Bonuses

There hasn’t been much major good news on the associate compensation front over the past few years — since, say, January 2007. But recent weeks have brought pockets of minor good news for limited constituencies. Green shoots, anyone?

In Miami, Greenberg Traurig raised starting salaries by 16 percent, from $125,000 to $145,000. In New York, Sullivan & Cromwell and Skadden Arps started offering $300,000 signing bonuses to Supreme Court clerks.

And now $300K bonuses for SCOTUS clerks have spread, to other law firms in other cities. Consider this the new going rate for top-shelf talent….

double red triangle arrows Continue reading “It’s Official: Supreme Court Clerkship Bonuses Hit A New High”

Very few people work in Biglaw for the thrill of being surrounded by lawyers. Nor are Biglaw refugees heard lamenting, on the odd chance they are lamenting leaving Biglaw at all, the fact that they are no longer surrounded by fellow attorneys. What do they miss, if anything? The money.

Biglaw refugees are not the only ones stirred by the thought of Biglaw’s outsized profits. Those profits are the nectar that draws the droves of worker-bee law students into the welcoming embrace of law schools. And the gruel that sustains the overworked bodies and minds of Biglaw’s associates and junior partners as they slave in the mineshafts hoping for their day in the sun. Biglaw’s millions are also the elixir that lubricates the arthritic joints of senior partners who insist on staying in their positions of power well past the expiration dates that their forebears adhered to. More than ever, it is about the money….

double red triangle arrows Continue reading “How Much Do You Make — And Why?”

A $500,000 associate? (Click to enlarge.)

Base salaries for Biglaw associates haven’t budged since January 2007, when Simpson Thacher led the charge to $160k. Year-end bonuses have remained fairly static since 2007 as well, the year of Cravath’s special bonuses. The 2012 bonuses represented an improvement over the 2011 bonuses, but only if you ignored the 2011 phenomenon of spring bonuses. On the whole, associate compensation is treading water.

But for Supreme Court clerks, aka “The Elect,” compensation continues to climb. In 2011, the signing bonus for outgoing SCOTUS clerks started to move from $250K to $280K. In 2012, the increase solidified, with $280K becoming the new going rate (and $285K becoming the above-market rate).

Now, just a year later, some firms are offering SCOTUS clerkship bonuses in excess of $280K or $285K. How much are they paying, and which offices of which firms are leading the market higher? The answer might surprise you….

double red triangle arrows Continue reading “Are Supreme Court Clerkship Bonuses Climbing Again?”

No change to spare for Quinn Emanuel associates.

Earlier this month, when we wrote about Cahill Gordon’s summer bonuses, we floated a question about mid-year bonuses at other firms. Specifically, we wondered if Quinn Emanuel, a top-flight litigation shop that paid such bonuses last year, would do so again.

After hearing rumors of no mid-year bonuses at QE, we reached out to the firm for comment. Founding partner John Quinn confirmed the reports, correctly noting that the market has not paid spring or summer bonuses this year.

John Quinn also denied various other rumors about Quinn Emanuel, to which we now turn….

double red triangle arrows Continue reading “Associate Bonus Watch: No Mid-Year Bonuses at Quinn Emanuel (Plus Other QE Rumors)”

GCs did very well for themselves last year.

At our recent Seattle event with in-house counsel — by the way, thanks to all the attendees and to Recommind, our sponsor — I asked the panelists about what they most enjoy about in-house practice. Christi Muoneke of DocuSign and Brad Toney of Classmates Media both discussed the satisfaction they get from working for a single client on interesting issues that call for both legal and business judgment.

Of course, there are many other good things about working as an in-house lawyer (which is why in-house posts are so coveted). Liberation from the billable hour is one big advantage. Healthy pay packages are another.

At junior levels, Biglaw associates who go in-house might take a pay cut (although not necessarily). But many of the top dogs of the in-house world earn amounts that far outstrip average partner pay.

Let’s take a closer look at Corporate Counsel’s recently released rankings of the nation’s best-paid general counsel. Some GCs enjoy pay packages that make Biglaw partners look like paupers….

double red triangle arrows Continue reading “Who Are America’s Best-Paid General Counsel? (2013 Rankings)”

Isn’t it a bit early to be pocketing bonus money?

As law students gear up for fall recruiting season — yes, the Biglaw gravy train still accepts new passengers, even if not as many as before — some rising 2Ls might start to think, after researching firm after firm, “All of these places sound alike! They all have cutting-edge practices in bet-the-company litigation or cross-border M&A. They all have collegial cultures and ‘no screamers.’ They’re all committed to diversity and pro bono.”

But there are real differences between law firms. If you doubt this, just check out Above the Law’s Law Firm Directory. You can see the different letter grades we’ve assigned to firms, based on reports from lawyers who work at each firm and on overall industry reputation.

Further proof that law firms aren’t all the same: while some firms are giving out pink slips, others are issuing bonus checks. And we’re in the middle of July, not exactly peak bonus season. What gives?

double red triangle arrows Continue reading “Associate Bonus Watch: Cahill Summer Bonuses Are Back”

Unlike the latest Harmony Korine movie, filled with neon bikinis, former Disney princesses. and James Franco in bad dreads, my Spring Break consists of hanging with my kids while my wife works 24/7 on a grant application. We don’t make annual pilgrimages to Turks and Caicos; we make bi-weekly trips to Wegmans. But you know what? I signed on for this, and no amount of island sand can replace the sound of my younger boy reading a bedtime story to his little sister for the first time last night.

I read with interest the compensation package for the anonymous in-houser that Lat posted yesterday. In the comments, I pointed out that the package wasn’t outrageous or impossible, just that it was (way) outside of the norm. And that is okay. I chose this life and I am happy to say that it has been a soft landing for me. I have a good job, in a real estate market that is hard to beat — anywhere.

Lat is correct that Susan, Mark and I need to be circumspect about compensation; it would not do for our employers to see a pay scale pasted on these pages. So what can I say about my comp?

double red triangle arrows Continue reading “House Rules: Spring Breakers”

As regular readers of Above the Law know, we offer a wealth of content for in-house counsel. We have three in-house lawyers at major corporations who write columns for us — Mark Herrmann, Susan Moon, and David Mowry — and we supplement their coverage with additional in-house posts by our other writers.

One subject that our columnists tend to shy away from, for understandable reasons, is that of in-house compensation. They’ve written in general terms about comp issues, but they haven’t, say, divulged hard numbers about how much they earn.

But one of our in-house readers reached out to us and did exactly that. Let’s find out how much this person makes. The claim: in-house lawyers are better paid than you might expect….

double red triangle arrows Continue reading “In Defense of In-House Counsel Compensation”

Many good things can be said about Jenner & Block. Above the Law readers who work there give it an overall grade of A-minus. It’s a top law firm for diversity.

The firm has a long and distinguished history of pro bono work. And it’s a leader in the area of government service. Many of its lawyers used to work at the Justice Department, the White House, and other top governmental entities. And many high-ranking government lawyers, such as solicitor general Donald Verrilli Jr., used to work at Jenner.

But what if you’re less interested in public service and more interested in debt service — specifically, retiring your own substantial law school loans? Is Jenner the best place to work?

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

Clients seem to be pleased with McDermott Will & Emery these days. The firm jumped up 19 places in the latest survey of best law firm brands.

And associates appear to be happy too. Bonuses for 2012 were just announced at MWE, and the general reaction is positive.

McDermott traditionally announces bonuses later than many other firms. It seems that the latest MWE bonuses were worth waiting for….

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

Page 7 of 651...34567891011...65