Two weeks ago, we talked about how hard Quinn Emanuel associates are working. Now we get to talk about how well Quinn Emanuel associates get paid.
In its year-end bonus memo, issued this past December, Quinn Emanuel said the following:
We know some firms have indicated they will pay additional bonuses this Spring. While we are not announcing any specific level of Spring bonuses now, we will certainly match any bonuses that other competitive firms may offer.
Bonus, bonus, bonus time. Time to sit back and unwind.
The first bit of bonus news has leaked out of Biglaw. We’re not talking about spring bonuses, and we’re not talking about random mid-year bonuses. We’re talking about regular, end-of-the-year, take-it-to-the-champagne-room bonuses.
And sure, the early news is bad, but that’s to be expected. This first report is just what Biglaw wants you to hear.
But if the past year in bonus news proves anything, it’s that Cravath sets the bonus market, even when they do it late….
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.
Earlier this week, Hughes Hubbard & Reed finally got around to issuing spring bonuses. Oh, we can’t call them “spring” bonuses, because Hughes Hubbard is calling them “special” bonuses. But make no mistake, this is a spring bonus HHR has just taken a long time to get around to.
Unlike Cahill, which just gave their associates more money because they could, HHR is playing catch up to the 2010 bonus market. I can prove it: Hughes Hubbard’s special bonus is tied to 2010 performance and hours marks, not 2011.
I think if you are rewarding people for what they did in 2010, it’s pretty obvious that you are still trying to catch up to the 2010 compensation market…
Paul Clement and John Boehner: now out of King & Spalding's hair.
Some people, including crisis communications experts, think that King & Spalding should just shut up already about the DOMA debacle. The firm agreed to represent the House of Representatives in defending the controversial Defense of Marriage Act, and then almost immediately turned around and withdrew from the representation. This prompted the departure from the firm of star appellate litigator Paul Clement, former Solicitor General of the United States, who took the DOMA matter over to his new firm, Bancroft PLLC.
The decision to drop DOMA defense also led to the defections of King & Spalding clients, like the NRA and the state of Virginia. It generated criticism of the firm from diverse quarters — everyone from Ken Cuccinelli to the New York Times editorial board. [FN1]
Despite the advice of the communications experts (with which I personally agree), King & Spalding continues to discuss the DOMA debacle. The firm is starting to sound like a therapy patient that won’t relinquish the couch, and just wants to yap and yap and yap. Are you listening?
Let’s look at the latest revelations — and also some compensation news out of K&S….
While performing here at the ATL Cabaret on Wednesday night, the celebrated drag queen of Biglaw, Kaye Scholer, was pelted with rotten fruit — by her own associates. If you haven’t done so already, do check out their rage-filled rants. (If nothing else, they’ll make you feel better about your own firm.)
As we’ve stated before, we’re committed to presenting both sides of a given story here at Above the Law. Sometimes we don’t hear the other side of a story because the sources on that side don’t care to contact us. But when we do have both sides available to us, we present them.
In the case of the People v. Kaye Scholer, we did hear from a character witness on behalf of the defendant. What did this individual have to say?
Well, some associates at Kaye Scholer claim they’ve seen underneath all the make-up — and it’s not pretty. This contestant would not go far in RuPaul’s Drag Race.
In terms of responses to our recent discussion of which firms aren’t paying spring bonuses, however, Kaye Scholer emerges a winner. We’ve heard from KS associates in droves over the past day or two — and the depth of their fury is impressive.
What are they so upset about? It’s not just the lack of spring bonuses. Let’s find out….
DLA Piper has released some information about its associate compensation and bonus payouts, and some associates who work for the firm are unhappy. Why? I don’t really know. I don’t know why they thought that working for the largest firm in the world would be a good thing when it came time to pay out bonuses.
Attempts to economize on associate salaries are not new at DLA Piper. The firm has been at the cutting edge (pun intended) of reduced associate base salaries, deferrals of incoming associates, and various other methods for keeping the cost of associates down. It’s just how they roll.
It should surprise no one that DLA associates are complaining about the firm’s bonus plan. In fact, I’m not even sure it’s news that the firm seems to be low-balling associates. If anything, the news hook is that there are still associates at DLA Piper who are surprised by sub-market comp….
It’s April 29. Monarchists have long circled this day as an opportunity to praise the vestigial structures of imperial domination. But this day means a lot to people who earn their fortune through work instead of birth. Today is a huge day for Biglaw associates. For many, today is the day spring bonus payments hit their bank accounts.
Don’t spend it all in one place.
But as we all know, not every Biglaw associate will be enjoying a spring bonus this year. With the payments out, we’re no longer looking at which firms are “lagging” behind in their spring bonus announcements. Now we’re looking at firms that have simply decided they are not paying spring bonuses, regardless of what the market says. Apparently, keeping up with Cravath really will be ruinous to some firms.
So who has officially announced they will not be paying spring bonuses this year? We’ll tell you what we know about three Biglaw firms, and hopefully you can fill in any gaps…
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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