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 […]
Here’s What The Best Ones Are Doing Differently.
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 […]
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] […]
When you step into the killing lockstep zone, your bonus disappears into a black box. A while back, we reported that Bingham McCutchen adopted a lockstep-merit hybrid approach to associate compensation. Base salary would still be lockstep, but the bonus would be merit-based. When we reported on the Bingham bonus, we noted that the firm […]
Maybe Toyota should take a lesson from Bingham McCutchen: don’t try to cut corners when producing a hybrid. Back in October, Bingham announced that it would be adopting a new “merit-lockstep” hybrid approach to associate compensation. The plan came with the stamp of approval from Bingham partners and associates. And a majority of Above the […]
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We’ve been having some fun documenting the curious game of chicken happening in Chicago. The top firms in the city seem to be waiting for each other to set the associate salary market — even though that market has already been set. Kirkland set the market by never freezing associate salaries in the first place. […]
It looks like Pillsbury is back to communicating important information via firm-wide memo, instead of via cell phone conversation on the Acela. Yesterday, the firm indicated that it is thinking about moving away from lockstep associate compensation, but it is not killing lockstep just yet. Instead, Pillsbury announced lockstep raises — they’ll be true up […]
Are we breaking the back of the recession? Today, we have news that Hughes Hubbard is making raises that put will put its associates back to pre-salary freeze levels. Here’s the salary information from the firm-wide memo: ANNUAL SALARIES In recognition of those efforts, we will be implementing raises in annual salaries in all offices […]
We’re still catching up on associate bonus news. There have been some memos we’ve missed, including some from last month (technically, last year). If we haven’t reported on your firm’s bonus announcement, please email us. Don’t assume that one of your colleagues will submit the memo; that’s not necessarily the case. Today we belatedly bring […]
This tweak to your financial management seems like a no-brainer.
Congratulations to the associates at Irell & Manella. The firm announced its 2009 bonuses last week, and they were good — very good. Irell took the Sullivan & Cromwell bonus scale, which is effectively “market” for the top New York firms, and then DOUBLED IT. There was no memo — the information was communicated in […]
We haven’t received the official memo, but sources report that Mayer Brown (New York) has matched the Cravath scale for 2009 bonuses. A tipster simply reports: Mayer Brown New York announced cravath bonuses today That’s good news for the New Yorkers at the firm. But for our tipster, wow, way to yawn about free money. […]
Last year, associate bonuses at Wachtell Lipton dipped below 100 percent of base salary, for the first time since 2005. This year, they continued their downward slide. But given the problems plaguing both the broader economy and the legal profession, bonuses didn’t go down by as much as many WLRK associates expected. The general reaction […]
Time for a belated bonus announcement. A few weeks ago, associate bonuses were announced at Cadwalader, Wickersham & Taft. The bonuses were basically on the Cravath scale, provided you meet “the bonus criteria set forth in the bonus policy.” We’re advised that the bonus criteria focus for the most part on hours, with bonuses triggered […]
Year-end associate bonuses were recently announced by Boies, Schiller & Flexner, the litigation powerhouse founded by the renowned David Boies. And the Boies bonuses were good — very good. For starters, unlike other top firms, Boies is paying bonuses to first-year associates from the class of 2009. According to Phil Korologos, a partner in the […]