Bonuses

Where My Boies At? Some Wonder About April Bonuses at Boies Schiller

By

Over the past few weeks, we’ve heard some surprising rumblings of discontent from Boies Schiller. Why do we say “surprising”? Because the complaints have been about compensation, which is typically something that BSF lawyers never complain about.

Boies Schiller, the litigation powerhouse founded by the legendary David Boies, is an amazing firm. Its lawyers work on some of the biggest and most important cases of our time, and their compensation reflects that. In addition to paying above-market base salaries — the BSF scale starts at $174,000 — the firm pays bonuses that blow the NYC market out of the water.

In recent years, Boies has made two bonus payments to associates, one in December and one in April. But this year, April came and went, and many lawyers did not receive any payout. Of those who did receive payments, many were surprised at the small size.

So what happened? Did the relative cheapness of the disappointing spring bonuses at Sullivan & Cromwell trickle down (or up) to Boies Schiller? Let’s discuss….

double red triangle arrows Continue reading “Where My Boies At? Some Wonder About April Bonuses at Boies Schiller”

Sign up for the Above the Law newsletter

Subscribe to our free daily email and get breaking news, commentary, and opinions on law firms, lawyers, law schools, lawsuits, judges, and more.

Confirmation That Quinn Emanuel’s Spring Bonuses Will Be Much Better Than Sullivan & Cromwell’s

By

Don’t look now, but there is a spring bonus war brewing. I’m serious. Don’t be fooled with the way most Biglaw firms are trying to pretend that spring bonuses don’t exist. Two of the most profitable firms have entered into the spring bonus fight. And they are not in lockstep with each other.

We are, of course, talking about Quinn Emanuel and Sullivan & Cromwell. Quinn announced the fact of spring bonuses before S&C, but they didn’t announce any numbers. When S&C came out with its paltry spring bonuses a few days later, we didn’t have anything to compare it to.

Well, now we do. And the QE numbers are not going to make S&C associates happy…

double red triangle arrows Continue reading “Confirmation That Quinn Emanuel’s Spring Bonuses Will Be Much Better Than Sullivan & Cromwell’s”

Cravath: Your Move On Spring Bonuses

By

If you consider Sullivan & Cromwell’s Spring Tip as if it were a real tip on a meal that cost $160,000, S&C tipped at .6%. Not 6%, but .6%.

Cravath Swaine & Moore should be able to match that if every partner at the firm went home and shook the loose change out of their couches.

So, I’m not even going to ask if they’ll match. That’s a pathetic question. I’m going to ask if Cravath will beat the S&C spring bonus.

I mean, it’s not hard. S&C has set the bar so low that Cravath can crawl over it. For the love of God, I’ll get a better “spring bonus” from Breaking Media than S&C associates are getting.

If Cravath moves, we can assume S&C will follow….

double red triangle arrows Continue reading “Cravath: Your Move On Spring Bonuses”

Breaking: Sullivan & Cromwell Announces (Paltry) Spring Bonuses

By

Lat here. In late March, I wrote a story with this title: “Sullivan & Cromwell Will Pay Spring Bonuses — But Will They Be Too Small To Be Worth Matching?”

I’m sad to report that my prediction has come to pass. Sullivan & Cromwell has announced spring bonuses, but they’re nothing to write home about. They are probably too modest for other firms to bother matching. The spring bonuses of Quinn Emanuel will surely exceed the S&C amounts.

Sullivan promised spring bonuses in its 2011 year-end bonus memo, and it reiterated that promise on subsequent occasions. But the powers that be at S&C never said anything as to amounts, leading some to forecast wimpy payouts.

So how much are we talking about? Let’s find out, and get some color commentary from my colleague, Elie Mystal….

UPDATE (4:20 PM): We’re continuing to update this post. Go after the jump and refresh.

double red triangle arrows Continue reading “Breaking: Sullivan & Cromwell Announces (Paltry) Spring Bonuses”

Associate Bonus Watch: Quinn Emanuel Will Pay Spring Bonuses

By

Two weeks ago, we talked about how hard Quinn Emanuel associates are working. Now we get to talk about how well Quinn Emanuel associates get paid.

In its year-end bonus memo, issued this past December, Quinn Emanuel said the following:

We know some firms have indicated they will pay additional bonuses this Spring. While we are not announcing any specific level of Spring bonuses now, we will certainly match any bonuses that other competitive firms may offer.

But while we wait for Sullivan & Cromwell to live up to its spring bonus promise, Quinn has become not a spring bonus follower, but a spring bonus leader….

double red triangle arrows Continue reading “Associate Bonus Watch: Quinn Emanuel Will Pay Spring Bonuses”

Today Is ‘International Be Kind to Lawyers Day’ — So How ‘Bout Those Spring Bonuses?

By

In case you haven’t heard (and you probably haven’t), today is apparently International Be Kind to Lawyers Day. So what are people supposed to do on this high holy day for lawyers? Scream “I’m ga-ga over my attorney!” out their windows? Work the phrase “I object!” into everyday conversations (as suggested by the creator of this event)?

