first!!!

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dewey match? yes!

Last

Bonus List of Shame

2008 Vault Rank / Firm / 2005 RPL (if known)
1
2
3 Sullivan & Cromwell LLP / $1,627,000
4 Skadden, Arps, Slate, Meagher & Flom / $997,000
5
6
7
8 Latham & Watkins LLP / $875,000
9 Weil, Gotshal & Manges LLP / $954,000
10 Covington & Burling LLP / $774,000
11 Kirkland & Ellis LLP / $987,000
12
13
14 Shearman & Sterling LLP / $992,000
15 Wilmer Cutler / 846,000
16 Williams & Connolly LLP /
17 Sidley Austin LLP / $774,000
18 Gibson, Dunn & Crutcher LLP / $1,011,000
19 O'Melveny & Myers LLP / $828,000
20 White & Case LLP / $600,000
21 Arnold & Porter LLP / $816,000
22 Jones Day / 602,000
23 Morrison & Foerster LLP / $735,000
24
25 Clifford Chance LLP /
26 Cadwalader, Wickersham & Taft / $940,000
27 Hogan & Hartson LLP / $735,000
28 Mayer, Brown, Rowe & Maw LLP / $750,000
29 Fried, Frank, / $891,000
30 Ropes & Gray LLP / 841,000
31 Paul, Hastings, Janofsky & Walker / $766,000
32
33 Akin Gump Strauss Hauer & Feld LLP / $779,000
34 Winston & Strawn LLP / $718,000
35
36 Wilson Sonsini Goodrich & Rosati / $752,000
37 Linklaters /
38 Orrick, Herrington & Sutcliffe / 767,000
39 Freshfields Bruckhaus Deringer LLP /
40 Proskauer Rose LLP / $745,000
...
...
55. (Cahill Matched)

And the qualified bonuses begin. Check out the hours requirement for the main bonus. Skunked!

All your internets are belongs to us!

What about the [Johnnie] Cochran Firm?

Rank 2006 in revenue
by revenue Revenue per lawyer
per lawyer Firm Per Lawyer from 2005
-------------------------------------------------------------------------------
1 Wachtell ABOVE MARKET $2,455,000 2.5%
-------------------------------------------------------------------------------
2 Sullivan & Cromwell $1,565,000 1.3%
-------------------------------------------------------------------------------
3 Wiley Rein $1,520,000 162.1%
-------------------------------------------------------------------------------
4 Cravath MARKET $1,355,000 5.9%
-------------------------------------------------------------------------------
5 Davis Polk MARKET $1,200,000 4.8%
-------------------------------------------------------------------------------
5 Simpson Thacher-MARKET $1,200,000 6.7%
-------------------------------------------------------------------------------
7 McKee Nelson $1,190,000 1.7%
-------------------------------------------------------------------------------
8 Milbank, Tweed MARKET $1,110,000 10.4%
-------------------------------------------------------------------------------
9 Skadden $1,095,000 10.1%
-------------------------------------------------------------------------------
10 Cahill Gordon MARKET $1,075,000 8.6%
-------------------------------------------------------------------------------
11 Fragomen, Del Rey $1,070,000 26.6%
-------------------------------------------------------------------------------
12 Gibson, Dunn $1,050,000 4.0%
-------------------------------------------------------------------------------
12 Irell & Manella $1,050,000 9.9%
-------------------------------------------------------------------------------
14 Kirkland & Ellis PUNTED $1,035,000 5.1%
-------------------------------------------------------------------------------
14 Paul, Weiss MARKET $1,035,000 0.5%
-------------------------------------------------------------------------------
16 Munger, Tolles $1,025,000 18.5%
-------------------------------------------------------------------------------
17 Quinn Emanuel $1,020,000 28.3%
-------------------------------------------------------------------------------
18 Shearman & Sterling $1,010,000 2.0%
-------------------------------------------------------------------------------
19 Debevoise & Plimpton MARKET $1,005,000 8.6%
-------------------------------------------------------------------------------
20 Cadwalader $1,000,000 6.4%
-------------------------------------------------------------------------------
21 Boies, Schiller $980,000 3.2%
-------------------------------------------------------------------------------
21 Weil, Gotshal $980,000 2.6%
-------------------------------------------------------------------------------
23 Cleary Gottlieb MARKET $975,000 7.1%
-------------------------------------------------------------------------------
24 Willkie Farr MARKET $970,000 12.8%
-------------------------------------------------------------------------------
25 Williams & Connolly $955,000 2.7%
-------------------------------------------------------------------------------
26 Finnegan, Henderson $945,000 11.2%
-------------------------------------------------------------------------------
27 Townsend and Townsend $940,000 6.2%
-------------------------------------------------------------------------------
28 Fried, Frank $930,000 4.5%
-------------------------------------------------------------------------------
29 Schulte Roth $925,000 6.9%
-------------------------------------------------------------------------------
30 Latham & Watkins $920,000 5.1%
-------------------------------------------------------------------------------
31 Wilmer Cutler $890,000 5.3%
-------------------------------------------------------------------------------
32 McDermott Will $875,000 12.9%
-------------------------------------------------------------------------------
33 Kaye Scholer $865,000 7.5%
-------------------------------------------------------------------------------
34 Arnold & Porter $855,000 4.9%
-------------------------------------------------------------------------------
34 Ropes & Gray $855,000 1.8%
-------------------------------------------------------------------------------
36 Choate, Hall $850,000 10.4%
-------------------------------------------------------------------------------
36 Kramer Levin $850,000 6.3%
-------------------------------------------------------------------------------
38 Heller Ehrman $845,000 5.0%
-------------------------------------------------------------------------------
39 Akin Gump $840,000 7.7%
-------------------------------------------------------------------------------
40 Hughes Hubbard $835,000 12.1%

