Buchanan Ingersoll: Timing is Everything
Everybody has to sacrifice to survive in the new “economy” (if that’s what we’re still calling it). Today, we’ve received word that Buchanan Ingersoll could be asking partners to shoulder part of the burden. A tipster explains:
Buchanan Ingersoll was not able to pay nonequity partners any of their holdback at year end and equity partners only received a very small portion of their money. Partners forced to borrow to pay in capital by Jan 30.
But according to the firm, this is the normal timing for Buchanan’s decision making process. A firm spokesperson told us:
In terms of payouts to non-equity and equity partners — We are on a January 31 year-end for partner compensation so it’s only after that date that we determine the payout to equity and non-equity partners. There will certainly be a payout to non-equity partners and a substantial equity payout as well.
If there is any level of payout uncertainty in the partnership ranks, you can imagine how associates are doing. We explore after the jump.
Buchanan Ingersoll has already laid off a number of staff. A salary freeze probably wouldn’t shock anybody, given the difficult times. A tipster reports the obvious:
Associates have not yet received any raise for 09.
But again, the firm contends that there has been no formal decision to freeze salaries. Instead, the firm always waits until later in the first quarter before deciding salaries and bonuses:
For the last three years we’ve handled salaries and/or bonuses for associates in the February/March timeframe so we haven’t even met to have those discussions yet.
All we can say is that if a firm typically waits before making these kinds of decisions, we can’t imagine that a firm would “rush” such decisions in this market.
There are a lot of firms taking a “wait and see” approach.
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Comments
First
Holy shit I was actually first.
1
Holy shit I was actually first.
1
First to wish I'd posted just a minute earlier
Is this news? It's all just speculation, it seems....
Any update on the supposed Cahill layoffs?
This is news? Come on. BIPC doesn't give lock-step raises and a majority of associates get passed over for raises every year. Those that do get raises usualy only get $5K. Whoever wrote this didn't do their homework.
"But according to the firm, this is the normal timing for Buchanan's decision making process."
Yeah, it's prefectly normal for us to not be able to pay our Partners. Totally fine. Nothing to worry about.
Agree with 7. The people at BIPC do good work, but this isn't even a V50 firm, so who cares?
WSGR just announced 45 associate and 68 staff layoff!!! Salaries will be frozen and no bonuses!
Hey 9, we were v88 for a year before we fell off the v100 list. That should count for something!
6: Cahill is about to lay you off. Now STFU.
10--way to post what's on the main page!
7 is correct- BIR barely gives raises, maybe $5,000 if you are lucky, but usually only $2,500. They also barely give bonuses, even with high billable hours. They do not give these small bonuses or raises until the end of February or beginning of March, so it is not odd they haven't given comp letters out yet. They suck.
14--For a firm that's based in PA that takes in less than $300M a year, I think getting paid $135 and going up from there (even if only a little bit) is pretty good. If you want more, go to a bigger firm.
To add to 14, only 11% of all associates get a bonus at BIR. To get a bonus you have to (1) go above the billable hours requirement, and (2) get a "very good" evaluation (not good, not above average, you must be "very good") . The problem is lately there hasn't been enough work for an associate to get the hours required to even be considered for a bonus. I'm depressed.
15, we're one of the biggest PA firms around. Where do you want us to go? If we could go to someplace better we would. It's bad enough that work has slowed down but now we can't even pay our partners. Well, at least we own the Steelers.
First to say PiTTTsburgh!
17 - Someplace that's not Pennsylvania? How about D.C., for example, or New York? Those are really the only two legal markets in the country that can honestly be considered legitimate.
19, I'm not following you. We have "offices" in DC and NY. They're useless, filled with associates who went to schools I've never heard of (Touro? Pace?). I'd rather stay in PA where at least I get to do real work and maybe lateral over to a better place when the economy picks up.
20, I'm just saying that if you live in Pennsylvania, you have to expect that you're not going to be working at a real firm that works in a real manner. There's no legal work of substance performed anywhere in the country but D.C. and New York, so if you're working anyplace else, you're irrelevant. That's all I'm saying.
You've got that right, 20! All of that M&A work in NY is soooo sweet....oh, wait.
You've got that right, 20! All of that M&A work in NY is soooo sweet....oh, wait.
15- BIR screws people on bonuses. Clearly you have not done enough work to deserve, and be promised, a commensurate bonus and not get it. Otherwise you would not defend them. Actually, I have no idea why you would defend them.
