Kudos to all the firms that have revised their bonuses upward in response to feedback from their associates (e.g., Baker & McKenzie, Gibson Dunn, Hogan Lovells, Sheppard Mullin). Upgrading previously announced bonuses shows that a firm is flexible, attentive to the market, and financially sound — all qualities that clients should appreciate in their law firms.
(By the way, if your firm beefed up its bonuses but hasn’t been recognized for it yet, please email us or text us (646-820-8477) to let us know.)
Today we bring you good news about Gunderson Dettmer, the Silicon Valley powerhouse whose initial bonuses disappointed some associates. A source reports:
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A good-news update to Gunderson Dettmer 2014 bonuses. We’re back to market! The partners went around last week and bumped bonuses to the Davis Polk scale for a large number of associates whose total hours (billed, board meetings, good citizenship hours, etc.) exceeded 1950. Apparently, the partners were still crunching numbers as to what’s Silicon Valley “market.” Good thing for GD associates, it’s DPW.
I’d love to see an update on ATL since the last Gunderson bonus tip is a black eye. No reason for that to hurt us during recruiting/OCI season.
No memo, “just a handful of partners and a bunch of one-on-one conversations.” It’s kind of nice to work at a firm that’s small enough to permit that type of communication — but big and successful enough to boast the types of matters that Gunderson handles.
We reached out to Gunderson about their new and improved bonuses but haven’t heard anything yet. Perhaps the extra cash speaks for itself.
If you have compensation news that we haven’t covered yet — we’ve heard a report of a certain East Coast litigation leader that recently raised base salaries, which we just need a wee bit more confirmation on — please email us or text us (646-820-8477). Thanks.
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UPDATE (4/13/2015, 4:30 p.m.): Said one of our original sources, “It’s time for me to eat crow. I read your bonus update today and can confirm that I too was ‘plussed’ up to the New York market scale. Lesson learned — I’ll be more patient next bonus season.”