Dewey MATCH

Billy Merick still suck the sweat off of dead men's balls.

Billy Merick still sucks the sweat off of dead men's balls.

so all the S&C hysteria was much ado about nothing, eh?

Is this only NY??

You can feel the rage from the "Last" posts. Wow.

Have the Chicago firms matched?

Who cares about Chicago. Bush league - second tier market. Can you say, "I couldn't get a job in NY....uh, so i went to the Chicago office."

BLURST!

I think this is the first firm to only release its memo to its NY associates. I'm sure other firms will follow suit. Bad news for associates in the other markets.

5:58 - from what I've heard this only applies to NY and DC, but that's not officially confirmed.

6:02 - that is not always the case. In my part of my firm, it is much easier to get a job in the NY office than it is in the Chicago office.

Could King & Spalding be next?

6:02 - I think he was referring to the NY office of Chicago firms.

Shearman matched several hours ago. Don't know why it hasn't been posted.

well, that's not good. enjoy your bonus ny'ers, it looks like it's ramen noodles to the rest of us. maybe orrick to the rescue again?

Where's the Shearman memo?

6:17 - King and Spalding? They had a $35 lunch budget in NY. Enough said.

Dewey memo applies only to NY and DC. What happened to the "one firm" mentality...

IS IT FAIR TO SAY THESE FIRMS MATCHED IF THEY ARE NOT PAYING THIS BONUS TO ALL ASSOCIATES IN ALL US OFFICES?? I mean, after all, SIMPSON is paying this bonus to associates in all US offices including LA and Palo Alto. Davis Polk is giving this bonus to all US associates as well, even those in Menlo Park, CA.

Are Dewey associates in EAST PALO ALTO getting this bonus? I don't think so.

LAT NEEDS TO NOT JUST SAY THEY MATCHED since there is a difference in giving everyone firmwide this bonus and giving it to NY associates only.

Fuck the rest of the country -- you bitches already get paid too much for your meager living expenses. Suck it.

What about Sonnenschein...

Seriously, who cares about the rest of the country aside from NY, they should get any bonuses at all.

Yeah, it's so fucking meager to live in the SF Bay Area where the median home prices are $700k. STFU and answer the question posed 6:53.

6:53 - I CAN WRITE IN ALL CAPS AND BE ALL OBNOXIOUS TOO? SEE???

IT'S A NEW YORK BONUS. IT COMES WITH NEW YORK TAXES AND NEW YORK PRICES. DEAL WITH IT.

Amazing how non-NYers start to sound like L2L when we get paid more. As 6:55 said. s-u-c-k i-t.

6:53 didn't post a question

That's rhetorical.

$700K will by you a 550 sq ft apartment in NY, which I don't think anyone would call a home.

$700K would buy you the freakin carrington ranch in any of the Texas hubs.

6:53 didn't post a question

That's rhetorical.

$700K will by you a 550 sq ft apartment in NY, which I don't think anyone would call a home.

$700K would buy you the freakin carrington ranch in any of the Texas hubs.

I think a Bingham memo is on the way

Special bonuses should be firmwide. Base salary and standard bonus structure accounts for cost of living, etc. But special year bonuses like the ones we are seeing, should be distributed evenly in all offices.

What are my odds for DLA matching?

7:10 - about 20%

Shearman has matched earlier today.

You had a really good day, Merck. Congrats.

BOTTOM LINE:

This is not a match.

1. It's based on 2000 billable hours. Given the current market, you might be SOL at this point.

2. It is only for associates in NY and DC. I thought this merger created a firm with 40+ offices?

7:19, do you give classes on how to be a whiny bitch? Maybe you can suck it?

"IT'S A NEW YORK BONUS. IT COMES WITH NEW YORK TAXES AND NEW YORK PRICES. DEAL WITH IT."

SIMPSON, DPW, AND WEIL PAY ASSOCIATES THE SAME IN ALL US OFFICES. All other firms that PURPORT to match are garbage if they don't pay the same in all US offices.

PERIOD.

