Associate Bonus Watch 2009
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Associate Bonus Watch 2009, Biglaw, Bonuses, Money
Associate Bonus Watch: Cahill Gordon Gives Out Mid-Year Bonuses
Yes, you read that headline correctly. Out of nowhere, Cahill Gordon & Reindel has decided to give out a mid-year bonus. Not Cravath, not S&C, but Cahill Gordon. The same Cahill Gordon that is one of the few firms to have significant layoffs in 2010. This is the firm that could push the market towards […] -
Associate Bonus Watch 2009, Bonuses, Money
Springtime for Bonuses At Sullivan & Cromwell?
Last year, while law firms were still feeling the worst of the recession, Sullivan & Cromwell provided some springtime cheer to its associates. The firm paid a spring bonus in 2009. The payment was less than the one the firm made in 2008, but still, it was extra money in 2009. At the time, we […] - Sponsored
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Associate Bonus Watch 2009, Associate Salaries, Bonuses, Killing Lockstep, Money, Salary Freeze
Nationwide Pay Raise Watch: Pillsbury Winthrop
Back in February, we wrote about various compensation developments over at Pillsbury Winthrop. At the time, the firm said it was considering moving away from a lockstep model in favor of a more performance-based compensation system. The firm has not yet killed killed lockstep — a move that has historically generated mixed to negative reviews […]
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Associate Bonus Watch 2009, Magic Circle
Clifford Chance: Cancels Hours Requirement for Bonuses in London, But No Change in NYC
This morning, the Lawyer reported that Clifford Chance was changing the requirements for associate bonuses in London: Clifford Chance is set for a radical overhaul of its associate bonus system, with the maximum award now open only to senior associates and payments no longer based primarily on hours worked…. A spokesperson for Clifford Chance said: […] -
Associate Bonus Watch 2009, Associate Salaries
Mintz Levin: A Salary Thaw and PPP Info
During the recession, Mintz Levin froze associate salaries and deferred 2009 summer associates all the way until 2012. Not good times. But the recession is starting to lift its death grip on law firms and the lawyers who work there, and Mintz Levin is in the mood to share the wealth. We spoke with Mintz […] -
Associate Bonus Watch 2009
Associate Bonus Watch: Paul Hastings Matches Cravath Scale Everywhere but Atlanta
For two weeks we’ve been getting reports about Paul Hastings bonuses. Many people claim that they received bonuses on par with the Cravath scale. But there have been a dedicated few who claim they were jobbed by the firm at bonus time. This tipster captures the general feeling: PH bonuses were just announced [last month] […] -
Associate Bonus Watch 2009, Bonuses, Texas
Associate Bonus Watch: Baker Botts - Houston(And other Baker Botts / Houston law firm news.)
March is almost over (and tomorrow is the official start of spring), but law firm bonus news continues to trickle in. Yesterday, for example, we covered Mayer Brown. Today we bring you Baker Botts (Houston). As far as associates were concerned, it was about time: Baker Botts in Houston finally announced bonuses for 2009. People […] -
Associate Bonus Watch 2009, Associate Salaries, Chapman and Cutler
Chapman and Cutler Brings Next Year's Bonus News Today
Late last week, Chicago based Chapman & Cutler released its 2009 bonus news. It’s not that impressive. But the firm also previewed what it will pay in bonuses for 2010. It’s … not that impressive. A tipster reports: [T]his year the vast majority of associates did not receive any bonus whatsoever. So apples to apples, […] - Sponsored
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Associate Bonus Watch 2009, King & Spalding
Bonus and Salary News from King & Spalding
The past few weeks have brought a fair amount of news about King & Spalding. Some of it has been good — e.g., adding talent from Orrick. And some of it has been bad — e.g., getting benchslapped (and disqualified from a case) by the Federal Circuit. This week also brought compensation news to King […] -
Associate Bonus Watch 2009, Biglaw, Bonuses, Killing Lockstep, Money
Inside the Bingham McCutchen Bonus
When you step into the killing lockstep zone, your bonus disappears into a black box. A while back, we reported that Bingham McCutchen adopted a lockstep-merit hybrid approach to associate compensation. Base salary would still be lockstep, but the bonus would be merit-based. When we reported on the Bingham bonus, we noted that the firm […] -
