Mid-Year Bonuses

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RPK34

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Mid-Year Bonuses

Postby RPK34 » Thu Apr 11, 2019 7:26 am

Curious if there’s been any discussions about whether mid year bonuses last year were a one time blip that got announced as part of the pay raises, or if there will be any firms out there offering similar $10-25K mid year bonuses. I’m not expecting a lot, but wouldn’t be surprised either

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Re: Mid-Year Bonuses

Postby Anonymous User » Fri Apr 12, 2019 2:22 pm

RPK34 wrote:Curious if there’s been any discussions about whether mid year bonuses last year were a one time blip that got announced as part of the pay raises, or if there will be any firms out there offering similar $10-25K mid year bonuses. I’m not expecting a lot, but wouldn’t be surprised either


Also curious, as I'm in the process of leaving my firm and wouldn't want to miss out. I've heard deal flow has been slower in the first quarter of 2019 (based on an American Lawyer article), so I wonder if that will affect the mid-year/summer bonuses.

2013

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Re: Mid-Year Bonuses

Postby 2013 » Fri Apr 12, 2019 2:25 pm

Anonymous User wrote:
RPK34 wrote:Curious if there’s been any discussions about whether mid year bonuses last year were a one time blip that got announced as part of the pay raises, or if there will be any firms out there offering similar $10-25K mid year bonuses. I’m not expecting a lot, but wouldn’t be surprised either


Also curious, as I'm in the process of leaving my firm and wouldn't want to miss out. I've heard deal flow has been slower in the first quarter of 2019 (based on an American Lawyer article), so I wonder if that will affect the mid-year/summer bonuses.


I think it’s still busy enough that they’ll give out summer bonuses. I think it’ll be fewer firms this time around, though.

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Re: Mid-Year Bonuses

Postby Anonymous User » Fri Apr 12, 2019 2:39 pm

My firm was pretty aggressive last year referring to them as “One time special bonuses.”

KM2016

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Re: Mid-Year Bonuses

Postby KM2016 » Fri Apr 12, 2019 4:31 pm

I think there will be mid-year bonuses given that 2018 performance was record-breaking for a lot of firms, although perhaps not as many firms will participate. Also, FWIW, my group and firm are both busier this year than last so far...

impactplayer

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Re: Mid-Year Bonuses

Postby impactplayer » Fri Apr 12, 2019 7:07 pm

It won't happen this year. That tends to happen once every four or five years. They just did it last year, so they don't want to set the expectation like they did with year-end bonuses. 2019 is definitely busier than 2018, but it needs to be since not only did they do the one-time bonuses last summer, they raised associate compensation across the board.

mvp99

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Re: Mid-Year Bonuses

Postby mvp99 » Fri Apr 12, 2019 8:08 pm

As a star associate I expect no less than 25k midyear bonus
Last edited by QContinuum on Tue Jun 04, 2019 12:22 pm, edited 1 time in total.
Reason: Outed for anon abuse.

The Lsat Airbender

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Re: Mid-Year Bonuses

Postby The Lsat Airbender » Sat Apr 13, 2019 12:24 pm

Anonymous User wrote:As a star associate I expect no less than 25k midyear bonus


Brave anon, admitting you're only worth $25k. I demand $45k

mvp99

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Re: Mid-Year Bonuses

Postby mvp99 » Sat Apr 13, 2019 12:57 pm

My bad, I’m the anon and star associate. Don’t know about $45 seems like pushing it.

LawyerEsq

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Re: Mid-Year Bonuses

Postby LawyerEsq » Mon Apr 29, 2019 3:45 pm

https://abovethelaw.com/2019/04/associate-bonus-watch-summer-bonuses-are-officially-here/

This is typical ATL clickbait, but query whether there is anything to this line: "We’re hearing rumors that Simpson Thacher is considering doling out summer cash again this year, and that firm paid up to $25,000 in bonus bucks."

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Re: Mid-Year Bonuses

Postby Anonymous User » Mon Apr 29, 2019 3:59 pm

Take this with a grain of salt, but I recently finished my lateraling process, and one of the firms (V20 - V50 range) told me that I'd be eligible for 100% participation in their expected summer bonus if I joined before June. Could have been a clever recruiting tactic, but the partner seemed serious.

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Re: Mid-Year Bonuses

Postby Anonymous User » Mon Apr 29, 2019 4:52 pm

Anonymous User wrote:Take this with a grain of salt, but I recently finished my lateraling process, and one of the firms (V20 - V50 range) told me that I'd be eligible for 100% participation in their expected summer bonus if I joined before June. Could have been a clever recruiting tactic, but the partner seemed serious.