Well, now you're just being a dick, 21.
24, you've been promised a bonus? I actually had a partner laugh (literally) when I asked him about receieving a bonus. And, I billed the requisite hours and as far as I know, had great reviews. I hate this place. Maybe I should apply to Cahil. I hear they have openings.
We have 26 posts after an hour? God, no one even cares about the firm enough to trash it on ATL. Are we this pathetic?
i thinkit's because the post doesn't really say anything, 27.
27--it's because this isn't news, nothing has even happened yet.
26--you "billed the requisite hours" and "as far as [you] know, had great reviews?" Maybe you should go beyond the requisite and actually wait until your reviews. And maybe you shouldn't ask about bonuses, that just makes you look poor/desperate.
"Buchanan Ingersoll was not able to pay nonequity partners "
Yeah 28, the article didn't say anything... except that the firm can't pay its partners. But that's just a minor detail. We'll ignore that.
Can't feel too bad for them... even a starting salary of $135K goes a looooonnnng way in Pittsburgh. Can't feel bad for people who whine about those kinds of salaries when you're in a low-cost-of-living market. Now NYC, DC, yeah, I could be more sympathetic.
29, you idiot, I was talking about last year. And yes, obviously I went beyond the required hours. I didn't hit my annual requireemnt and take the next few weeks off, you moron. And by saying that as far as I know my reveiws were good, it's because no one said anything engative durring my review. If anyone had given me a bad review, I was not informed. Read between the lines you dope. It's pathetic that I need to spell this out for you.
32--Lol, you really hate your life. Get over it, you didn't get a bonus. Keep crying like a baby, you'll pay off your loans from Duquesne eventually.
Duquesne would mean he went to a better school than 90% of the Buchanan associates.
32--Lol, you really hate your life. Get over it, you didn't get a bonus. Keep crying like a baby, you'll pay off your loans from Duquesne eventually.
35, if you worked here you'd feel the same way.
Love,
32.
Ass lobster?
Sure - major legal work only happens in DC and NYC. Too bad none of the associates are doing it. Each associate from such leading markets I've ever dealt with was primarily there to wack off about due diligence or schedules...
No kidding, 38. The BIR offices in NY and DC are jokes. I mean, Virginia Law School? Pace? Hofstra? It's embarrasing. Those offices are ruining our chances of being taken seriously.
No kidding, 38. The BIR offices in NY and DC are jokes. I mean, Virginia Law School? Pace? Hofstra? It's embarrasing. Those offices are ruining our chances of being taken seriously.
No kidding, 38. The BIR offices in NY and DC are jokes. I mean, VERMONT Law School? Pace? Hofstra? It's embarrasing. Those offices are ruining our chances of being taken seriously.
34 - Yeah, they have an associate in Philly from DREXEL! That's like UPenn State's goiter.
42--nobody has graduated yet from Drexel, so I don't know how they have an associate from there.....
I was talking about other firms in NYC and DC. Elite law degree does not apparently mean brainpower. Plus having to check with some junior partner all the time before you agree to delete an extra space in a sentence? Sure, NYC associates are invaluable.
43 - He meant Drexel Burnham Lambert.
Ah, Milken...
"There's no legal work of substance performed anywhere in the country but D.C. and New York."
____________________________________
Yep, and there ain't no smart people 'cept in the United States.
47 - Actually, there are no smart people in the United States anywhere except New York. If they were smart, they would have moved here already.
Go Steelers!
dealbreaker.com is so much better! ATL has denigrated into incessant childish banter about law degrees as an apparent cheap ego boost for some seriously insecure people. Funny thing was that I had always thought bankers were the real douche bags.
I don't understand this blind reliance on where people went to law schools. Some of the best lawyers I know didn't go to top schools, and some of the least effective, completely esoteric lawyers I know, did.
I don't understand this blind reliance on where people went to law schools. Some of the best lawyers I know didn't go to top schools, and some of the least effective, completely esoteric lawyers I know, did.
Here's what an income partner is
http://endofesq.com/?p=870
39, 40, 41 - I hope you are not an attorney, and especially for your career's sake, not one working for us. UVA / Hofstra / Pace are fine schools, especially UVA and yes, even Hofstra. YOU "are ruining OUR chances of being taken seriously." Please do not accept this individual's comments as being representative of the timbre at Buchanan.