Re: Bonus Speculation
Posted: Fri Nov 10, 2017 6:03 pm
Given that Williams & Connolly raised salaries recently, it seems like they expect total compensation at standard biglaw firms to stay at least flat, compared to last year.
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& La croix, bro, minimum four flavor choicesCapitol_Idea wrote:Cravath stands strong with stagnant bonuses. Associate morale plummets, dissent foments in the ranks.
Simpson can't resist. The year has been too good, and they are as ever aggressive on one-upping the old guard market leaders. They raise associate salaries starting at 200K.
Cravath associate resignation threats flood in and the firm quickly caves, raising salaries to match AND putting record bonuses starting at 10K up from last year for the first year bonus.
Cleary, Davis Polk, and others quickly rise to match.
The partners are broken, their days of hoarding the wealth over. Meekly they accede to stronger Associate Committee leadership involvement, 401 matches, and diet Dr. Pepper stocked in every fridge.
A golden new era of the proud, respected associate is upon us. Bask, my children, in the sunlight that is to come!
I believe offices are doing renovations with the goal of creating bullpens for junior associates, so I'm not sure I fully buy that it's just due to space.Anonymous User wrote:Interesting, I heard from someone at LW that this was strictly a space issue, not cost-cutting. I think they didn't start renos soon enough, but didn't know it was happening in non-NY offices.Anonymous User wrote:Latham also taking away JR associate offices in NY and other smaller markets.Anonymous User wrote:The move to high-deductible health plans is probably the biggest one. DPW did it a couple of years ago, STB is transitioning this year, I think a few other very profitable firms (like Paul Weiss) are moving or have moved recently also.RaceJudicata wrote:Ya interested as to what cost cutting measures are happening places.LaLiLuLeLo wrote:What kind of cost cutting? Getting rid of outdated services like the library/librarian is unfortunate but understandable. Getting rid of snacks is not.
Anyway, our hopes really lie with Cravath with dark horse S&C and maybe STB?
Hours = merit. Don’t kid yourself.Anonymous User wrote:How common are above market bonuses for first years? Is it usually based on hours or merit?
Well, that was already a foregone conclusion. Bonuses have only ever gone down in recession years (2001, 2003, 2008 and 2009). They are otherwise always flat or up. Given that 2017 is not a recession year, you're safe assuming the bonus scale will be at least as generous as last year.Anonymous User wrote:Given that Williams & Connolly raised salaries recently, it seems like they expect total compensation at standard biglaw firms to stay at least flat, compared to last year.
Stub years or rising 2nd years?Anonymous User wrote:How common are above market bonuses for first years? Is it usually based on hours or merit?
W/R/T bullpen space for junior associates, it is almost universally loathed from what I hear. There was an effort to implement it in a couple of other offices that were expanding/remodeling. I know of at least one instance where it was quashed. I am senior enough now that I would not have been included in that environment, but good luck convincing 2Ls interviewing in this city that its a good thing / reason to come here. Shared offices are one thing, but bullpen is awful. Space was not an issue, just the firm trying to be cutting edge or whatever.Anonymous User wrote:I believe offices are doing renovations with the goal of creating bullpens for junior associates, so I'm not sure I fully buy that it's just due to space.Anonymous User wrote:Interesting, I heard from someone at LW that this was strictly a space issue, not cost-cutting. I think they didn't start renos soon enough, but didn't know it was happening in non-NY offices.Anonymous User wrote:Latham also taking away JR associate offices in NY and other smaller markets.Anonymous User wrote:The move to high-deductible health plans is probably the biggest one. DPW did it a couple of years ago, STB is transitioning this year, I think a few other very profitable firms (like Paul Weiss) are moving or have moved recently also.RaceJudicata wrote:Ya interested as to what cost cutting measures are happening places.LaLiLuLeLo wrote:What kind of cost cutting? Getting rid of outdated services like the library/librarian is unfortunate but understandable. Getting rid of snacks is not.
