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.
But there are exceptions to every rule. Which highly profitable, finance-focused law firm just announced bonuses for both lawyers and staff?
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….
The fable of the ant and the grasshopper may have lessons for the world of large law firms.
As regular readers of Above the Law well know, most major law firms — with a fewnotableexceptions — did not pay spring or mid-year bonuses in 2012. Our associate readers generally viewed this news with disappointment, while our partner readers had less of a problem with it.
But perhaps even associates should have been supportive of their firms’ decisions not to pay spring bonuses. Storm clouds are gathering over the law firm world. So says a recent report by Biglaw’s biggest bankers, over at Citigroup….
In late December 2010, the elite California law firm of Irell & Manella announced 2010 year-end bonuses that reportedly doubled the benchmark Cravath scale. Although some felt the firm could have been even more generous, given its strong performance in 2010, most Irell associates were quite pleased.
Discontent grew, however, over the following months. Sullivan & Cromwell announced spring bonuses, Cravath announced better spring bonuses, and most top firms followed suit. But not Irell.
Spring turned into summer. Some at Irell feared that the firm was done doling out bonuses until December.
But that fear was misplaced. Yesterday the firm announced “mid-year” bonuses.
All right everybody, be cool, no need to break out the Drudge siren.
Yes, Cahill Gordon, which previously smashed the year-end associate bonus market back in December, has just announced “mid-year” bonuses. But this announcement is unlikely to start a trend. Remember, because Cahill’s bonuses were already so high, the firm did not announce spring bonuses. Spring bonuses really amounted to a bunch of other law firms trying to catch up with Cahill.
So today’s mid-year announcement is kind of just Cahill’s version of spring bonuses. And Cahill did mid-year bonuses last year. Am Law reports that associates will be getting between $5,000 and $25,000 bonus dollars from Cahill.
Wait a minute, what am I talking about? Of COURSE this is huge news! A bunch of associates just got a bonus from the partners for all their hard work… and right when the summer associates were around to see it. Somebody is making it rain up in here….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.