Is Biglaw getting over the gloom of the recession? Back in October, Morrison & Foerster was feeling pessimistic about attorney salaries. It decided to cut salaries for first-year associates from $160,000 to $145,000. Only associates in pricey New York and Asia — MoFo has offices in Beijing, Hong Kong, Shanghai and Tokyo, all expensive cities — were spared the cut.
The firm said at the time:
Note, however, that the market for first year salaries among national firms is undetermined at this time. Given that, we will continue to assess starting salaries, in light of market trends, and may elect to adjust as required based on larger market developments.
Well, MoFo has assessed, and MoFo has decided to beef up its salaries. Associates got news this week that first year salaries are back up to $160k. And the raise is retroactive to January 1st. From the firm email that went out on Tuesday, available in full after the jump:
Although a great deal of uncertainty continues regarding how the economy will perform in 2010, we, like our most successful competitors, remain in demand. We are planning conservatively for 2010. However, if 2009 is a predictor, 2010 will provide opportunity despite its challenges.
MoFo is known for being a little quirky. In keeping with its individualistic streak, it’s decided to buck the Cravath scale for its 2009 bonuses. Bonuses range as high as $65,000, but only if you clocked the requisite number of hours.
Additional good news: Pro bono hours count…
According to the firm-wide email, bonuses for associates in non-NYC offices range from $7,500 to $65,000 and are discretionary based on “three factors: performance, Efficient Legal Service Hours, and seniority.” Here are the ranges:
Non-New York U.S. Structure
2009 Bonuses by Salary Class
Salary Class Bonus (range per class)
2008 $7,500 -$35,000
2007 $7,500 – $40,000
2006 $7,500 – $45,000
2005 $10,000 – $55,000
2004 $10,000 – $55,000
2003 $10,000 – $65,000
2002 $10,000 – $65,000
MoFo associates we’ve heard from are pleased, even though senior associates may end up with smaller bonuses than they would get on the lockstep Cravath scale (a guaranteed $25k or $30k).
According to Sara Randazzo at the Daily Journal, the hours benchmark was 1950, and it includes pro bono work:
Chair Keith Wetmore said the bonus range does not include a few dozen associates who received higher bonuses for billing more than 2,300 hours. The standard for most associates to be bonus-eligible was 1,950 hours, including pro bono work.
Meanwhile, the firm is setting up a two-tier track for 2010 salaries, with a more lucrative track for those who hit minimum hours:
1st 2009 $160,000 $160,000
2nd 2008 $170,000 $165,000
3rd 2007 $185,000 $170,000
4th 2006 $210,000 $185,000
5th 2005 $230,000 $210,000
6th 2004 $250,000 $230,000
7th 2003 $265,000 $250,000
8th 2002 $280,000 $265,000
9th 2001 $290,000 $280,000
MoFoers, enjoy the moola.
MORRISON & FOERSTER FIRMWIDE EMAIL
From: Wetmore, Keith C.
Sent: Tuesday, February 16, 2010 9:01 AM
Subject: 2009 Associate Bonuses/2010 Associate Compensation (U.S. Comp Structure)
To: All Associates and Of Counsel on the U.S. Compensation Structure
Following up on my January memo to you announcing that the firm had exceeded its net income budget, I want now to confirm the bonuses to be paid with respect to 2009, and to announce 2010 base compensation and 2010 bonus structure for all associates on the U.S. compensation structure.
All bonus amounts will be paid in the February 26 payroll; base salary increases will be retroactive to January 1 and will also be paid in the February 26 payroll. In the interest of being concise I have not included eligibility requirements and other important details applicable to bonuses and base compensation that can be found in the Compensation and Evaluation Brochure.
Although a great deal of uncertainty continues regarding how the economy will perform in 2010, we, like our most successful competitors, remain in demand. We are planning conservatively for 2010. However, if 2009 is a predictor, 2010 will provide opportunity despite its challenges. I thank each of you at every level of seniority for your contributions and excellent work on behalf of our clients.
