Associate Bonus Watch 2008
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Associate Bonus Watch 2008, Willkie Farr
Associate Bonus Watch: Willkie Follows the Plan of Cravath
Willkie Farr & Gallagher will be matching Cravath’s low bonuses this year. The email didn’t bother to explain why, since it’s pretty clear that market conditions have beaten associates into submission with a giant, invisible hand. The Executive Committee is pleased to announce the following year end bonuses for associates: Class of 2008: $17,500 (pro-rated) […] -
Associate Bonus Watch 2008
Associate Bonus Watch: Clifford Chance Already Laid People Off, Half-Skadden Bonuses Were Sure to Follow
Legal Week is reporting that Clifford Chance has done the predictable thing and slashed associate bonuses to half of what they were in 2006: The US arm of the magic circle firm will award bonuses ranging from a pro-rated $17,500 (£12,000) for first-year associates to $32,500 (£22,000) for eighth-year associates – a significant decrease on […] - Sponsored
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Associate Bonus Watch 2008, pls hndle thx
Pls Hndle Thx:Do Not Seek Unto God's Privity
[Ed Note: Do you have a question for next week? Send it in to advice@abovethelaw.com] Hi ATL, I am a 3L with an offer from a V50 firm. I, like many of my peers, am extremely nervous about having my offer revoked if the economy continues to tank. Should I contact my firm and ask […]
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Associate Bonus Watch 2008
Associate Bonus Watch: Milbank Tweed
A match of Cravath — no surprise there. There’s not much suspense left to this process (with the possible exception of what S&C and maybe Weil will do). From a Milbank tipster: What is funny is all the false Milbank “no bonus” rumors, posted as comments to other posts (e.g., here), probably made associates here […] -
Associate Bonus Watch 2008, Dewey & LeBoeuf
Associate Bonus Watch: Dewey & LeBoeuf Pulls a Half-Skadden Too
At this point, why would you pay market rate? Half-Skadden opened the door, and now other firms are crashing through like there’s a sale at Wal-Mart. The latest predictable news comes from Dewey & LeBoeuf: Class of 2008 — $17,500 (pro-rated) Class of 2007 — $17,500 Class of 2006 — $20,000 Class of 2005 — […] -
Associate Bonus Watch 2008
Associate Bonus Watch: Cleary Matches Cravath Et Al.
The latest major law firm to fall short of Skadden in terms of bonuses: Cleary Gottlieb. Here’s the official CGSH bonus scale. The specific numbers should look quite familiar to you by now: 2008 and participants in the International Lawyer Program: $17,500 (prorated) 2007: $17,500 2006: $20,000 2005: $22,500 2004: $25,000 2003: $27,500 2002: $30,000 […] -
Associate Bonus Watch 2008, Bonuses, Money, Skaddenfreude
Associate Bonus Watch: Davis Polk & Wardwell Joins Cravath/Simpson in Race to the Bottom
Another law firm informed associates that their hard work was worth half of what it was a year ago. Davis Polk & Wardwell is the latest firm to announce Half-Skadden bonuses. The official DPW bonus structure is as follows: Class of 2008: $17,500 (prorated) Class of 2007: $17,500 Class of 2006: $20,000 Class of 2005: […] -
Associate Bonus Watch 2008, Bonuses, Paralegals, Secretaries / Administrative Assistants, Thacher Proffitt & Wood
Thacher Proffitt & Wood Staff Get The Shaft
Thacher Proffitt & Wood has been struggling for some time. A memo sent by managing partner Paul Tvetenstrand to TPW staff the Wednesday before Thanksgiving provides the latest evidence of the firm’s faltering state: From: Paul D. Tvetenstrand To: Non-legal staff As you are aware. The past year has posed many challenges for the firm […] - Sponsored
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Associate Bonus Watch 2008, Bonuses, Money, Skaddenfreude
Associate Bonus Watch: Simpson Announces Bonuses ... And You're Not Going To Be Happy
“Not God Bless America, God-damn America.” We are now able to report that Simpson Thacher & Bartlett has matched bonuses with Half-Skadden: On behalf of the partners of the Firm, I would like to announce that year-end bonuses for associates in good standing will be as follows: Class of 2008: $17,500 (pro-rated) Class of 2007: […] -
Associate Bonus Watch 2008, Biglaw, Bonuses, Money, Skaddenfreude
Associate Bonus Watch: Cravath Offers Less Than Skadden
If you work at Cravath, Swaine & Moore, prepare to be very, very angry. From the bonus memo just issued by presiding partner Evan Chesler: Both 2006 and 2007 were extraordinary years for our Firm. In 2006 we paid large year-end bonuses to our associates, and in 2007 we further supplemented those bonuses. As a […] -
Associate Bonus Watch 2008, Bonuses, Money, Skaddenfreude
Associate Bonus Watch: Here Comes Skadden
We expected this. Skadden has announced that they will discontinue the “special” bonuses from last year. Instead, they’ll be giving out the 2006/2007 standard package. From the memo, sent out by executive partner Bob Sheehan: [W]e will pay the year-end discretionary bonus at the same levels by class seniority which associates received in 2007 and […] -
Associate Bonus Watch 2008, Bonuses, Job Survey
Associate Life Survey: Slightly Smaller Bonuses?
