Yes, we know: you’re all waiting eagerly for spring bonuses. We are too (because it’s great for the news cycle and our traffic). But right now we have nothing to report on that front. As soon as you hear of spring bonus movement (cough cough, Sullivan & Cromwell), please email us or text us (646-820-8477 / 646-820-TIPS).
In the meantime, we’ll catch up on regular bonus news. Even though it’s already March, some firms are only just now getting around to announcing their 2011 year-end bonuses. We have various tips floating around for various firms, but we need additional corroboration for many of them. If you can help us out, you know where to reach us (see contact info, supra).
Today we have bonus news from Winston & Strawn, which announced its bonuses a while ago….
As you may recall, Morgan Lewis pays individualized bonuses, so there’s no tidy table as there is for lockstep firms. Feel free to use this post as an open thread for MLB bonuses — you can compare amounts anonymously, in the comments.
How are Morgan Lewis associates feeling about their bonuses? We’ll get the ball rolling with some tips that we’ve received….
Remember when Biglaw associates in New York got paid more than Biglaw associates everywhere else because it costs more money to live in New York than anywhere else? Yeah, those days are long gone. A few months ago, we pointed out that the NALP buying power index ranked the purchasing power of New York associates 42nd nationwide.
Maybe you didn’t believe NALP’s numbers?
Well, today we offer more evidence that if you are an associate working and living in New York, you are a chump. You are paying a higher cost of living than anywhere else in the country, and you’re not getting paid any more for the effort. In fact, if you work at Morrison & Foerster, you might be getting a smaller bonus just because you work in New York….
Congratulations to Bingham McCutchen, which recently earned a spot on Fortune’s best companies to work for — for the eighth year in a row. And congratulations to Bingham’s nine new partners. It’s a very international group: these seven men and two women work out of London (3), New York (3), Hong Kong (1), Boston (1), and Hartford (1).
And congratulations to high-billing associates at Bingham. They were rewarded with “extraordinary” bonuses, as set forth in the firm’s bonus memo….
The firm of Orrick, Herrington & Sutcliffe has been a leader in instituting a merit-based compensation system. Two aspects of their system make Orrick’s commitment to merit-based seem genuine:
1. Partners put in significant time so that merit evaluations are more than just hours cut-offs.
2. Orrick is transparent about how many people get paid.
You can’t run a merit-based system with a Jones Day-like approach to transparency without everybody feeling like they are secretly getting screwed. If you do it out in the open, at least the low-hanging fruit will know that other, better work paid off for others in their class.
So let’s look at the memo. While Orrick generally does a good job of looking at associate productivity instead of mere man-hours, make no mistake, the firm still wants you to bill, and in a timely fashion….
Today everyone’s talking tech, thanks to Facebook’s upcoming IPO. In light of how Silicon Valley is dominating the news cycle, it seems fitting to discuss the recent bonus and salary news from Wilson Sonsini — one of SV’s top firms, and counsel over the years to many startup companies turned tech giants.
I was getting a little worried yesterday about the state of Biglaw bonuses. But a new day brings a new hope. Yesterday, Law360 (subscription req.) reported that Finnegan broke off a huge bonus payment that once again highlights how cheap Cravath and other Biglaw firms following Cravath have been this season.
Don’t get me wrong, Finnegan is a smallish “boutique” firm. And their bonuses are merit based as opposed to lockstep. It’s exactly the kind of place where they can post an eye-popping top number for the highest performing associates, while the rank and file aren’t doing all that well.
But even if Finnegan’s bonuses aren’t quite as magnificent as the firm would like you to believe, they still look impressive when compared to the low numbers Cravath and other lockstep followers have been dishing out. Eventually, you have to think that some of Cravath’s top talent will leave and try their hand someplace where their talents and hard work will be rewarded with cash….
In case you were wondering, it’s pretty much time to panic about the lack of spring bonuses. Believe it or not, Biglaw could actually allow bonuses to go down despite soaring profits. But that’s a post for another day.
The bad news today is that after a trend of firms easily topping the low bonuses set by the former “market leaders” at Cravath, we’re now looking at a firm that claims it is top tier, but is paying demonstrably less than the already sad CSM bonus amount.
Well, check that, if you bill upwards of 2400 hours at the firm, you might make a little more than your counterparts at Cravath. And hell, if you bill upwards of 2800 hours, you might really do well for yourself (which should help with the alimony payments after your spouse divorces you). But if you are just a standard, 2000 hour biller, the firm didn’t even match Cravath.
I don’t know, maybe making a pathetic bonus payment isn’t so much of an issue in Washington, D.C.?
Well, spring bonuses are officially late. Last year, Sullivan & Cromwell announced spring bonuses on January 21. Here we are on January 23rd, and we’re still waiting.
It’s too early to worry. Cravath essentially check-raised S&C with spring bonuses last year. There’s a good chance S&C is just trying to figure out how to avoid having that happen again.
I still think spring bonuses will be coming. There are just too many firms paying out more than Cravath in terms of bonus. Cravath partners might be getting high fives from partners around Biglaw for helping to keep bonuses low. But there are so many firms blowing past Cravath (and Cravath followers) that, eventually, the very smart people Cravath hires will wake up and realize they can make more money elsewhere.
The latest firm to make Cravath bonuses look small is Latham & Watkins. Their median bonus is especially more generous than CSM’s as people become midlevel or senior associates….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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