2009 Bonuses
The New York discretionary bonus amounts were previously announced, and the New York 2009 step increase for each class will be paid as a contribution bonus to eligible associates as previously announced. Bonus amounts for associates in U.S. offices other than New York, and for associates based in international offices and paid in accordance with the non-New York U.S. structure, were informed by taking into account the step increases paid in 2009 by some, but not all firms, and the bonuses already announced for 2009 in various markets. Individual bonus amounts reflect three factors: performance, Efficient Legal Service Hours, and seniority, and will be paid in the following ranges:
Non-New York U.S. Structure 2009 Bonuses by Salary Class
Salary Class Bonus (range per class)
2008 $7,500 -$35,000
2007 $7,500 – $40,000
2006 $7,500 – $45,000
2005 $10,000 – $55,000
2004 $10,000 – $55,000
2003 $10,000 – $65,000
2002 $10,000 – $65,000
Bonus amounts vary by class year and were increased for those associates who met 2100 or 2300 Efficient Legal Service Hours (1900 and 2300 hours for patent associates) in 2009. In addition, bonus amounts at the various hours levels were increased for those associates who were evaluated as performing at an Enhanced or High level by their Evaluation Committee during the fall annual evaluation process. Approximately 10% of evaluated non-New York associates were given a High designation and a further approximately 25% were given an Enhanced designation. Lateral associates who joined the firm after June 1, 2009 and other associates not included in the 2009 annual evaluation process were not eligible for Enhanced or High designations. An additional amount was paid (in some cases in excess of amounts shown in the chart above), on a discretionary basis, to certain associates significantly in excess of 2300 Efficient Legal Service Hours.
Associates outside of New York who are receiving bonuses will be notified today or tomorrow of their bonus amounts and, as applicable, Enhanced or High designations. Of Counsel bonuses are individualized, and eligible Of Counsel will be notified of their bonus amount today or tomorrow.
2010 U.S. Structure Base Compensation and Bonuses
Starting salaries for the Class of 2009 will be increased to $160,000 effective as of January 1, 2010, to be consistent with developments in the market.
Salaries for associates who progressed with their class based on their 2009 evaluation, and met the annual minimum Efficient Legal Service Hours expectation for 2009, will increase two steps. Associates who progressed with their class but did not meet the minimum Efficient Legal Service Hours expectation for 2009 will receive a single step increase, and be eligible for the additional step increase as a contribution bonus payable in 2011, assuming progression with one’s class and meeting the Efficient Legal Services Hours expectation in 2010. Lateral associates who joined the firm after June 1, 2009 will receive step increases solely on the basis of 2009 hours, prorated as appropriate. Associates in salary class 2008 and earlier who joined the firm on or after September 1, 2009 will receive two step increases.
2010 Associate Base Compensation
(U.S. Offices, U.S. Practice Attorneys)
2010 Calendar Year 2010 Salary Class 2010 Base Compensation for Associates Who Progressed with Class At least minimum for 2009 Below minimum for 2009
1st 2009 $160,000 $160,000
2nd 2008 $170,000 $165,000
3rd 2007 $185,000 $170,000
4th 2006 $210,000 $185,000
5th 2005 $230,000 $210,000
6th 2004 $250,000 $230,000
7th 2003 $265,000 $250,000
8th 2002 $280,000 $265,000
9th 2001 $290,000 $280,000
With respect to 2010 bonuses, if the firm achieves its net income budget approved by the partners for 2010, the 2010 discretionary annual bonus in New York will be determined at year end or in early 2011, taking into consideration comparable annual bonuses in the New York market, and outside New York, we anticipate paying bonuses based on a combination of performance, as determined through the associate evaluation process, and hours.
Of Counsel compensation is individualized and 2010 arrangements generally will be finalized by March 15, 2010.
QUESTIONS
If you have any questions about the 2009 bonuses or 2010 base compensation, please direct them to your Associate Representative who will add them to agenda for the next Associate Representative call with members of firm management, scheduled for February 24. We will prepare and distribute a Q&A following that meeting. Contact Cheryl Moser, Managing Director of Practice Administration, if you have a question about your individual bonus or base compensation.
Earlier: Nationwide Salary Cut Watch: MoFo Cuts in California, Spares NYC
Nationwide Bonus Watch: MoFo Giveth, Then Taketh Away
I am firsty, SO VERY FIRSTY :)
I am firsty, SO VERY FIRSTY :)
Congrats, MoFo. Great bonus and salary news.
First.
Doesn’t MoFo offer its associated in Asian offices cost-of-living-adjustment packages worth close to $100,000 on top of their now market salaries and bonuses?
3,
Son, you was PWNED.
hugs&kisses
-1
Congrats to MoFo associates… good news for everyone else that things might be defrosting. Let’s just hope BigLaw’s short-term hiring practices become a bit more prudent this time around (not holding breath on this though).
