Downtown Biglaw Mainstay Announces... Probably A Bonus Match?
Why you gotta be like that?
Look, it’s real simple.
If you’re planning to match the prevailing compensation rate, you want to broadcast that far and wide. If you’re planning to exceed the prevailing rate, you actually have more reason to advertise that fact. The only reason to keep things dodgy is if you’re hoping to shortchange some associates.
So why are we getting class-specific bonus memos out of Cahill that seem to match the market rate? If it’s a full match, just say so!
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Maybe there’s a fly in the ointment, but so far Cahill looks like a match. Just as a refresher, this is what a match would look like:
| First | Second | Total | |
| Class of 2020 | $4,500 | $7,500 | $12,000 |
| Class of 2019 | $6,000 | $10,000 | $16,000 |
| Class of 2018 | $12,000 | $20,000 | $32,000 |
| Class of 2017 | $16,500 | $27,500 | $44,000 |
| Class of 2016 | $19,500 | $32,500 | $52,000 |
| Class of 2015 | $22,200 | $37,000 | $59,200 |
| Class of 2014 | $24,000 | $40,000 | $64,000 |
Payouts will be June and then again at the year end. Nothing more precise… maybe they’re angling to lump it into the final annual bonus.
And who knows what happens with Counsel. Cahill pays its partners very well at the expense of making very few. Counsel are basically golden handcuffed to a FiDi radiator at this firm making just enough to not try their chances at another firm while unlikely to get the nod to join the partnership. Hopefully they’re getting a taste of these bonuses for their trouble.
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If the firm is skimping somewhere (or outpacing somewhere… though we don’t expect that here) let us know.
Please help us help you when it comes to bonus news at other firms. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
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