Well, we’ve got an idea that we think our audience will really appreciate. Because the best way to be kind to lawyers in Biglaw is to show them the money. On that note, where are the spring bonuses?

double red triangle arrows Continue reading “Today Is ‘International Be Kind to Lawyers Day’ — So How ‘Bout Those Spring Bonuses?”

Sullivan & Cromwell Will Pay Spring Bonuses — But Will They Be Too Small To Be Worth Matching?

By

Today brings additional intelligence about spring bonuses at Sullivan & Cromwell (on the heels of yesterday’s report). This information has broad relevance within Biglaw because it’s clear that spring bonuses won’t happen on a large scale unless S&C moves. Four managing partners have already made clear to Am Law Daily that they won’t pay out unless they’re forced to do so. Any such forcing would presumably be done by S&C, which was the first mover behind last year’s spring bonus trend.

From the perspective of associates, there’s good news coming out of S&C, and there’s bad news. Which do you want to hear first?

double red triangle arrows Continue reading “Sullivan & Cromwell Will Pay Spring Bonuses — But Will They Be Too Small To Be Worth Matching?”

An Oracular Utterance from Sullivan & Cromwell on Spring Bonuses

By

H. Rodgin Cohen

Yesterday I got to chat with H. Rodgin Cohen, one of the nation’s leading corporate lawyers. Cohen has been accurately described by the New York Times as “the dean of Wall Street lawyers” as well as the “trauma surgeon of Wall Street” (for his heroic work rescuing the nation’s financial system during the 2008 financial crisis).

When he’s not working on bank mega-mergers, Cohen plays a major role in running the venerable firm of Sullivan & Cromwell, where he has spent his entire legal career (except for two years as an Army lawyer). He served as chairman of the firm from 2000 until 2010, when he passed his crown to Joseph Shenker, but Cohen continues to serve in the role of “senior chairman.”

So of course I asked Rodge Cohen about a very hot topic: spring bonuses. What did he have to say?

double red triangle arrows Continue reading “An Oracular Utterance from Sullivan & Cromwell on Spring Bonuses”

Dewey Bonuses Are Going to Be Late This Year

By

If this were a nature show, Dewey & LeBoeuf would be a prey animal that looks normal to the naked human eye, but you can deduce that it’s seriously wounded because of the vultures circling around overhead. Everybody seems to be waiting for things to go from bad to worse.

Of course, according to Dewey management, everything is going just fine. I mean, what do you expect them to say? It’s Dewey, not Gondor. The managing partner isn’t going to have press conference where he screams, “Abandon your posts! Flee! Flee for your lives!”

Instead, we have this quote from Dewey Chairman Steven Davis in the Wall Street Journal (subscription): “We are producing the best work in the history of the firm and producing some of its strongest ever results… The overwhelming majority of our partners are excited about our future.”

Uh huh.

Well, apparently those “strongest ever results” aren’t translating into “cash money” for people who work at the firm….

double red triangle arrows Continue reading “Dewey Bonuses Are Going to Be Late This Year”

It’s the First Day of Spring: Has Sullivan & Cromwell Officially Lied About Spring Bonuses?

By

Do you remember the first time you said “but you promised” to somebody who was probably older than you and in the process of not giving you what they said they’d give you? It’s a pathetic feeling: you’ve been counting on something, you see it being pulled away from you, and all you can do is throw yourself upon the mercy of another person’s sense of fair play.

That hopeless feeling is what Sullivan & Cromwell lawyers are feeling as a globally-warmed winter gives way to spring. S&C promised they’d be paying spring bonuses. But here we are, in the spring, and the firm is still silent.

Did they think everybody would forget? Or do they just think that breaking their word is no big deal?

double red triangle arrows Continue reading “It’s the First Day of Spring: Has Sullivan & Cromwell Officially Lied About Spring Bonuses?”

Associate Bonus Watch: Jenner & Block

By

In late February, bonuses were announced at Jenner & Block. The firm has an individualized bonus system, so there’s no table to pass along.

And it’s harder to assess associate reactions to bonuses in a non-lockstep system. But we’ll give it a shot, and we’ll also share with you some information provided by the firm itself….

double red triangle arrows Continue reading “Associate Bonus Watch: Jenner & Block”

Associate Bonus Watch: McDermott Will & Emery

By

Yes, we know: everyone is waiting for, hoping for, and praying for spring bonuses. We’ve been banging on that drum repeatedly in these pages, but let’s be honest: aren’t we just waiting on Sullivan & Cromwell? As far as we know, S&C is the only firm that stated, in its year-end bonus memo, that it “currently expects to pay a bonus in the Spring.” If Sullivan moves, others will; if it doesn’t, then we’ll be waiting a long time.

Anyway, here’s a sign of how late spring bonuses are. Last year, McDermott Will & Emery issued a consolidated bonus announcement, in which it combined year-end and spring bonuses. This time around, well, there’s nothing to combine.

But let’s get into it anyway. Last week, McDermott informed individual associates of their bonuses. What do MWE associates think of their pay?

double red triangle arrows Continue reading “Associate Bonus Watch: McDermott Will & Emery”