Congrats to MoFo associates… good news for everyone else that things might be defrosting. Let’s just hope BigLaw’s short-term hiring practices become a bit more prudent this time around (not holding breath on this though).
Congrats to MoFo associates… good news for everyone else that things might be defrosting. Let’s just hope BigLaw’s short-term hiring practices become a bit more prudent this time around (not holding breath on this though).
F’ing yeah, lay some more off and we’ll hit $200k!
It appears that the American Recovery and Reinvestment Act of 2009 has taken hold on its one year anniversary. Thank you, President Obama. Thanks also to the Democrats in the House and Senate.
It appears that the American Recovery and Reinvestment Act of 2009 has taken hold on its one year anniversary. Thank you, President Obama. Thanks also to the Democrats in the House and Senate.
New York to 190!
New York to 190!
Given the resurgence of BigLaw, I predict a law firm will raise first year salaries above 160k this year – perhaps to 170k or 175k?
Whoa? Is it just me or does it smell like 2007 in here?
Is Elie going to give free blowjobs to the advertisers, since ATL keeps crashing?
Is it just me, or does it smell like 2007 in here?
(Stanley, is that jacket made of updog?)
Is Elie going to give free blowjobs to the advertisers, since ATL keeps crashing?
Is it just me, or does it smell like 2007 in here?
(Stanley, is that jacket made of updog?)
comments are effed
How can you not fix your shitty comment section? It’s 2010.
How can you not fix your shitty comment section? It’s 2010.
How can you not fix your shitty comment section? It’s 2010.
How can you not fix your shitty comment section? It’s 2010.
what’s “updog”?
what’s “updog”?
This is such BS. Biglaw revenue is down but PPT is up — on the backs of the remaining staff who are being worked to death. Fuck MOFO!
Nothin much, what’s up with you?
Gotcha!
Gotcha!
I interviewed with several hiring partners last Friday, and the general consensus was that summer associate classes are going to be increased for Summer 2011 due to what they believe will be a recovery late this year/early next year. A lot of firms are starting to recruit 1Ls for Fall OCI (as 2Ls) here at UT. At the very least, it hopefully signifies a self-fulfilling prophecy; at the best, the economy just might be turning around (in nominal terms, it should at any moment now given the massive inflation the Dems are counting on (and will more than likely effect) with their $3.4T and $3.8T budgets for Obama’s first two years in office).
Long story short–this looks like the leading edge of better times ahead. In Al Gore’s famous words, it’s time for some “cautious optimism” baby!
Hey everybody, we’re all gonna get laid!
Hey everybody, we’re all gonna get laid!
those ranges look sweet, but mean nothing. mean and median, or it didnt happen.
those ranges look sweet, but mean nothing. mean and median, or it didnt happen.
MoFail
those ranges look sweet, but mean nothing. mean and median, or it didnt happen.
MoFo’ing models and bottles baby!
I’m so happy for these associates. I make $40k per year at my gov. job.
I’m so happy for these associates. I make $40k per year at my gov. job.
ATL’s Ghetto Servers break down more than the NJ Transit Northeast Corridor line.
come on other SF firms
36 is dead on.
Lol @ recovery. There’s no recovery, morons. It’s just stimulus prior to the elections. After that, it will peter out and we’re back to the Thunderdome.
Gold, bitches!
Lol @ recovery. There’s no recovery, morons. It’s just stimulus prior to the elections. After that, it will peter out and we’re back to the Thunderdome.
Gold, bitches!
46,
Go back to your parents’ basement, son. You don’t know $hit!
Odd Blood.
Odd Blood.
I’m a 4th year at Greenberg Traurig and make about the same as a MoFo 2nd year.
The commenters on ATL are so idotic it pains me.
Go to Dealbreaker and see how it’s done you tools.
- Finance Guy
Does anybody know how recruiters view my Halo 3 medals listed on my cv. Any thoughts?
Does anybody know how recruiters view my Halo 3 medals listed on my cv. Any thoughts?
@ 50 – Don’t whine. It could be worse. For example, like me, you could be a 5th year at DLA Piper and take home less than a a MoFo 1st Year. Fuck this place.
Hi, I just wanted a public place to write the word poop in. So there.
