Associate Bonus Watch

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)”

Earlier this month, we asked: What’s Going On At Kirkland & Ellis? Some observers wondered whether K&E, arguably the nation’s best overall law firm, was experiencing an unusually high number of prominent partner departures.

We received some interesting responses from Kirkland sources, some defending the firm and some more critical. Let’s hear what these readers had to share with us….

double red triangle arrows Continue reading “An Update On Goings On At Kirkland & Ellis”

Congratulations to the 10 new partners at Bingham McCutchen. They’re a diverse group, coming from a wide range of practice areas and six different offices. The gender balance could be better — only two of the new partners are women — but on the bright side, the group includes two former Supreme Court clerks.

And congratulations to Bingham McCutchen associates on their bonuses, which the firm announced yesterday. How are they looking?

double red triangle arrows Continue reading “Associate Bonus Watch: Bingham McCutchen”

There seems to be lots of good news emanating from Akin Gump these days. Last month, for example, the firm won the Above the Law holiday card contest — a contest it has traditionally dominated, with two wins under its belt.

A cool holiday card is fun, but above-market bonuses are funner. And it seems that Akin Gump can boast about bonuses now too.

This is quite a departure from last year. Why are Akin associates so happy about their bonuses?

double red triangle arrows Continue reading “Associate Bonus And New Partner Watch: Akin Gump”

Some large law firms, when announcing year-end associate bonuses, also announce base salaries for the new year. In Biglaw, the salary scale hasn’t budged since January 2007, when Simpson Thacher announced the $160K scale (providing for base salaries ranging from $160,000 for first-year associates to $280,000 for eighth-year associates).

You could view this as a compensation cut, since we have had some inflation (even if not high inflation) since 2007. According to the inflation calculator of the Bureau of Labor Statistics, $160,000 in 2013, the latest year available, had the same buying power as $142,407 in 2007. Of course, law school tuition has climbed quite a bit since 2007 — so even for the lucky souls who land Biglaw jobs, the value proposition of a law degree isn’t as appealing today as it was back in 2007. You’re paying more for a degree that gets you less.

What’s the solution? Work for a firm that will pay you more than $160,000 as a starting salary, of course! Let’s say hello to the newest member of the $160K-Plus Club….

double red triangle arrows Continue reading “The $160K-Plus Club: A Boutique With Biglaw-Beating Bonuses”

Back in 2011, we complained about the complexity of Vinson & Elkins’s compensation system, which involved a deferred compensation arrangement. The next year, the firm fixed it.

Last year, when ATL readers rated Texas law firms, Vinson & Elkins came in #5 out of 6 firms in terms of associate satisfaction with compensation. But maybe the firm has fixed that as well?

Based on the reports we’ve heard so far, associates at V&E are in fact V.E. — “Very Elated” — about their bonuses….

(Please note the very important UPDATE added to the end of this post — and reflected in our tinkering with the title. Some people are less than thrilled….)

double red triangle arrows Continue reading “Associate Bonus Watch: Very Elated At Vinson & Elkins”

Years ago, back when I was in Biglaw, I had an unpleasant interaction with Kasowitz Benson. I will spare you the details — they involved who would pay the costs for photocopying certain documents (in the ancient days before e-discovery) — but the Kasowitz lawyer made a promise that she did not honor. I thought to myself, “Watch out when dealing with Kasowitz Benson.”

That’s probably wise advice — not just for folks litigating with Kasowitz, but also for people applying to work there. Last year, we covered KBTF’s exploding offers during fall recruiting and cold offers to summer associates — practices that are frowned upon, to put it mildly.

And now we have new allegations of shadiness at Kasowitz, this time coming from people already working at the firm as full-time associates. They involve the hot-button subject of associate bonuses….

(Please note the multiple UPDATES at the end of this post.)

double red triangle arrows Continue reading “Associate Bonus Watch: Bogus ‘Benchmark’ Bonuses At Kasowitz Benson?”

It has been a while since we last covered bonuses at WilmerHale. For whatever reason, associates at the firm are generally tight-lipped on the subject. Given WH’s merit-based compensation system, perhaps bonuses are too individualized to be comfortably discussed.

What can be said about bonuses at WilmerHale? According to Chambers Associate, bonuses go to lawyers who bill 1900+ hours. According to responses to the ATL Insider Survey, these bonuses could be better: even though WilmerHale is a “great” firm with “wonderful” people, “[t]he ‘merit based’ compensation structure is a thinly veiled cost-saving measure.”

But are bonuses getting better at WilmerHale? Maybe….

(Please note the multiple UPDATES added to the end of this post.)

double red triangle arrows Continue reading “Associate Bonus Watch: Happy Campers At WilmerHale?”

When we recently ranked top law firms based on responses to the ATL Insider Survey, readers raved about Wilson Sonsini, which took the #5 spot on our list of the top 12 firms. According to one respondent, the firm boasts “entrepreneurial meritocracy, the best client base, endless opportunities, and smart helpful people. It is a unique place, perfect for the self-motivated overachiever.”

In terms of the five specific survey metrics, Wilson fared best in the compensation department. On a 10-point scale, WSGR scored an impressive 8.73 (out of 10) in terms of satisfaction with pay. (The firm’s other scores: 8.63 for culture, 8.33 for training, 7.80 for morale, and 7.33 for hours.)

But will Wilson Sonsini be able to maintain its high score on the comp front? Not everyone is happy with the firm’s latest bonuses….

(Please note the multiple UPDATES added to the end of this post.)

double red triangle arrows Continue reading “Associate Bonus Watch: Discontent At Wilson Sonsini?”

Congratulations to the Latham & Watkins lawyers who participated in Movember. In November 2013, Team Latham raised more than $7,000 to fight testicular and prostate cancer. Movember might have hurt Procter & Gamble’s bottom line, but it helped raise awareness of important issues in men’s health.

And congrats to Latham lawyers on their 2013 bonuses. The bonuses were announced last Friday and will be paid this Friday.

(Yes, law firm season rolls on, even though it’s past its peak. We’re working on a few bonus stories but need additional data points on some firms — e.g., WilmerHale. If you can help us out, please email us or text us: 646-820-8477.)

If you want to see a bunch of Latham lawyers sporting facial here, click here. If you want information about Latham bonuses, including but not limited to the firm’s bonus memo, keep reading….

double red triangle arrows Continue reading “Associate Bonus Watch: Muted Reaction At Latham & Watkins”

Page 1 of 2212345...22