Associate Bonus Watch: Let's Get This Party Started, Biglaw!
Do you have visions of bonus dollars dancing in your heads?
Thanksgiving is just days away, which means that bonus season is right around the corner. Wouldn’t it be nice if your law firm gave you a little something extra to be thankful for this year? We sure think it would be! As a little reminder (as if you really needed one), this is what last year’s Cravath bonuses looked like:
Class of 2015 — $15,000 (pro-rated)
Class of 2014 — $15,000
Class of 2013 — $25,000
Class of 2012 — $50,000
Class of 2011 — $65,000
Class of 2010 — $80,000
Class of 2009 — $90,000
Class of 2008 — $100,000
Class of 2007 — $100,000
For those of you who are wondering when your bank accounts will be a little more flush, here’s a list of the dates when year-end market bonuses hit Biglaw since 2006, the very first year Above the Law started publishing bonus news. Take a look:
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- 2015: December 7 (Cravath)
- 2014: November 21 (Simpson Thacher)
- 2013: December 2 (Cravath)
- 2012: November 26 (Cravath)
- 2011: November 28 (Cravath)
- 2010: November 22 (Cravath)
- 2009: November 2 (Cravath)
- 2008: November 19 (Skadden)
- 2007: October 29 (Cravath)
- 2006: December 11 (Cravath)
With visions of bonus dollars dancing in your heads, it’s time to check in on how people are doing with their billable hours. There are just about six weeks to go in 2016, and this year, with expenses outpacing revenues at many firms thanks to Biglaw’s base salary increase from $160K to $180K, hitting your targets will be all the more important. Some firms might make bank-busting payments that will generate sweet headlines, but not all associates will hit the hours mark necessary for the top payment.
Still, with a month and a half to go, there’s plenty of time to game your stats. Clients should be prepared for their attorneys to drag out any assignments they get, because an extra 80 hours here and there could mean a world of difference to an associate.
So how are people doing? Take our poll, and get a sense of how many hours your peers are on pace to hit in 2016. While you’re at it, let us know when you think this year’s bonuses will drop, and whether they’ll be higher or lower than last year’s bonuses.
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How many hours are you on track to bill in 2016?
- More than 2400 (18%, 281 Votes)
- 2000 - 2099 (18%, 273 Votes)
- 1900 - 1999 (13%, 205 Votes)
- 2100 - 2199 (13%, 203 Votes)
- 2200 - 2299 (9%, 144 Votes)
- 1800 - 1899 (7%, 110 Votes)
- Fewer than 1600 (7%, 102 Votes)
- 2300 - 2399 (7%, 101 Votes)
- 1700 - 1799 (4%, 54 Votes)
- 1600 - 1699 (3%, 50 Votes)
Total Voters: 1,523
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When do you think 2016 bonuses will be announced?
- First full week of December (55%, 565 Votes)
- Last week of November / first two days of December (40%, 411 Votes)
- Before Thanksgiving (5%, 51 Votes)
Total Voters: 1,027
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What will 2016 bonuses look like?
- No change from 2015 bonuses (72%, 809 Votes)
- Lower than 2015 bonuses (14%, 157 Votes)
- Higher than 2015 bonuses (13%, 150 Votes)
Total Voters: 1,116
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Staci Zaretsky is an editor at Above the Law. She’d love to hear from you, so feel free to email her with any tips, questions, or comments. You can follow her on Twitter or connect with her on LinkedIn.