I am also lateraling and specifically requested/confirmed that I would be eligible for the summer bonus if one is given, which the firm confirmed I would. Not sure if there’s anything to read into there, but I’m going to take it as 100% confirmation that we’ll be getting summer bonuses.

dabigchina

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Re: Mid-Year Bonuses

Postby dabigchina » Mon Apr 29, 2019 4:59 pm

call me a pessimist, but there were rampant rumors of NY to 190 for years before the actual move happened. On the other hand, nobody had any inkling of the summer bonuses being a thing until they actually happened. It seems like there being rumors makes it less likely that they are happening.

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Re: Mid-Year Bonuses

Postby Anonymous User » Mon Apr 29, 2019 5:55 pm

Based on the rumor mill at my non-NYC V50, it seems unlikely. My firm only begrudgingly paid the prior bonus and there was some dissent as to whether that was wise. Also, some of the practice groups at my firm are slower (although I don't think that's representative of the entire market).

JohnnieSockran

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Re: Mid-Year Bonuses

Postby JohnnieSockran » Mon Apr 29, 2019 11:39 pm

Forget summer bonuses...I want the $10-15k cost of living adjustment across all class years.

Idontwanttomakeaname

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Re: Mid-Year Bonuses

Postby Idontwanttomakeaname » Mon Apr 29, 2019 11:48 pm

JohnnieSockran wrote:Forget summer bonuses...I want the $10-15k cost of living adjustment across all class years.

Cravath to 200 for its 200th anniversary is a line of unsubstantiated wishful thinking I've heard tossed around so maybe this summer?

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Re: Mid-Year Bonuses

Postby Anonymous User » Tue Apr 30, 2019 7:44 am

Deal flow was significantly down at my v10 in Q1 and rumor seems to be that that was consistent across other major firms. Seems to be back up and everyone is pretty busy again now, but I would count that strongly against bonuses.

That said, firms would still much rather pay a one-time bonus than increase salaries, and mid-levels still leaving for in house in droves, so I wouldn't rule them out.

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jkpolk

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Re: Mid-Year Bonuses

Postby jkpolk » Tue Apr 30, 2019 7:58 am

I think there is a pretty good chance this happens. Attrition is a problem where I'm at and midyear bonus is a cheap way to keep people (e.g. (i) bonus with the condition you have to pay it back if you bail within X months or (ii) announce months before the payment hits).

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Re: Mid-Year Bonuses

Postby Anonymous User » Tue Apr 30, 2019 1:09 pm

Can confirm STB corp has been insanely busy these past few months and wouldn’t be surprised if they do give out mid year bonuses. We are still looking for laterals too. Lit is mostly slow but that’s not specific to STB

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Re: Mid-Year Bonuses

Postby Anonymous User » Tue Apr 30, 2019 5:23 pm

V50 - lit at my firm has been nuts this year (and last).

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LaLiLuLeLo

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Re: Mid-Year Bonuses

Postby LaLiLuLeLo » Tue Apr 30, 2019 6:20 pm

I’m surprised people think being busy is any indicator that mid year bonuses will happen. It’s just an indicator that a firm can afford it.

Heck, it doesn’t even have anything to do with retention - the last bonus didn’t have strings attached at most places other than maybe the end of the month.

Ultimately, firms do it for PR. That’s why Milbank was the first mover for raises and that’s why STB upped the ante with bonuses.

ghostoftraynor

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Re: Mid-Year Bonuses

Postby ghostoftraynor » Tue Apr 30, 2019 10:36 pm

We need a unified front. Busy means summer bonuses. Slow means summer bonuses. We just need to be more unreasonable in our demands, and eventually that sweet trickle down will trickle down.

mvp99

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Re: Mid-Year Bonuses

Postby mvp99 » Wed May 01, 2019 1:15 pm

LaLiLuLeLo wrote:I’m surprised people think being busy is any indicator that mid year bonuses will happen. It’s just an indicator that a firm can afford it.

Heck, it doesn’t even have anything to do with retention - the last bonus didn’t have strings attached at most places other than maybe the end of the month.

Ultimately, firms do it for PR. That’s why Milbank was the first mover for raises and that’s why STB upped the ante with bonuses.


I think that’s the point. Indicator that the firm can afford it.
Last edited by QContinuum on Tue Jun 04, 2019 12:23 pm, edited 1 time in total.
Reason: Outed for anon abuse.

tbp140

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Re: Mid-Year Bonuses

Postby tbp140 » Mon May 06, 2019 2:01 pm

Hopefully they happen again this year. https://abovethelaw.com/2019/05/biglaw- ... e-arrived/

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Re: Mid-Year Bonuses

Postby Anonymous User » Sun May 12, 2019 11:23 am

Heard this thirdhand from a partner who would have reason to know, at my V10 that hasn't been first mover on bonuses or raises lately - they definitely aren't going to be first mover this time and don't expect anyone to, but if it happens they will quickly match.

Not a surprise to me at all but, like usual, just need one firm to break the dam.



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