Associate Bonus Watch 2008

We reported yesterday that Paul Hastings laid off a bunch of associates. In that report, we mentioned that a firm wide meeting was scheduled for 11:00 a.m. today. We’re getting the first reports from that meeting, and not surprisingly, associates received more information about the layoffs. A tipster reports that Paul Hastings management emphasized that […]

Let’s pretend for a moment that yesterday didn’t happen and associates were A) employed, and B) expected to be compensated. Everybody with me? Okay. You might remember that Orrick, Herrington & Sutcliffe announced its 2008 bonus structure way back in March of 2008. Once the market collapsed, people started wondering if Orrick would keep its […]

We have been waiting a long time to get a look at the Morgan Lewis & Bockius bonus structure. The firm announced way back on October 30th that it would be delaying their bonus decision until the market settles. Since then, the firm has found time to institute a salary freeze and fire maybe as […]

It’s a little bit late in the bonus season, but there are still firms trickling in with bonus news. It’s not terribly surprising bonus news. Winston & Strawn has matched the Cravath scale: I am pleased to announce on behalf of the Firm the amounts of year-end bonuses for eligible New York associates for fiscal […]

Mayer Brown already announced that New York bonuses would match the New York market. Last night, the firm announced its bonus structure for offices in Chicago, Palo Alto and Washington, D.C. We are pleased to announce that the Firm’s bonus structure for work done in 2008 will be the same as it was for work […]

Major news coming out of Wilson Sonsini Goodrich & Rosati. The firm just announced that 45 attorneys and 68 staff were laid off: [I]t is with regret that we announce that the firm will be downsizing our associate, legal support, and administrative ranks, with 45 attorneys and 68 staff directly affected. Members and staff managers […]

We haven’t yet gotten our hands on the Chadbourne & Parke bonus memo, but a firm spokesperson confirmed what the general numbers look like. According to the spokesperson: “Our bonuses are on Cravath, Half-Skadden, scale. Individual bonus determinations are based upon individual performance and pro rated for part time attorneys and attorneys who have been […]

Latham & Watkins might be leading the charge for salary freezes, but that’s not going to stop the firm from paying out associate bonuses. Right? Latham is not a lockstep bonus firm. As a tipster explains it: Our bonuses are not lock-step- so those people working their tails off usually do end up doing better […]

When Hughes Hubbard released bonus information last year, a lot of associates were angry. Last year, Hughes Hubbard tied the “special bonus” to billable hours. At the time, the firm promised that 2008 bonuses would be better. Of course, that was before the great 2008 whatever the hell we’re living through. Few expected HHR to […]

A solid ice salary freeze is on at Arent Fox: As a result of this comprehensive review, the Executive Committee (the “EC”) decided that based on global economic conditions, the Firm will freeze associate base compensation at the current 2008 rates for 2009. But that’s not all: Additional adjustments to the associate compensation system, also […]

Goodwin Procter just came out with their 2008 bonus news. Like other peer firms in Boston, Goodwin is going with a Cravath scale, though the firm does have a 1,850 hours requirement: For 2008, we maintained our bonus eligibility threshold of 1,850 hours, though many of our peer firms set significantly higher thresholds for bonus […]

The outlook for Texas based law firms is … bright? Texas Lawyer today reports that most top Texas firms are paying associates 2008 bonuses on par with what they received in 2007: Lawyers with most of the firms say the 2008 associate bonuses are similar, or at the same level, as the bonuses the firms […]

Sonnenschein is the latest firm to adopt a creative approach to associate compensation during the financial crisis. The firm announced bonuses that can go much higher then their peer firms, but also announced a salary freeze. First the bonus news: We are pleased to announce that Associate productivity bonuses for 2008 range from $10,000 to […]

Back in October, we reported that Morgan Lewis & Bockius was one of the first firms to say anything about associate bonuses. The firm said it wasn’t going to make a decision about associate bonuses until sometime in January of 2009, but at least they said something. Notably, at the time the firm also reported: […]

A few bonus announcements trickled in over the holidays. Here’s a round-up of recent bonus announcements that have not yet been covered in these pages. If you have new news, e-mail us at [email protected]. 1. Sheppard Mullin (New York): Sheppard Mullin is paying above market rate for attorneys who racked up the hours this year. […]

DLA Piper’s associates received an e-mail today at 4 p.m. about bonuses. The memo says less about bonuses though than it says about 2009 salaries. (Bonus decisions will be made later in January, as they were last year.) The salary decision for 2009? Another major firm is getting its freeze on. Here’s an excerpt from […]

Continuing with our rundown of the top ten Biglaw stories of 2008, we reach our fourth place story on the business end of things: the dramatic reduction of associate bonuses. Bonus news is always a big deal around these parts, and based on the way that the 2008 bonus season started, it looked like there […]

Let’s start off 2009 with some good news. Litigation boutique Kasowitz Benson announced bonuses just before the New Year, and will be paying out Skadden dollars at the end of the month. So don’t stick a fork in the New York market just yet. Associates at Kasowitz are understandably ecstatic: It really is a fantastic […]

Akin Gump sent its bonus memo around the New York office yesterday. No real surprises. Akin is giving the “New York Market Bonus” to associates in good standing. One bit of excitement is that “associates and counsel who performed in a truly exceptional manner in terms of both quality and productivity” may get “discretionary merit […]

Just before Christmas, Arnold & Porter sent around an intriguing memo. The firm refused to make any decisions regarding pay in New York at all in 2009: Associate Bonuses for Associates in All Offices Except in New York Those of you who met the previously announced thresholds and other criteria for 2008 bonuses will be […]