Anyway, our hopes really lie with Cravath with dark horse S&C and maybe STB?
Off the top of my head, I know Boston and San Francisco are both piloting open office plan.
It's not surprising to hear that nobody liked the bullpen. Firm leadership has been pushing the narrative that "it's working well in New York and juniors like it" in order to get more buy in from people. I definitely had a hard time believing it when I heard them say that.Anonymous User wrote: W/R/T bullpen space for junior associates, it is almost universally loathed from what I hear. There was an effort to implement it in a couple of other offices that were expanding/remodeling. I know of at least one instance where it was quashed. I am senior enough now that I would not have been included in that environment, but good luck convincing 2Ls interviewing in this city that its a good thing / reason to come here. Shared offices are one thing, but bullpen is awful. Space was not an issue, just the firm trying to be cutting edge or whatever.
I doubt the bolded is the actual explanation; it's at most an excuse. The real explanation is that they want to save money.LaLiLuLeLo wrote:Firms are moving towards open spaces, at least for juniors, and making them share outside of NYC. Stupid boomer partners see what tech does and want to be "cool" but they're obviously out of touch. Shocker.
game set matchrpupkin wrote:I doubt the bolded is the actual explanation; it's at most an excuse. The real explanation is that they want to save money.LaLiLuLeLo wrote:Firms are moving towards open spaces, at least for juniors, and making them share outside of NYC. Stupid boomer partners see what tech does and want to be "cool" but they're obviously out of touch. Shocker.
Note that, in "cool" tech environments like FB, the managers and executives don't have offices either. But I have yet to hear of a big law firm that is moving toward open-space plans in which partners give up their offices.
Recent OCI CB interview with a partner at an "open space" firm that opened new offices: "There was a fight for frosted glass. Forget corner offices."rpupkin wrote:I doubt the bolded is the actual explanation; it's at most an excuse. The real explanation is that they want to save money.LaLiLuLeLo wrote:Firms are moving towards open spaces, at least for juniors, and making them share outside of NYC. Stupid boomer partners see what tech does and want to be "cool" but they're obviously out of touch. Shocker.
Note that, in "cool" tech environments like FB, the managers and executives don't have offices either. But I have yet to hear of a big law firm that is moving toward open-space plans in which partners give up their offices.
Everyone knows that open office plans aren't cool anymore anyway. Even tech companies are moving to seating plans that have private enclaves you can sign out, rather than forcing everyone to sit at a long table like they work at an actual sweat shop.rpupkin wrote: I doubt the bolded is the actual explanation; it's at most an excuse. The real explanation is that they want to save money.
Not familiar with bullpens, but it sounds absurd. For a lengthy variety of reasons what is totally ridiculous are glass offices.Anonymous User wrote:Anonymous User wrote:
Shared offices are one thing, but bullpen is awful. Space was not an issue, just the firm trying to be cutting edge or whatever.
I absolutely need a solo office. How else am I going to watch Netflix???2014 wrote:Idk of any NY firms that have gone to open floor plans but the trend is moving to a "if you want to sit alone before you are a [~4th year] you have to take an interior" situation.
As an aside, solo offices are falling out of fashion in most industries, it's not just a tech thing. It's a weird entitlement thing for us to act like we really need solo space. So long as people who prefer silence have access to quiet spaces to work and there is private conference space for calls, there's no reason anyone here couldn't function in a more modern seating arrangement but all changes lead to complaints.
Fingers crossed bro. Already spent a bunch last weekend.KM2016 wrote:Can we get back to talking about how much more money we are going to make when Cravath blows the bonus scale out of the water?
That's a big assumption in my experience. I worked in an open office plan before law school and there are always way more people who want privacy than there are privacy enclaves.2014 wrote: So long as people who prefer silence have access to quiet spaces to work and there is private conference space for calls.
KM2016 wrote:Can we get back to talking about how much more money we are going to make when Cravath blows the bonus scale out of the water?