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….
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.
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).
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?
I think we can say that the notion of spring bonuses is officially dead. It’s already June, and the summer solstice is right around the corner. The lockstep Biglaw firms are just not going to be paying spring bonuses this year.
But spring/summer tips are still alive and well. When Sullivan & Cromwell announced its spring bonuses, I wrote, “This isn’t a bonus, it’s a tip.” S&C paid its associates between $1,000 and $5,000 this spring, a sum that is really a tip when you are a Biglaw Manhattan attorney.
Now Skadden is getting into the tip-giving game. The partners there are digging deep into their pockets and coming up with some loose change to dispense to their associates. If you work really hard at Skadden, you might just get a gift card! (Hey, it’s more than what Cravath is doing.)
Over the past few weeks, we’ve heard some surprising rumblings of discontent from Boies Schiller. Why do we say “surprising”? Because the complaints have been about compensation, which is typically something that BSF lawyers never complain about.
Boies Schiller, the litigation powerhouse founded by the legendary David Boies, is an amazing firm. Its lawyers work on some of the biggest and most important cases of our time, and their compensation reflects that. In addition to paying above-market base salaries — the BSF scale starts at $174,000 — the firm pays bonuses that blow the NYC market out of the water.
In recent years, Boies has made two bonus payments to associates, one in December and one in April. But this year, April came and went, and many lawyers did not receive any payout. Of those who did receive payments, many were surprised at the small size.
Don’t look now, but there is a spring bonus war brewing. I’m serious. Don’t be fooled with the way most Biglaw firms are trying to pretend that spring bonuses don’t exist. Two of the most profitable firms have entered into the spring bonus fight. And they are not in lockstep with each other.
Lat here. In late March, I wrote a story with this title: “Sullivan & Cromwell Will Pay Spring Bonuses — But Will They Be Too Small To Be Worth Matching?”
I’m sad to report that my prediction has come to pass. Sullivan & Cromwell has announced spring bonuses, but they’re nothing to write home about. They are probably too modest for other firms to bother matching. The spring bonuses of Quinn Emanuel will surely exceed the S&C amounts.
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