Yes, you read that headline correctly. Out of nowhere, Cahill Gordon & Reindel has decided to give out a mid-year bonus. Not Cravath, not S&C, but Cahill Gordon. The same Cahill Gordon that is one of the few firms to have significant layoffs in 2010. This is the firm that could push the market towards […]
Last year, while law firms were still feeling the worst of the recession, Sullivan & Cromwell provided some springtime cheer to its associates. The firm paid a spring bonus in 2009. The payment was less than the one the firm made in 2008, but still, it was extra money in 2009. At the time, we […]
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Back in February, we wrote about various compensation developments over at Pillsbury Winthrop. At the time, the firm said it was considering moving away from a lockstep model in favor of a more performance-based compensation system. The firm has not yet killed killed lockstep — a move that has historically generated mixed to negative reviews […]
This morning, the Lawyer reported that Clifford Chance was changing the requirements for associate bonuses in London: Clifford Chance is set for a radical overhaul of its associate bonus system, with the maximum award now open only to senior associates and payments no longer based primarily on hours worked…. A spokesperson for Clifford Chance said: […]
During the recession, Mintz Levin froze associate salaries and deferred 2009 summer associates all the way until 2012. Not good times. But the recession is starting to lift its death grip on law firms and the lawyers who work there, and Mintz Levin is in the mood to share the wealth. We spoke with Mintz […]
For two weeks we’ve been getting reports about Paul Hastings bonuses. Many people claim that they received bonuses on par with the Cravath scale. But there have been a dedicated few who claim they were jobbed by the firm at bonus time. This tipster captures the general feeling: PH bonuses were just announced [last month] […]
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A couple of weeks ago, we reported on the Vinson & Elkins bonus payouts. At the time, we noted that associates in New York were generally pleased with the payout, but associates in V&E’s Texas offices — notably, the firm’s Houston office — were not at all happy with their bonuses. The issue appeared to […]
We’ve got a tale of two states when it comes to the Vinson & Elkins bonus. The firm made true-up raises, putting their associates back at the top of the market for associate salaries. But the firm didn’t give out make-whole bonuses. For many associates, the money lost from a year of salary stasis is […]
As we’ve discussed before, Latham & Watkins can be a bit bipolar. Sometimes the firm is in manic mode, expanding and hiring and paying very generous bonuses. Then it sinks into depression, replete with freezing salaries and large-scale layoffs. Right now L&W seems to be in happy mode. In recent weeks, it has announced true-up […]
Yesterday, we reported that Kaye Scholer would be paying market busting bonuses to associates who hit their hours. Today, associates are telling us that “hitting hours” is kind of like shooting the moon in hearts. A tipster reports: Bonus hour requirements were moved up from 2,000 to 2,200 this year, with the “superbonus” at 2,400 […]
Findings from the MyCase 2025 Legal Industry Report.