We’ve received over a thousand responses to last Monday’s ATL / Lateral Link survey on bonuses, and so far we’ve talked about when bonuses were and will (or won’t) be paid and how your billable hours look this year. Today, we get down to the hardest numbers of all: what do you think you’ll actually […] -
Associate Bonus Watch 2008, Biglaw, Bonuses, Money, Skaddenfreude
Associate Bonus Watch Warning: Outlook Bleak
We’ve tentatively started the Associate Bonus Watch for 2008, with news of Orrick’s and McDermott’s bonus plans, and the not-really-news that Morgan Lewis will not make bonus decisions until after the holidays. With the dismal economy and the widespread law firm layoffs, we speculated last month that regular bonuses may be less than last year, […]
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Associate Bonus Watch 2008, Bonuses, Job Survey
Associate Life Survey: Bonus Time
We’ve received over 900 responses so far to Monday’s ATL / Lateral Link survey on bonuses, which is still open here. Although ATL had predicted that bonus announcements may come later this year, McDermott Will & Emery actually announced the “December Bonus Advance” portion of their bonus plan mere hours after our survey went live, […] -
Associate Bonus Watch 2008
Associate Bonus Watch: McDermott Will & Emery is Sticking to the Plan ... For Now
We’ve gotten the first hard numbers of the 2008 bonus season, in part. McDermott Will & Emery has announced that they will pay their associates the bonus advance they were expecting. A firm-wide email announced the relatively positive news: December Bonus Advances: As we have previously communicated, the following payments will be made in mid-December […] -
Associate Bonus Watch 2008, Biglaw, Billable Hours, Bonuses, Job Survey
Associate Life Survey: Bonus Points
Last week, our ATL / Lateral Link survey focused on when raises happen at your firms. But we’ve also been wondering about another prong of compensation: bonuses. In 2007, Cravath kicked off bonus season early, on October 29th, but it’s much more common for firms to announce in December. Indeed, this year the first major […] -
Associate Bonus Watch 2008, Bonuses, Money
Associate Bonus Watch: Orrick Stands Behind Bonus Structure
When we kicked off our associate bonus speculation, we mentioned that Orrick, Herrington & Sutcliffe had already locked themselves into a 2008 bonus structure. We wondered if Orrick might rethink their bonuses in light of the current state of the economy. Morgan Lewis has already announced that they will not be making bonus decisions until […] -
Associate Bonus Watch 2008
Associate Bonus Watch: Morgan Lewis Pushes Back Bonus Decisions
A central theme running through this week’s bonus speculation was that bonus decisions would be made much later this year than last year. As first reported here, Cravath kicked off the bonus season last year on October 29th, 2007. But in 2006, Milbank didn’t get the ball rolling until December 8th. The first solid information […] -
Associate Bonus Watch 2008
Open Thread: Associate Bonus Speculation
A year ago tomorrow (Wednesday), Cravath kicked off the 2007 bonus season by announcing bonuses which ranged from $35K to $60K and “special” bonuses that ranged between $10K and $50K. Don’t expect Cravath to come out of the gate early this year. We asked Cravath whether they would be bonus leaders this year, but they […]