In case you were wondering, it’s pretty much time to panic about the lack of spring bonuses. Believe it or not, Biglaw could actually allow bonuses to go down despite soaring profits. But that’s a post for another day.
The bad news today is that after a trend of firms easily topping the low bonuses set by the former “market leaders” at Cravath, we’re now looking at a firm that claims it is top tier, but is paying demonstrably less than the already sad CSM bonus amount.
Well, check that, if you bill upwards of 2400 hours at the firm, you might make a little more than your counterparts at Cravath. And hell, if you bill upwards of 2800 hours, you might really do well for yourself (which should help with the alimony payments after your spouse divorces you). But if you are just a standard, 2000 hour biller, the firm didn’t even match Cravath.
I don’t know, maybe making a pathetic bonus payment isn’t so much of an issue in Washington, D.C.?
Well, spring bonuses are officially late. Last year, Sullivan & Cromwell announced spring bonuses on January 21. Here we are on January 23rd, and we’re still waiting.
It’s too early to worry. Cravath essentially check-raised S&C with spring bonuses last year. There’s a good chance S&C is just trying to figure out how to avoid having that happen again.
I still think spring bonuses will be coming. There are just too many firms paying out more than Cravath in terms of bonus. Cravath partners might be getting high fives from partners around Biglaw for helping to keep bonuses low. But there are so many firms blowing past Cravath (and Cravath followers) that, eventually, the very smart people Cravath hires will wake up and realize they can make more money elsewhere.
The latest firm to make Cravath bonuses look small is Latham & Watkins. Their median bonus is especially more generous than CSM’s as people become midlevel or senior associates….
We’re still catching up on bonus news that broke over the holidays. Remember, if we missed your firm, please let us know at firstname.lastname@example.org.
Just after Christmas, Dechert announced its 2011 end-of-year bonuses. I guess you’d call it a “match” of the Cleary Gottlieb scale. Dechert is paying a pro-rated bonus to first-year associates and has a top payment of $42,500 for very senior associates.
But Dechert isn’t a lockstep firm. You have to meet a requirement in order to get the bonus. That requirement looks very much like an hours requirement, but Dechert doesn’t want you (or its clients) to think that they have an hours requirement — so they have some kind of nebulous performance requirement that can most easily be defined with reference to hours.
Oh, and they’ll dock you if you didn’t input your time, on time, throughout the year….
The pace of announcements may have slowed down a bit, but make no mistake: we’re still in associate bonus season. If you have bonus news that we haven’t covered, even announcements dating back to last month, please email us (subject line: “[Firm Name] Bonus Memo”). We’re trying to keep as accurate a record as we can of Biglawbonuses, but we can’t do it without your help. Please don’t assume that someone else will send in the memo; that’s not always the case.
Now, on to today’s bonus news, which comes to us from Kasowitz Benson. The litigation powerhouse, which describes itself as “a national law firm primarily focusing on complex and sophisticated commercial litigation, numbering 375 lawyers,” announced its bonuses last Thursday, January 5.
As we get back to our regularly scheduled programming, it’s pretty obvious that bonus season has gotten a little bit ragged. This is what happens when the overdog, Cravath, fails to set bonuses at reasonable levels: firms get confused and try to do things to make it look like they’re clearing the ridiculously low bar Cravath has set. There are so many firms now with some kind of performance or hours mark that will allow at least one of their associates to say, “I made more this year than if I was working at Cravath.”
And that’s just the firms that have announced already. Other firms seem to be waiting to make their “year-end” bonus announcement because they don’t want to have to go back and dole out more money once somebody gets around to announcing spring bonuses. While it might be fun for Cravath and Sullivan & Cromwell to play chicken over who will announce spring bonuses first, there are a whole bunch of firms that are just sitting around waiting to find out how much they are going to have to pay.
And there are a bunch of associates who are starting to wonder if they’ll be getting any kind of bonus at all.
So who did we miss? Who still owes you a bonus announcement?
In our recent post on the top 10 most generous large law firms — based on analysis by ATL’s new director of research, Brian Dalton — the firm of Hogan Lovells placed second. Under the rankings, this meant that Hogan partners are taking the second-biggest hit to their own bottom lines in order to keep their associates happy and well-compensated.
But is this still the case today? Based on what we’re hearing about the most recent Hogan bonuses, announced shortly before Christmas, one wonders whether the Ho-Love partners have turned from Santas into Scrooges….
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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