Midyear Bonuses

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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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?

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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?

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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 few notable exceptions — 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….

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It’s getting hot in herre [sic] — and not just due to the scorching temperatures we’re experiencing here in New York City. Today we’re experiencing a flare up of Biglaw bonus news. And maybe some partners are starting to sweat, thinking about whether they might have to cough up some extra cash to keep their associates happy.

Okay, that might be a bit of a stretch. The notion of widespread midyear bonuses, comparable to the spring bonuses we saw in 2011, remains laughable an outside possibility. But it’s a little less crazy than it might have seemed a few weeks ago, now that multiple firms have plunged into the summer bonus pool.

This morning we wrote about June bonuses at Quinn Emanuel. Around the same time, we started receiving preliminary reports of July bonuses at Cahill Gordon.

The reports are accurate. Let’s learn about the amounts, as well as Cahill compensation more generally….

UPDATE (11:55 PM): Please note the correction below regarding amounts paid to junior associates.

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CHECK YOU PAYCHECK — at least if you work at Quinn Emanuel. As promised, the thriving litigation firm paid out supplemental bonuses in late June.

The mere fact that it’s paying mid-year bonuses puts Quinn in the top tier of Biglaw. How many other major firms are paying such bonuses this year? The only other one that springs to mind for me is Sullivan & Cromwell (and this year’s S&C spring bonuses were nothing to write home about; but hey, at least S&C paid something).

(Perhaps Cahill Gordon is paying mid-year bonuses? They’ve paid June bonuses in the past.)

UPDATE (11:01 AM): We’re just now receiving word of the Cahill summer bonuses. We’ll be covering them in more detail in a forthcoming post. If you have info or opinions to share — by the way, we don’t have the full scale yet — please email us or text us (646-820-8477 / 646-820-TIPS).

So how much are we talking about for the Quinn summer bonuses? And how are QE associates reacting to the news?

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(And news from Cahill Gordon too.)