Bonuses

The start of the new Term of the Supreme Court of the United States is about a month away. So now is a good time to do a new round-up for Supreme Court clerk hiring. As it turns out, there are more than enough unreported hires for a fresh story.

And there’s other SCOTUS clerk news to share as well. Remember last year, when law firm signing bonuses for SCOTUS clerks hit a new high of $300,000? Well, try to stop yourself from turning green with envy, but some firms are now offering even more than that.

How much are these kids — and yes, many of them are kids, in their mid-twenties — taking home in signing bonuses? Yes, signing bonuses, on top of their usual six-figure associate salaries….

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Hop in the DeLorean and travel back in time with us.

We’ve been enjoying the occasional trip back in time to look at Biglaw in ages past. In prior Flashback Friday posts, we’ve covered such topics as the most prestigious law firms in 1998 and billable hours in the 1990s.

And, of course, we have covered compensation. We’ve done two posts so far looking at associate comp in the 1990s, in New York and in other cities — Atlanta, Boston, Chicago, Dallas, Houston, and Los Angeles.

Today we’ll close out the series with an overview of associate pay in the remaining markets of Philadelphia, Pittsburgh, San Francisco/Palo Alto, and Washington, D.C….

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During a time when demand for legal services is flat, average revenue per lawyer is down, and managing partners’ overall confidence in the market is slipping, the proper keeping of time for all of those billable hours generated by toiling associates has never been more important. For better or worse, law firms are desperately trying to incentivize associates to submit their hours on time.

As we mentioned way back in 2010, “Time keeping is more accurate when you do it every day (as opposed to trying to recreate your days at the end of the week or month). Firms are struggling to collect from their clients. And, for what it’s worth, billing hours is part of the job for attorneys.”

Another part of an attorney’s job is the ability to follow rules. One Biglaw firm just rolled out a new time entry policy, and if its associates don’t follow these rules, they can expect some pretty negative consequences when bonus season comes around…

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What’s more stressful: working in-house, or working at a law firm? Conventional wisdom might say that law firm life is more stressful — but that’s not the case for everyone, as recently explained by one of our in-house columnists, Susan Moon.

So in-house lawyers might be more stressed than many people think. But at least they’re getting paid a pretty penny to put up with all these headaches — mo’ problems, mo’ money?

That’s one conclusion to be drawn from Corporate Counsel’s new rankings of the nation’s best-paid general counsel. Conventional wisdom holds that in-house lawyers earn less than their Biglaw counterparts — but top in-house lawyers, the GCs of the nation’s largest companies, earn sums that meet or even exceed Biglaw partner pay….

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Hop in the DeLorean and travel back in time with us.

Last month, we took a look at associate compensation in the 1990s. Our post focused on the cities of Atlanta, Boston, Chicago, Dallas, Houston, and Los Angeles. We said that in the future we’d look at remaining major markets: New York, Philadelphia, Pittsburgh, San Francisco/Palo Alto, and Washington, D.C.

Today we’ll tackle Biglaw in the Big Apple. What were NYC salaries like in the last millennium?

double red triangle arrows Continue reading “Flashback Friday: A Look At Associate Compensation In The 1990s (Part 2)”

Last month, when we covered BuckleySandler’s midyear bonuses, we included a shout-out to Cahill Gordon. Cahill has paid out generous summer bonuses to its associates dating back to 2010, and we wondered whether the firm would continue the streak.

The answer: yes. Cahill just announced its latest summer bonuses. The timing is good, since rising 2Ls will soon be picking which firms to interview with during on-campus recruiting. (Note Cahill Gordon’s nice rise in the latest Vault 100 rankings, which are widely consulted by law students during the OCI process.)

How big are the Cahill midyear bonuses this time around?

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Hop in the DeLorean and travel back in time with us.

Some of our readers are old enough to remember the 1990s. It was, in my opinion, a glorious decade for popular music. (I have a collection of beloved cassette singles from that era.)

But we’re here to talk about the legal profession, not pop music. What were the nineties like for Biglaw?

Also glorious. There was a recession in the early 1990s, but for the most part, times were good. This was especially true near the tail end of the decade, when the booming dot-com economy filled the coffers of many large law firms (before the arrival of the early 2000s recession).

How much of that wealth trickled down to the associates? Let’s find out….

double red triangle arrows Continue reading “Flashback Friday: A Look At Associate Compensation In The 1990s (Part 1)”

“No, I’m cool that you might be making twice as much even though you skipped out to go to the Katy Perry concert.”

Propaganda is only partially about justifying horrible things to the masses. It’s also about salving the doubts of the oppressors. How can they be wrong when there’s a 70-foot statue dedicated to their divinity right there?

The slow march to opacity is one of the single worst developments in the Biglaw model over the last several years. Whether in the name of some half-baked strain of libertarian idealism or just to keep from being publicly judged by ATL readers, a few firms have increasingly moved compensation packages into a black box, starting with complex bonus award structures, then hiding even those frameworks, and now some even hide base compensation.

It’s an awful practice, and while some have the reputation to get away with it, it’s certainly frowned upon by lawyers and prospective lawyers steeped in the notion that this is a collegial profession.

So one firm put their public relations flaks on drafting a spirited defense of their black box so they can sleep better at night….

double red triangle arrows Continue reading “Orwellian Law Firm Says Its Lawyers LOVE Their Lack Of Transparency”

To quote a recent headline, Midyear Bonus Bonanza Unlikely In 2014. We’d agree with that, at least as a general matter. Midyear bonuses are so “unlikely,” in fact, that we haven’t received any emails from anxious associates asking us about the possibility of midyear bonuses.[1]

But there are exceptions to every rule. Which highly profitable, finance-focused law firm just announced bonuses for both lawyers and staff?

double red triangle arrows Continue reading “Associate Bonus Watch: Who Just Announced Midyear Bonuses?”

There’s lots of good partner-level news coming out of Morrison & Foerster. The firm has been hiring new partners (including a star of the bankruptcy bench and an FCPA guru), bringing back former partners, and making new partners.

What about associate-level news? That brings us to today’s topic of bonuses for MoFo associates (non-NYC)….

double red triangle arrows Continue reading “Associate Bonus Watch: Morrison & Foerster (Non-NYC)”

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