Associate Bonus Watch: Happy, Texas
Yee-haw! Associates are (mostly) pleased with their bonuses at this firm.
We haven’t heard from many Texas-centric firms yet in this 2016 bonus season. Sure, we got bonus news from Akin Gump, but one could argue that the firm has transcended its Texas roots to become a national or even global firm. We also heard from Susman Godfrey, but it’s a bit sui generis, and its (very generous) bonuses aren’t likely to affect the Texas market.
So the latest news is notable because it very well could affect what other Texas shops do. Haynes and Boone bonuses came out last night.
HayBoo bonuses are individualized and therefore harder to report on (call this the Kirkland & Ellis challenge), but most people we’ve heard from seem happy:
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- “My bonus was generous and higher than expected given the mid-year salary increase. Others I’ve spoken with are also very pleased. A lot of us here are feeling the HayBoo spirit heading into the holidays.”
- “People seem really happy. No one knows the scale, though, because they’re individualized and confidential. But I do know that even those who took paternity and maternity leave got something (at least those that I know of did), how much I’m unsure of.”
- “I’m a [senior associate] on the ‘high’ scale…. The excess over the ‘low’ scale is supposed to be our bonus, but I did receive a slight one. I’m very happy with it.”
Here’s one tipster’s more detailed dive:
I’ve talked to several attorneys, all with strong hours (2200+), whol received full market-level bonuses in Texas. Haynes and Boone deserves praise because there was a [fear that we might have gotten] screwed this year due to the raises.
I’m not sure how individuals with low hours fared, but I’d imagine that their bonuses will be significantly lower than market level and, if under 2000 billable hours, they likely didn’t get a bonus at all.
As for myself, couldn’t be happier. I hope the firm continues to reward its associates who put in significant contributions.
The reference to folks with lower hours is the caveat to this good news (just as it was last year). As noted, most of our HayBoo sources are happy, but we did note some dissent. For example:
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People got memos yesterday. If there was a second attachment, then you got a bonus. People who had low hours are upset obviously — and are doubly afraid they won’t move up in class re: base salary next year.
If you have information to share on that front, you know where to reach us. We might update this post depending on what we receive.
UPDATE (4:35 p.m.): Here’s a good summary of sentiment, plus info on associates with lower hours:
HB sends out individual bonus memos, so it’s hard to make any blanket statements, but the prevailing sentiment in the Dallas office is that bonuses exceeded expectations, with high billers (2100-2200?) receiving market or near-market bonuses (similar to last year). Most of the associates know that we enjoy a pretty good work-life balance compared to most big law firms, but nice bonuses make it just that much better to be here.
I also saw in your post that there was speculation that under 2000 hours would likely not receive a bonus. I can say that that I have several colleagues who came in under 2000 hours and received a bonus, though below market for their class.
We look forward to covering bonus news from other Texas players, but we need your help. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”). We keep our sources on bonus stories anonymous. No need to send the memo using your firm email account; your personal email account is fine. Please be sure to include the memo as proof; we like to post complete bonus memos as a service to our readers. You can take a photo of the memo and attach as a picture if you are worried about metadata in a PDF or Word file. Thanks for your help.
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Earlier: Associate Bonus Watch: A New Compensation Leader In Texas?
David Lat is the founder and managing editor of Above the Law and the author of Supreme Ambitions: A Novel. He previously worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz; and a law clerk to Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit. You can connect with David on Twitter (@DavidLat), LinkedIn, and Facebook, and you can reach him by email at dlat@abovethelaw.com.
