VAULT 20, and beyond!
Out of the 2nd and 3rd year class, there are two associates that I am aware of making a tier 3 bonus. No one is making a tier 4 bonus. There are a few senior people making a tier 4 bonus but it is rare.
40 is correct that the pro bono hours approval is more a formality or at least has been in years past.
As for the large securities case, most people only started billing 10 hours a day recently on it and most people on the case were added recently.
40 / 42: Thanks for the insight. It's nice to actually see substantive comments on this blog every once in a while.
I know this is a broad question to ask, but how is it working at HHR? It seems to have somewhat of a lifestyle-firm reputation, but I never knew if that was simply a rumor. Any worries about layoffs?
I'm not really worried about layoffs (though there is a possibility of freezing), and there is definitely a friendly/lifestyly feel throughout the firm.
I like HHR because i was lucky to be put in a good situation, with great associate and partner mentors in my group helping me along. But not everyone is as lucky.
There are many partners in Biglaw who are kind normal (and patient) people who will help you learn and grow, but there are also plenty of jerky partners. I don't think you can label a firm as a lifestyle firm, since your lifestyle will come down to which kind of partners you work for, and no firm is without jerks (including HHR, though we may have less).
If you define lifestyle as less pressure to bill hours, there is definitely pressure to bill at least 1950 hours, though there is no minimum.
Thanks, 44. I really appreciate it.
I'll be at HHR this summer (NYC office), and I'm very much looking forward to the experience.
So i guess they took the cuts they made to the bonus and raises for the support staff, who by the way contribute greatly to the firms' sucess, and gave it to the associates. that's nice. real nice.
This is a market where every other firm is cutting back on bonuses, but this firm is showing great bonus numbers (that others here are saying that no one actually gets).
Sounds similar to Madoff's way of thinking.
46, don't know who you are but the support staff does not do nearly the amount of work they do at other firms. I notice a lot of secretaries watching videos on their computers. It takes literally hours to have anything interofficed and paralegals are SO committed to the firm's success that most of them leave before even a year of service is up. Litigation support work the same hours as a gov. employee and the tech support is SO great that we had no Internet for two days. All in all, the support staff is treated pretty well.
Patricia and Ed are great but other than that, the support staff is nothing to write home about.
47, people are getting good bonuses. Few people get tier 4 bonuses but plenty of people are getting tier 2 bonuses which are above market.
45, it will be a lot of fun.
HHR associate