We’re away from the internet for a few hours — to attend a friend’s art opening, followed by drinks and dinner — and lo and behold, the first big bonus announcement comes in.
That’s what we get for stepping away from our computer on a Friday night. We had a feeling that today might be the day.
Anyway, thanks to everyone who brought the news to our attention. With apologies for the ridiculous and inexcusable delay — go ahead, rank on us, we deserve it — here’s the (real) Milbank Tweed bonus memo:
MEMORANDUM TO ASSOCIATES
In The Classes of 2006 – 1998
The Firm is very pleased to announce that we will again be paying special year-end bonuses this year to all associates in the classes of 2006 to 1998. Bonuses will be paid on or before January 16, 2007 to associates who are in good standing and actively employed with us on the date the bonuses are paid. Bonuses will be prorated to reflect 2006 start dates, part-time schedules and unpaid leaves of absence. Bonuses will range between $30,000 and $65,000 depending on class year as follows (and will be paid in local currency equivalents where appropriate at the then current exchange rate):
Class of 2006 – $30,000
Class of 2005 – $35,000
Class of 2004 – $40,000
Class of 2003 – $45,000
Class of 2002 – $50,000
Class of 2001 – $55,000
Class of 2000 – $60,000
Class of 1999 – $65,000
Class of 1998 – $65,000
The Firm sincerely thanks you for your many contributions and extends best wishes for a very happy and healthy holiday season.
THE EXECUTIVE COMMITTEE
The memorandum’s authenticity has been confirmed to us by multiple sources. Furthermore, Milbank chairman Mel Immergut even made on-the-record comments about the firm’s bonuses to the WSJ Law Blog.
So this is news you can take to the bank. Happy Holidays, Milbank Tweed associates!
Milbank’s Bonus…The Real Deal [Infirmation/Greedy NY]
Memorandum to Associates [AutoAdmit.com]
Get Ready to Celebrate — Bonus News Is In [WSJ Law Blog]
Earlier: Associate Bonus Watch: The Milbank Memo Is Fake
Associate Bonus Watch: The Milbank Memo Is REALLY Fake
Prior ATL coverage of bonuses (scroll down)
Biglaw
Once again, no news. But something might happen today, if the first mover tries to lowball the market. Friday afternoons are the optimal time for breaking bad news.
We never tire of saying this: As soon as you learn of a bonus announcement, even if completely uncorroborated, please email us. We will then go investigate.
This is true even if the bonus announcement is just something you see on a message board. We check the message boards regularly; but when it comes to big bonus news, the faster word gets out, the better. Don’t worry about sending us a duplicative message. We’d rather receive lots of emails with the same tip than be even half an hour late in reporting a key announcement.
In the meantime, as everyone frets, it’s important to maintain a sense of perspective. Earlier this week, we reminded you Biglaw associates that things could be worse. An in-house lawyer in the Midwest is overjoyed just to get a second microwave in his break room. So be grateful for your bonus, even if it’s not as large as you expected.
But if you don’t find that persuasive, let’s approach the issue from the other side: Why are you getting so worked up over your bonuses? They’re piddling!
If you want to talk about serious cash, consider what Wall Street CEOs are expected to receive as bonuses this year. Or if that’s too grandiose a comparison — after all, they’re CEOs of huge multinational corporations — check out the reported bonuses going to some four dozen Goldman Sachs employees.
We feel your pain. We wish we found finance fascinating too.
Earlier: Prior ATL coverage of bonuses (scroll down)
- Biglaw, Bingham McCutchen, Canada, Dechert, Fish & Richardson, Gibson Dunn, In-House Counsel, Jenner & Block, Kirkland & Ellis, Musical Chairs, Pillsbury Winthrop, Ropes & Gray, White House Counsel
Musical Chairs: 12.07.06
By David LatAt the White House:
* On the heels of Christopher Oprison and Cheryl Stanton, former Wilmer Hale partner Paul Eckert joins the White House Counsel’s Office.
Lateral Moves:
* Nicholas H. Politan, to Gibson Dunn & Crutcher (NY), from Bingham McCutchen, where he served as co-head of the project and structured finance group.
(Wild guess: He’s the son of former federal judge Nicholas H. Politan (D.N.J.).)