Associate Bonus Watch 2009, Associate Salaries, Partner Profits
Morgan Lewis: Not Enough Pie for Everybody
The profit gods did not smile upon Morgan Lewis & Bockius in 2009. Not on the partnership, not on the associates. We’ve already reported on MLB’s various attempts to change its associate pay scale. But making employee costs “merit-based” wasn’t enough to keep Morgan Lewis profits growing. Am Law Daily reports: Morgan, Lewis & Bockius […] -
Associate Bonus Watch 2009, Killing Lockstep
Associate Bonus Watch: Orrick, A Case Study in Merit-Based Bonus Payments
A number of firms have adopted a merit-based pay structure, and other firms claim they want to. But few firms have thought through how to make a merit-based structure work as much as Orrick, Herrington & Sutcliffe has. And nobody is addressing the new scheme with quite as much transparency. Orrick sent around its merit-based […] -
Associate Bonus Watch 2009, Associate Salaries, Biglaw, Bonuses, Killing Lockstep, Money
Bingham McCutchen: Lockstep Base Pay, Merit Bonuses -- It's a Hybrid Plan That Seems to be Working
Maybe Toyota should take a lesson from Bingham McCutchen: don’t try to cut corners when producing a hybrid. Back in October, Bingham announced that it would be adopting a new “merit-lockstep” hybrid approach to associate compensation. The plan came with the stamp of approval from Bingham partners and associates. And a majority of Above the […]
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Associate Bonus Watch 2009
Vinson & Elkins Makes Good by its Texas & D.C. Associates
A couple of weeks ago, we reported on the Vinson & Elkins bonus payouts. At the time, we noted that associates in New York were generally pleased with the payout, but associates in V&E’s Texas offices — notably, the firm’s Houston office — were not at all happy with their bonuses. The issue appeared to […] -
Associate Bonus Watch 2009, Associate Salaries, Biglaw, Bonuses, Money
Jenner & Block: Salaries and Bonuses Come in Low
We’ve been having some fun documenting the curious game of chicken happening in Chicago. The top firms in the city seem to be waiting for each other to set the associate salary market — even though that market has already been set. Kirkland set the market by never freezing associate salaries in the first place. […] -
Associate Bonus Watch 2009, Associate Salaries, Killing Lockstep, Money, Salary Freeze
Pillsbury: Raises, Bonuses, and Other Sundries
It looks like Pillsbury is back to communicating important information via firm-wide memo, instead of via cell phone conversation on the Acela. Yesterday, the firm indicated that it is thinking about moving away from lockstep associate compensation, but it is not killing lockstep just yet. Instead, Pillsbury announced lockstep raises — they’ll be true up […] -
Associate Bonus Watch 2009, Associate Salaries
Vinson & Elkins Raises & Bonuses: New York Happy, Texas Sad
We’ve got a tale of two states when it comes to the Vinson & Elkins bonus. The firm made true-up raises, putting their associates back at the top of the market for associate salaries. But the firm didn’t give out make-whole bonuses. For many associates, the money lost from a year of salary stasis is […] -
Associate Bonus Watch 2009, Associate Salaries, Chadbourne & Parke
Chadbourne & Parke: True-Up Raises and Make-Whole Bonuses
Yesterday, reports came in that Chadbourne & Parke unfroze salaries. Then tipsters started telling us that Chadbourne didn’t just thaw out one class year; instead, they went all out and gave true-up raises — putting their associates back to the salary level they would have been at had the firm never frozen salaries in the […] -
Associate Bonus Watch 2009, Associate Salaries, Salary Freeze
Associate Bonus/Salary Watch: Wilson Sonsini Announces Bonuses A Few Days After Firing Staff
Last week, Wilson Sonsini was busy shuffling staffers out the door. Today, Wilson Sonsini is proud to announce bonuses for the lawyers — just in case any of them were feeling bad about their recently departed secretaries. The firm-wide memo just went out; here’s the bonus news: Merit Bonus The firm will pay merit bonuses […] -
Associate Bonus Watch 2009, Associate Salaries, Biglaw, Bonuses, Money
Hughes Hubbard Issues True-Up Raises, Above Market Bonuses (If You Hit Your Hours)
Are we breaking the back of the recession? Today, we have news that Hughes Hubbard is making raises that put will put its associates back to pre-salary freeze levels. Here’s the salary information from the firm-wide memo: ANNUAL SALARIES In recognition of those efforts, we will be implementing raises in annual salaries in all offices […]