Associate Bonus Watch: Winston & Strawn
It’s a little bit late in the bonus season, but there are still firms trickling in with bonus news.
It’s not terribly surprising bonus news. Winston & Strawn has matched the Cravath scale:
I am pleased to announce on behalf of the Firm the amounts of year-end bonuses for eligible New York associates for fiscal 2009, as follows:Class of 2008 (1st Year) $17,500 (pro-rated)
Class of 2007 (2nd Year) $17,500
Class of 2006 (3rd Year) $20,000
Class of 2005 (4th Year) $22,500
Class of 2004 (5th Year) $25,000
Class of 2003 (6th Year) $27,500
Class of 2002 (7th Year) $30,000
Class of 2001 (8th Year)
$32,500
There’s a 1900 hour billiable requirement.
Wonder if Obama will get pissed about that? Congratulations to Winston associates on your belated windfall.
Read the full Winston memo after the jump.
WINSTON & STRAWN — MEMO — ASSOCIATE BONUSES
I am pleased to announce on behalf of the Firm the amounts of year-end bonuses for eligible New York associates for fiscal 2009, as follows:
Class of 2008 (1st Year) $17,500 (pro-rated)
Class of 2007 (2nd Year) $17,500
Class of 2006 (3rd Year) $20,000
Class of 2005 (4th Year) $22,500
Class of 2004 (5th Year) $25,000
Class of 2003 (6th Year) $27,500
Class of 2002 (7th Year) $30,000
Class of 2001 (8th Year) $32,500
The bonuses will be paid shortly after January 31, 2009 to each full-time associate who is considered by the Firm to be in good standing as of the payment date. To be in “good standing,” an associate will be required to have recorded, for the year ended December 31, 2008, not less than 1,900 hours billed to clients (with actual billable hours being annualized for those associates for whom the bonus would be pro-rated) and to have received a satisfactory evaluation for the most recent review period. Bonuses for first-year associates (who are eligible for the bonus regardless of billable hours) and other associates who joined the Firm during 2008 will be pro-rated as appropriate. Bonuses for associates in years nine and above or on reduced hours schedules will be determined on a case-by-case basis. The Firm may award additional bonus amounts to associates who have performed at an extraordinary level.
The Firm greatly appreciates your strong contributions to the Firm’s practice in this very challenging economic environment, which has severely impacted many of our clients. Our bonus scale reflects your individual efforts, the Firm’s overall performance and our clients’ strong focus on their cost structures.
We thank you for your contribution to our practice and look forward to continuing to work with you to provide the finest legal services to our clients in 2009.
(38) 
Comments
What about base salary increases?
Still no word on base salaries, which can't be a good thing. Last year's bonus memo had the base salaries in it.
Suggesting bonuses are "shameful" = fail
3 - I don't see that in the Winston memo.
Retro '08: I can't vouch for accuracy, since it is third-hand, but I have good information from someone I trust, whose cousin is married to a senior partner at S&C that S&C will be raising to $190k sometime "in the next couple of months."
4. I think 3 was referring to the Obama press conference. I could be wrong though.
--Elie
"there are sill firms trickling in"
"There's a 1900 hour billiable requirement."
Ah, feels nice to be home.
What's a "Sill Firm", and how do I learn more about them?
7 = EPIC FAIL to make me laugh.
Winston & Strawn did not get a taxpayer-funded bailout. And its bonuses are not particularly large. Therefore, its bonuses are not shameful.
#5 - i heard it was going to be $225k. $190 is just not prestigious enough and won't impress the clients who pay for these raises in higher fees. BIGGAR IS BETTAR!
I wish Obama and others would stop being so envious of corporate success. Is it so "shameful" that some select few actually get to live the American dream? I think not. And as for corporate jets, let 'em fly.
Is it Winston or WinsTTTon? Any knews on layoffs in any offices? I'm especially interested in Chicago?
knews? seriously?
Portmanteau, 14. I'm trying to become a meme.
12, define "success" and how it relates to running a company that suffered record losses and had to beg for and receive taxpayer dollars. Or is it just having the gumption to nonetheless raid the company coffers to pay yourself and your coworkers tens of millions of dollars each?
what do secretaries get paid at biglaw on average? any idea? if it is more than 25K, they are getting a gift and I suspect some of these hags are getting three times that much.
Props to 16.
9, your post reminded me of that really lame show that used to come on late at night called "Make Me Laugh," where a person would sit in a chair and some D-list comedian would sit there and do a bunch of stupid shit to try to make the person laugh, while the person tried their hardest to keep their lips shut. Anyway, it sucked. I'm done.
14 - who knews the Internets could be so complicated?
17, an earlier post today (the Bingham one) said the average was $77k.
20 - I assume you are joking. If you benefits, the real cost would probably be 100K plus - no wonder firms are in trouble.
20 - I assume you are joking. If you ADD benefits, the real cost would probably be 100K plus - no wonder firms are in trouble.
The earlier post on firms with normal salary raises included Winston, but what about non-NY bonuses?
From the earlier post today:
According to Fortune:
In the U.S., legal secretaries' average total pay is $77,702 annually.
14, 19-
Am I meme yet? If so, it's knews to me.
Now about those layoffs___?
Lucky 13
21-22: no joke. And it is too high, except for a few specialized practice groups.
In other news -- congratulations to the three Winston NY associates who actually billed 1900 hours this year. To the rest of you -- your toaster is in the mail.
Congrats to the 5% of associates who will receive a bonus at Winston. The careful wording of hours "billed to clients" is telling. You could record/bill 2,400 hours and have only 1899 hours "billed to clients" and get a nice cock punch for a bonus. This firm sucks.
DLA announced specific bonuses today. Seems in line with promised amounts.
I've fucked several partners and associates up the ass at Winston, several of them jizzed on my desk while I unloaded in their ass doggie style
What the hell? "Congratulations on your belated windfall" for the associates getting these bonuses, but we get a "Latham sucks" when Latham paid out HIGHER bonuses (in many cases way higher bonuses) for the same hours threshold. Clearly objective here...
31, it's the way of the internet. 6 months ago, atl was infatuated with latham, and down on OMM and PHJW. Now, the shoe's on the other foot. Give it a couple more months and there will be a new "favorite"
Claudio the Law Failure:
A Poem
Once upon a time,
there was a boy.
His name was Claudio.
His game was drinking.
He demanded a ride,
And threatened the cops.
And got his poor self sent
to Riker's Island.
He woke up today,
and realized he failed.
He knows he's a failure.
A failure-failure-failure.
Claudio, that's him.
Claudio, the failure.
The non-NYC offices are going to get screwed. Last year Winston paid the NYC associates about double what they did the DC and CHI associates. Additionally, getting the bonus in NY only required hitting 1900, whereas other offices required hitting 2100. I would imagine DC and CHI are SOL.
18 - Obviously you are a bitter attorney. "Hags" really??? If you are an attorney I would hate to be your secretary because you are probably an abusive one!
18 - Obviously you are a bitter attorney. "Hags" really??? If you are an attorney I would hate to be your secretary because you are probably an abusive one!
35/36: I think that most of the truly offensive posters around here are bitter law students, facing the growing realization that there will not be jobs for them when they graduate, and lashing out at people they regard as inferior yet employable.
I'm sorry folks, but anyone who's complaining about a small bonus is really quite disconnected from the severity of our economic challenges. Don't you think we should be remotely grateful to have jobs that pay, at a minimum, 160K a year when there are thousands of Americans losing their jobs on a daily basis? Just a thought.