‘Where’s my bonus?’
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 2016 — $15,000 (pro-rated)
Class of 2015 — $15,000
Class of 2014 — $25,000
Class of 2013 — $50,000
Class of 2012 — $65,000
Class of 2011 — $80,000
Class of 2010 — $90,000
Class of 2009 — $100,000
Class of 2008 — $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:
- 2016: November 28 (Cravath)
- 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 2017, and this year, with flat demand for legal services, revenue per lawyer down at many firms, and expenses up across the board thanks to Biglaw’s base salary increase from $160K to $180K, hitting your targets this year is very, very 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. Now that holiday season has arrived, attorneys may start dragging out their assignments — after all, some hours here and there could mean a world of difference to an associate.
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So how are people doing? Take our poll, and get a sense of how many hours your peers are on pace to hit in 2017. 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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Staci Zaretsky has been an editor at Above the Law since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.