It’s nice when law firms listen. Last week we highlighted a few firms that had been slow to pull the spring bonus trigger. It would seem that these firms have received the message that their own people were paying attention to spring bonuses at peer firms.
On Friday, Latham & Watkins announced that it would be paying spring bonuses. Later in the day, Ropes & Gray followed suit.
Today, Kirkland & Ellis announced that it also will be making spring bonus payments. Welcome, K&E associates; there is pie and punch in the corner.
We’ll let you know if Quinn Emanuel comes to the party, but let’s first check out what Kirkland is rolling in with…
The latest firm to share the wealth with its associates is Ropes & Gray. The spring bonus news is much cheerier than the Ropes news from earlier today (although note the updates appended to that post, highlighting comments skeptical of plaintiff Patricia Martone’s claims).
So, yes, the Ropes springtime bonuses. The scale being used has the Cravath numbers on it, but there are some caveats and qualifiers.
In terms of overall bonus compensation, some R&G associates will do better than their Cravath counterparts, and some will do worse….
I’ve been trying to be nice. I’ve been trying to be positive. I’ve been trying to adopt a new, sunny, smoke-free attitude that assumes certain top firms will do the right thing by their associates and announce spring bonuses along the lines of Cravath, Sullivan & Cromwell, and a bunch of other top-tier firms.
Just last week, we reminded firms that it’s not too late to announce “spring” bonuses. Dewey & LeBoeuf announced spring bonuses that it will pay in the summer. And that’s okay, nobody is really complaining, associates just want their money. If top firms are paying out spring bonuses, associates who have been told they are working at a top firm want to see their cut.
But there are a number of firms that haven’t gotten the message. Did they think their own people wouldn’t notice that they are getting shortchanged compared to the market? Is this a way for those firms to force some attrition? Surprisingly, some of the firms that are being cheap with spring bonuses were lauded for being generous around Christmastime.
Those firms know how the internet works, don’t they? Information can be updated around these parts….
Bonus news is starting to look like something we’ll be having all year long. Today, Dewey & LeBoeuf announced via teleconference that the firm will be paying out “spring bonuses,” along the top-of-the-line Cravath scale. These are on top of the regular Dewey bonuses that are being paid on April 1st.
Most of the other firms that are paying spring bonuses are making the payment on April 29th. But since Dewey is joining the fun a little bit late, it won’t be paying out the extra bonuses until July or August. Does that make them summer bonuses?
(And in case Dewey associates are wondering, no, nobody has invited me out to the Hamptons for Labor Day weekend this year.)
Tipsters who were on the bonus call report even more good news about bonuses at Dewey….
This week, Seyfarth Shaw announced the arrival of two construction litigators from Howrey, David Mancini and James Newland Jr. The two partners have been on the Seyfarth website for a while, as we noted last week, but Seyfarth made it official on Monday with a press release.
The other big news this week at Seyfarth: payment of bonuses. Alas, this news isn’t being as warmly received as the Howrey partners.
“Very individualized and below market as usual,” said one source. “No mention of spring bonuses either.”
As we’ve explained before, we want to hear about your law firm’s bonus news, even if it’s old. As long as we haven’t written it up yet, please consider it fair game. (Use our site search box in the upper-right-hand corner, or scroll through our Associate Bonus Watch archives, to see which announcements we’ve already covered.)
Earlier this week, associate bonuses were announced at McDermott Will & Emery. We’ve heard about the news from multiple McDermott sources — and, without exception, all expressed happiness with their bonuses.
“McDermott essentially matched market for average billers and beat market for above average billers,” said one source. “They also combined year-end and spring bonuses, and are paying out on March 16.”
Bonuses at McDermott are individualized, so there’s no bonus table to post. As you may recall, last year MWE announced its move to a non-lockstep compensation system with three levels, each with a different base salary: Level 1 at $145,000, Level 2 at $175,000, and Level 3 at $200,000.
At the time the new merit-based system was announced, some worried that it might just be a sneaky way for reducing overall compensation. But based on what we’ve been hearing, McDermott associates under this system are doing as well as or better than their counterparts on the Cravath compensation scale.
A day without bonus news is a day without sunshine. We wouldn’t let this Monday pass without giving you some new compensation information to wrap your heads around.
Today’s bonus news comes from the prominent intellectual-property firm of Fish & Richardson. Fish’s approach to associate compensation is closely watched by other IP shops, so we expect this announcement to be of interest to many of you.
IP lawyers like numbers, right? So let’s look at the FR memo, which includes lots of ‘em — tables for bonuses, in 2010 and 2009 (for comparison purposes), and also a table of 2011 base salaries….
Paul Hastings is throwing cash around. At least, that’s the impression it’s trying to give off. Unlike the firms that announced regular bonuses back in December and spring bonuses in the new year, Paul Hastings held off on a December bonus announcement and is only now coming out with its full bonus package.
And Paul Hastings isn’t a straight lockstep firm. Paul Hastings lists some bonus amounts available to the top-performing associates, but because of various merit factors, most associates will not be receiving those top figures, and some are not eligible for a bonus at all.
So while there is money flying all around the Paul Hastings bonus memo, it’s hard to tell how much of it will stick to real Paul Hastings associates…
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The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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