The 1% Would Like Their Bonuses... NOW
Last year, on November 17th, we asked where the Biglaw bonuses were. Cravath announced five days later. So if the firms are waiting for a personal invitation to announce their 2011 bonus payments, they should feel free to RSVP to this post. We're ready for the bonuses now....
Last year, on November 17th, I asked where the Biglaw bonuses were. Cravath announced five days later.
So if the firms are waiting for a personal invitation to announce their 2011 bonus payments, they should feel free to RSVP to this post. We’re ready for the bonuses now.
The firms aren’t scared, are they? They’re not worried about Occupy Wall Street protesters objecting to mere five-figure bonus news, are they? Haven’t the Occupy people proven that they aren’t even paying attention to the Wall Street lawyers?
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So let’s get on with the process of spreading the wealth around Biglaw….
It’ll be fun to see if anybody tries to make a big deal out of the Biglaw bonuses this year. You’ll know your mainstream media source has no idea what they’re talking about it if they start by saying, “some lawyers are making $70,000 just as a bonus,” when really they’re talking about two eighth-year associates who billed 2,900 hours at Quinn Emanuel.
If that number is for the first years, that’s a better indication of whether this will be a good or a bad bonus season.
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And remember, last year started off crappy. Cravath lowballed the entire market with a bonus starting at $7,500 for first years. Yeah, work a full year in Biglaw at one of the best firms in the country, get a four-figure bonus, and wait for your MBA friends to take up a collection at the bar to fund your broke ass.
Obviously, Cravath made it right later, but only after Sullivan & Cromwell pushed them with spring bonuses.
Could the same thing happen this year? A low starting bonus and then a waiting game to see if anybody actually wants to pay associates a real bonus?
Either way, it’s time to get this party started.
Earlier: Prior ATL coverage of associate bonuses
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