POOP
Bonus ranges may be misleading. I know of 2 assocates with high hours and great reviews and neither got anywhere near the top end of the range (or even the midpoint of the range) for their respective class years. 36 has it right.
My bonus was good–more than I would have made on the Cravath scale.
Yes, what 36 and 57 said. A total lack of transparency in terms of mean, median, and breakdown between hours-based bonus and merit-based bonus. 2300+ hours and a great review apparently doesn’t always get you the top of the bonus scale.
36 = 38 = 44 = 57 = 59
I guess someone is still butthurt about not getting a MoFo offer.
36 = 38 = 44 = 57 = 59
I guess someone is still butthurt about not getting a MoFo offer.
Fact is that MoFo had cover from other bay area firms (read Orrick, WSGR, Cooley, Fenwick) to do less, but did the (conditional) double bump and gave out decent bonuses. Given the state of things, I’m not inclined to look a gift horse in the mouth.
Boy, this makes DLA look even worse. I wonder when they are going to realize they are grossly below market and make a correction to their salary scales.
when is cov going to follow?
when is cov going to follow?
Guys making all the multiple posts are probably the same guys billing multiple times for the same work.
Guys making all the multiple posts are probably the same guys billing multiple times for the same work.
I am unbelievably offended by this repulsive firm using such derogatory language. Shame on this firm’s partners. They have committed serious sins and are corrupting the youth of American. They are unAmerican and unChristain, and this is a Christian nation.
52-
Go back to comments on Dealbreaker. We don’t like you either.
52-
Go back to comments on Dealbreaker. We don’t like you either.
Congrats MoFo associates.
As for me, I don’t have a job and I am not well endowed. Time to start drinking again.
*Sigh
“Guys making all the multiple posts are probably the same guys billing multiple times for the same work.”
Says the guy who posted twice.
“Guys making all the multiple posts are probably the same guys billing multiple times for the same work.”
Says the guy who posted twice.
52-
Go back to commenting on Dealbreaker. We don’t like you either.
52-
Go back to commenting on Dealbreaker. We don’t like you either.
52-
Go back to commenting on Dealbreaker. We don’t like you either.
Ahhh! So many duplicate posts!
Thanks, Mofo, for making me even more embarrassed to work at Orrick.
Thanks, Mofo, for making me even more embarrassed to work at Orrick.
What’s the significance of “Odd Blood” being posted in most of the comment sections? Am I missing something?
Oh the irony:
http://blogs.wsj.com/law/2008/01/25/judge-holds-lawyer-in-contempt-for-reading-maxim/
http://www.salisburypost.com/News/021710-eddinger-courthouse-affair
Oh the irony:
http://blogs.wsj.com/law/2008/01/25/judge-holds-lawyer-in-contempt-for-reading-maxim/
http://www.salisburypost.com/News/021710-eddinger-courthouse-affair
This is way off topic, but here goes.
Mary Jane, you are running a police state here. We have to swipe our security cards in and out every door we go through. If somebody holds the door and we go through, we get a nasty call from your tool Helen. Meanwhile, cameras are recording our every movement. Are there also cameras in the ladies rooms? North Korean despots could not do better. Fuck you MJ. Take that shitty bonus and shove it up your fat ass.
-Your Abused Secretaries
85-
Don’t let the bastards get you down.
85: Former PH secretary here. I worked for that Queen of Mean for years. She is the worst most sadistic cunt in the business.
I inherited this news.
I inherited this news.
I inherited this news.
Looks like Mary Jane just got punked. Wasn’t she at Proskauer years ago?
Let ‘em have it Abused Secretaries! Tell it like it is!
Let ‘em have it Abused Secretaries! Tell it like it is!
93: Not 85, but 85 speaks the truth. We are all suffering under this four by four’s reign of terror. Human rights abuses are taking place in this office. But what do Adam N. and the partners care as long as PPP is up?
This is a bit off the topic but here it goes.
Partners are owners. All others at the firm (including income/equity partners and of/special counsels) are employees. I see nothing wrong with the owners doing everything they can to make sure that they are taken care of before the employees. I’ve been reading the comments on this blog for a while and am shocked at the rampant socialist/communist/marxist streak running through them. This is America. In for-profit organizations (partners in partnerships, shareholders in corporations, members in LLCs, etc.), all decisions should be made to maximize the return on investment of the owners. Period.
And, for anyone interested, I am an associate at a so-called “big firm” who is sick and tired of all those incompetents/pussies who post comments here feigning to speak for justice and fairness for associates/staffs but are really speaking out of fear and insecurity.