* IP litigator Duane David-Hough, to Fish & Richardson, from Ropes & Gray (NY).
A few more moves, plus links, after the jump.
Still no news. The message boards are quiet (aside from complaints about the “trolls,” and admonitions not to “feed” them).
At this point in time, we’re guessing that no major bonus news will break this week. But we’re happy to be proven wrong. As soon as you hear something, please email us.
Last night, a fake Willkie Farr bonus memo was making the rounds (just like the fake Milbank Tweed bonus memo). We posted the memo quickly, in the interest of timeliness, but papered it up and down with disclaimers: unconfirmed, not verified, do not rely, etc. An hour or two later, after conferring with our Willkie sources, we came back and declared it to be fake.
Some folks were annoyed that we posted the fake memo to begin with. So we’d like to explain how we operate around here, by quoting from two reader comments. Comment 1:
ATL posts them immediately because these things are time-sensitive. No one should rely on this info before it gets confirmed, but the easiest way to confirm it is to get it out to a wide audience quickly and let it be debunked. I for one don’t care whether it’s initially accurate or not, I just appreciate the effort to shed light on one of the many mysterious aspects of big firm life — compensation.
And comment 2:
The blogosphere way of doing things is to publish stuff ASAP, then to correct or modify as the story develops. The mainstream media way of doing things is to hold a story – sometimes for a long time – until it’s all confirmed. It is not surprising that ATL takes the blogosphere approach.
Also, when ATL originally posted the memo, there were boldface, all-caps disclaimers all over the post. You’d have to be a moron to rely upon anything posted with all those caveats.
So this is how we’re going to operate around here. We’ll put up purported “bonus memos” ASAP, but with disclaimers, while we work on confirming and fact-checking them. But please don’t treat such memos as authentic until we append a confirmation (or remove the disclaimers).
Striking a balance between speed and accuracy is a constant struggle, in both the blogosphere and the mainstream media. This is our explanation of how we strike the balance; we hope you find it helpful. Thanks for reading.
Earlier: Prior ATL coverage of bonuses (scroll down)
The fake bonus announcement memos really aren’t that funny, people. Everybody gets all worked up for an hour or two, and then the ruse is exposed.
The purported Willkie Farr bonus memo, which surfaced earlier tonight, is not authentic. From one of our sources at Willkie:
This is clearly a fake. FYI, Willkie never sends out bonus memos this early in December, and in any event, it wouldn’t come from Matt Feldman, who is a bankruptcy partner. It would come from someone like Jack Nusbaum (chairman) or Thomas Cerabino (a high-ranking partner on the Executive Committee).
This was confirmed by a second Willkie source, who reported receiving no such memo.
We have sources at pretty much all the top firms. It doesn’t take us very long to contact them for confirmation (or denial). We also have no qualms about contacting the supposed senders of these memos, whether they’re HR people or Biglaw partners, for verification and comment.
So please stop wasting your time — and ours. Thank you.
Earlier: Associate Bonus Watch: Willkie’s Bonus Memo???
Prior ATL coverage of bonuses (scroll down)
Update: As explained here, the supposed Willkie Farr “bonus memo” reprinted below is a fake.
From: “Matthew A. Feldman”
Sent: Wednesday, December 06, 2006 6:29 PM
To: XXXXXXXXXXXXXXXXX
Subject: Associate Bonuses
We are pleased to announce that the firm will once again award year-end bonuses for associates.
Class of 2006 – $40,000
Class of 2005 – $45,000
Class of 2004 – $55,000
Class of 2003 – $60,000
Class of 2002 – $70,000
Class of 2001 – $80,000
Class of 2000 – $95,000
Class of 1999 – $110,000
Class of 1998 – $120,000
The Compensation Committee thanks everyone for their hard work in making 2006 a successful year.
Matthew A. Feldman
xxxxxxxx@willkie.com
787 Seventh Avenue
New York, N.Y. 10019-6099
T: 212-xxx-xxxx
F: 212-xxx-xxxx
Willkie bonuses announced [Infirmation/Greedy NY Board]
We haven’t heard anything yet on law firm associate bonuses. The message boards are pretty quiet, intramural insults aside.