—Last Standing Capitalist
94 MJ is just a pawn in Adam’s game.
94 MJ is just a pawn in Adam’s game.
95 Thanks Barry.
95, Your ideas intrigue me. I’d like to subscribe to your newsletter.
97: Adam “Super Genius” is just a pawn in Seth and Greg’s game.
This is the best comment thread ever, sans the stupid repeat comments resultant from ATL’s fucked up servers.
Also. I wish I worked for MoFo.
And there’s a difference between capitalism and understanding the immeasurable benefit of human capital inspired by loyalty and dedication, caused by being treated and paid well.
A well-treated employee will pay big time, as constant turnover due to improper treatment or compensation will have a significant measurable cost of lost productivity and personell investment.
Just sayin’.
This is the best comment thread ever, sans the stupid repeat comments resultant from ATL’s fucked up servers.
Also. I wish I worked for MoFo.
And there’s a difference between capitalism and understanding the immeasurable benefit of human capital inspired by loyalty and dedication, caused by being treated and paid well.
A well-treated employee will pay big time, as constant turnover due to improper treatment or compensation will have a significant measurable cost of lost productivity and personell investment.
Just sayin’.
@58:
Would you mind sharing more details, such as class year and “enhanced/high” designation? Trying to decode the system.
@61:
44/57 here (and not the others you accuse me of being), and I didn’t get dissed by MoFo, you dumbass
@99:
Great Simpsons reference. Haven’t watched that show in years. Made me chuckle.
Why, oh, why did I go to KaTTTen?
95: Normal, decent human beings realize that it’s wrong for a partner making $2,000,000 a year to fire a hard-working secretary simply to save the firm $20k in a down year. Most small business owners wouldn’t do it. And believe it or not, many partners wouldn’t do it either. As an associate, I would welcome a small reduction in my salary to prevent harsh layoffs without cause. You can call us all Marxist if you feel the need to resort to simple-minded name calling; I can call you a dirtbag.
53/54: I think you mean Halo 2.
Doesn’t MoFo offer its associated in Asian offices cost-of-living-adjustment packages worth close to $100,000 on top of their now market salaries and bonuses?
95 here.
105, you just proved my point.
This “dirtbag” and every other “dirtbag” lawyers in big firms are who the GCs of top companies around the world seek out and pay top rates (hourly rates and not some flat/capped/blended crap) when faced with THE lawsuit or THE deal. Do you know why? It’s not because “dirtbag” lawyers are likable or good human beings. GCS of top companies could not care less. It’s because “dirtbag” lawyers are not hypocrites. And people who are not hypocrites and who remain true to who they are with no second thoughts and stand by everything they do with no excuses can be trusted. Attorneys who work in big law (working for the worst polluters, deviant politicians, greedy bankers, etc., in the world) and talk about “loyalty,” “fairness,” “sympathy” are hypocrites and cannot be trusted. In my opinion, they are worse than “dirtbags.”
MARKET / ORRICK – Base Salary Comparison
Class: MARKET / ORRICK
2009: $160K / $160K
2008: $170K / $160K
2007: $185K / $170K
2006: $210K / $185K*
2005: $230K / $185K
2004: $250K / $235K**
2003: $265K / $235K
2002: $280K / $235K
*Provided you get promoted from Associate to Managing Associate (many were not this year)
**Provided you get promoted from Managing Associate to Senior Associate (many were not this year)
Allen Matkins unfroze salaries…where’s that memo?
Allen Matkins unfroze salaries…where’s that memo?
108: If you there’s ever a moment when you’re calm and dispassionate, you should read your post and reflect. It’s not even logically coherent.
I know I should know this, but is Allen Matkins accredited as an ABA law school?
Most associates at MoFo did not even get close to their target billable hours. So that = double hit. No bonus. No double salary bump! Bummer!
Most associates at MoFo did not even get close to their target billable hours. So that = double hit. No bonus. No double salary bump! Bummer!
Most associates at MoFo did not even get close to their target billable hours. So that = double hit. No bonus. No double salary bump! Bummer!
Covington, where are you? Mayer Brown has us beat? Sidley? Latham? MoFo!?!?! Our terrible bonuses are bad enough, but salaries should at least be competitive.
Covington, where are you? Mayer Brown has us beat? Sidley? Latham? MoFo!?!?! Our terrible bonuses are bad enough, but salaries should at least be competitive.
DLA= TTT salaries
DLA= TTT salaries
Ouch, 81.
@106
Thanks for heads up. I would have felt awful explaining that during an interview.
@106
Thanks for heads up. I would have felt awful explaining that during an interview.
MoFo to 160k!
NY to 190k!
DLA to 85k!
This is nice. But other than Munger and Irell, do any CA firms come close to Gibson these days? And didn’t Munger give low bonuses this year?
This is nice. But other than Munger and Irell, do any CA firms come close to Gibson these days? And didn’t Munger give low bonuses this year?
This is nice. But other than Munger and Irell, do any CA firms come close to Gibson these days? And didn’t Munger give low bonuses this year?
A ninth year associate here is probably making what a fifth year does at MoFo. Thanks greedy Dickstein Shapiro equity partners.
A ninth year associate here is probably making what a fifth year does at MoFo. Thanks greedy Dickstein Shapiro equity partners.
A ninth year associate here is probably making what a fifth year does at MoFo, since our bonuses are way below market. Thanks greedy Dickstein Shapiro equity partners.
A ninth year associate here is probably making what a fifth year does at MoFo, since our bonuses are way below market. Thanks greedy Dickstein Shapiro equity partners.
A ninth year associate here is probably making what a fifth year does at MoFo, since our bonuses are way below market. Thanks greedy Dickstein Shapiro equity partners for freezing us then lowering the pay scales to freeze us again.
122/123: Nah…I had great recommendations. I appreciate your concern though!
122/123: Nah, my recommendations were excellent. But I appreciate your concern!
Fuck MJ and her rats on 17.
125-127 is an obvious Gibson Dunn partner or one of its staff given the task of singing the firm’s praises
This is the most random comment thread ever. It is like the ATL community went on a collective acid trip.
MoFo’s compensation structure pays NY associates differently than all other MoFo associates. In MoFo NY, you got a “make whole” bonus if you hit your 1950 target (billable + pro bono) ~plus~ the Cravath scale bonus. In all other MoFo offices, the bonus payout is what you see above–there is no “make whole” bonus for the frozen 2009 salary if you made your hours. Depending on where you end up on the above scale, an associate can end up ahead or behind his/her NY peers (and/or so-called peer firms, e.g. Latham which gave a “make whole” bonus or those firms which never froze). It is an interesting/unique approach. Realistically, unless you exceed expectations (hours, merit), you will likely be on the lower end of the range which ends up below market for most classes. If you excel in both metrics, you can beat the market, some people significantly so.
But, the firm changes its bonus structure practically every year (frustrating) so my comments are likely already irrelevant/outdated.
MoFo’s compensation structure pays NY associates differently than all other MoFo associates. In MoFo NY, you got a “make whole” bonus if you hit your 1950 target (billable + pro bono) ~plus~ the Cravath scale bonus. In all other MoFo offices, the bonus payout is what you see above–there is no “make whole” bonus for the frozen 2009 salary if you made your hours. Depending on where you end up on the above scale, an associate can end up ahead or behind his/her NY peers (and/or so-called peer firms, e.g. Latham which gave a “make whole” bonus or those firms which never froze). It is an interesting/unique approach. Realistically, unless you exceed expectations (hours, merit), you will likely be on the lower end of the range which ends up below market for most classes. If you excel in both metrics, you can beat the market, some people significantly so.
But, the firm changes its bonus structure practically every year (frustrating) so my comments are likely already irrelevant/outdated.
MoFo’s compensation structure pays NY associates differently than all other MoFo associates. In MoFo NY, you got a “make whole” bonus if you hit your 1950 target (billable + pro bono) ~plus~ the Cravath scale bonus. In all other MoFo offices, the bonus payout is what you see above–there is no “make whole” bonus for the frozen 2009 salary if you made your hours. Depending on where you end up on the above scale, an associate can end up ahead or behind his/her NY peers (and/or so-called peer firms, e.g. Latham which gave a “make whole” bonus or those firms which never froze). It is an interesting/unique approach. Realistically, unless you exceed expectations (hours, merit), you will likely be on the lower end of the range which ends up below market for most classes. If you excel in both metrics, you can beat the market, some people significantly so.
But, the firm changes its bonus structure practically every year (frustrating) so my comments are likely already irrelevant/outdated.