There is a rumor going around of “$50K for 1st years” as the likely rate, but it’s just a rumor. No announcement memos yet.
What’s not in doubt is that Biglaw lawyers WILL be getting a bonus — which is something to be grateful for. Outside of the top law firms, the “bonus guessing game” isn’t much of a pastime.
To put things in perspective, here’s an email we received from a lawyer in the midwest, who works in-house for an engineering and construction company:
Well, *I* just got a zip-line lanyard for my ID badge. Suck on that you NY Biglaw Associates. Throw in the facts that they (1) just added a *second* microwave to our break room and (2) gave me a new hard hat, and it’s an early flippin’ Christmas! Yeah, that’s right, living the dream, baby! Living the dream!
So when you start fretting about the size of your bonus, remind yourself: at least you know you’ll be getting one. Not every lawyer in America can count on tens of thousands of dollars just showing up this month.
(But yeah, we know: Not every lawyer in America bills over 2500 hours a year.)
Once again, please contact us ASAP, as soon as you hear anything official. You can reach us by email (tips AT abovethelaw DOT com). Anonymity of all tipsters is guaranteed, unless you request otherwise. Thanks.
Earlier: Prior ATL coverage of bonuses (scroll down)
- Biglaw, Boutique Law Firms, Crime, Fashion, Fat People, Holidays and Seasons, Kids, Malpractice, Non-Sequiturs, Solo Practitioners, Tobacco / Smoking, Tort Reform
Non-Sequiturs: 12.06.06
By Stella Q* Pity the petty, Tommy Bahama-wearing victims of the defectively long and narrow armrests of Metro-North commuter trains. [New York Times]
* Dr. Daniel goes to prison after lubing up the Beverly Hills ladies… in a bad way. [Los Angeles Times]
* Small firms are great and all, but can they afford the luxury of a Holiday Extravaganza in the cafeteria? [Build a Solo Practice, LLC]
* A crime against the Christmas spirit? No, just a mom charging her kid with petty larceny. [The Smoking Gun via CrimLaw]
* Remember that ninth-grade health ed presentation on the dangers of smoking, with the gross photos of cancerous lungs? That is when the statute of limitations should start running. (The SOL in trans-fat cases, because it’s only a matter of days now, should run the day you realize you can’t see your penis anymore.) [Point of Law]
As we mentioned this morning, we’re all still waiting for the big announcement of law firm associate bonuses. And we’re getting antsy.
Well, misery loves company. Are you looking for people to commiserate with in your anxiety-ridden state? Then go join this Facebook group:
NY BIGLAW Bonuses better be HUGE [Facebook]
Earlier: Prior ATL coverage of bonuses (scroll down)
Waiting for an announcement of law firm associate bonuses? Take a number. Right now we’re exactly where we were yesterday: No news.
And no news isn’t necessarily good news. In our morning review of the message boards, this was the most interesting post:
The reason why no firm has announced yet is due to the fact that total comp will remain unchanged from last year to this. I work for a headhunter who talks with partners from different firms around the city. She tells me that almost every partner she talks to wants to see total comp unchanged year-over-year. She believes that no firm wants to lead with a decreased bonus from last year, and that is why no one has come out yet.
So don’t expect much in the way of a bonus this year and don’t go crazy buying stuff because your bonus may be much less than what you were expecting.
Now, this isn’t our personal prediction (and several subsequent posters took issue with this analysis). We’re guessing that there will be SOME increase in total compensation, even if it’s relatively modest.
But it’s certainly possible that the first mover will TRY to keep total compensation unchanged. After the first-mover firm gets leapfrogged, even if modestly, by a competitor, they will then match that competitor. And voila — the new market rate will be set.
Even if we don’t share this poster’s pessimism, though, we did want to draw your attention to this possibility. Think of it as an ATL public service announcement. Don’t count your chickens — or buy that new flat-screen plasma tv — before the bonus eggs are hatched.
P.S. As always, we implore you to notify us promptly, by email, as soon as you hear any actual bonus news. Please don’t assume that we already know about the news, that someone else will tell us, etc. We’d rather get dozens of repetitive emails than miss out on a big announcement.
Total comp to remain unchanged [Infirmation / Greedy NY Board]
Earlier: Prior ATL coverage of bonuses (scroll down)
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