"6:53 didn't post a question"

Actually em asked if Dewey associates in the East Palo Alto, CA get the same bonus as their NY counterparts.

There is a point here: You can't call it a full match unless these firms are paying the same bonus in all US offices, like Simpson and DPW. Cravath is a rare exception because they only have one office in the US.

A.T.L. should point out that many firms are matching in NYC (and perhaps DC) only, and not other US offices, while Simpson/DPW/etc match in all US offices.

Where is the Shearman memo? I can't believe ATL is posting this non-match and ignoring Shearman's bonus announcement which doesn't have an hours requirement and is across all offices.

The D&L memo looks like it was only sent to NY associates. How do you know the bonus also applies to DC associates? I HOPE IT DOES!!!!

wait! There are law firms outside of NY? who knew? or is it that only NY matters.

This is a slap in the face to those associates outside of NY.

7:26: Where are the firms you mentioned based? What is the common denominator for every office that has matched? They're all based in New York. Any firm located outside of New York that wants to maintain a sizeable presence will also match IN THEIR NEW YORK OFFICE.

PERIOD.

Wow, nothing better than to see people in minimarkets bitching about the lavishness heaped upon us folks in NY. Go cry somewhere quiet.

7:38: Give me a break.

Non-NYers are always bragging about how they get the same $$ for fewer hours and lower COL. Now they are crying because they might not get NY $$. Get over it.

7:44 hit the nail on the head.

Non-NYers are always insulting the NYers for choosing the expensive city. And when non-NY firms do not follow the NY bonus, suddenly non-NYers are up in arms, threatening to all move to NY!

The greed is astonishing.

7:44, you ignorant douche. The city doesn't matter - the firm does. No argument exists to justify not treating all lawyers IN ONE FIRM the same way. I encourage all non-NY lawyers getting the shaft to speak up, loud and often. Eventually, they'll get this thing fixed.

To 7:44 and 7:58:

STFU.

Do you honestly think Dewey - East Palo Alto associates are bragging about few hours and lower COL? If you do, you are hella dumb.

They have the same hours and COL as Simpson Palo Alto associates, but Simpson PA associates get NY market bonus, while Dewey - EPA associates get crapped on and only learn their NYC counterparts get the bonus they don't by reading A.T.L.

The non-NY firms will hold their ground. So what if they don't match the top NY firms? Yes, thousands of associates in LA/DC/Chicago are all going to resign in rage and all move to NYC (the city that they hate and insult so much) for an extra $10K. Looks like Cravath/Simpson/DPW/Debevoise better prepare 200 new offices each for these thousands of associates who are going to move to NYC soon.

8:01

Brilliant! I have the solution!!!

Ask all Dewey EPA associates to move tomorrow to (i) Simpson PA and Davis Polk Menlo Park, or (ii) Dewey NY (yes, that disgusting, horrible, overpriced city).

Seriously, wow, 8:00 obviously went to Sally Struthers Law School: "7:44, you ignorant douche. The city doesn't matter - the firm does. No argument exists to justify not treating all lawyers IN ONE FIRM the same way. I encourage all non-NY lawyers getting the shaft to speak up, loud and often. Eventually, they'll get this thing fixed."

That's how shit works in normal companies you idiot. Company middle manager X in New York City makes more than middle manager Y (doing a similar job) in Madison, Wisconsin.

Fuck. Off.

The point is IF THESE FIRMS ARE GOING TO MATCH IN THEIR NYC OFFICE, THEY NEED TO MATCH IN ALL US OFFICES

**OR ELSE IT'S NOT A TRUE MATCH TO THE LIKES OF SIMPSON, DPW, ETC**

That's the point. Does ANYONE understand?

8:07:

I do. It's fine to only match in your NYC office, but Above the Law is for lawyers in the US, not just NY so it's not accurate to say that Dewey matched...they only matched for their NYC office while other offices get hosed.

OTOH, Simpson and DPW did a TRUE match, since all US offices get the same compensation.

There is a difference and some ignoramouses here don't get it.

8:07, we get it and think you're a whiny douche.

maybe the lesson is that you should go to DPW or Simpson over Dewey... is this a shocker?

And 8:12 is a fucking idiot who doesn't understand jackshit.

so what (8:12)

A classic! ;-)

8:12

No, the lesson is LAT needs to point out when a firm is only matching for selected offices (Dewey) or all US offices (Simpson, DPW, etc).

There is a distinction here that needs to be made.

With the exception of Cravath, WLRK, and a few others, NY offices (whether of NY, Chi, LA, DC or Boston-based firms) are FAR LESS SELECTIVE and it is MUCH EASIER to land a position there.

Merck was a little sloppy with the headline, that isn't in doubt.

3:01 - East Palo Alto does NOT have the same COL as Palo Alto. So clearly you Dewey-wheres-the-Boeff people don't need an NYC-magnitude bonus. HTH.

DC firms better start announcing soon else the DC offices of NY firms (who pay the bonus nationwide) will look far more attractive to 2L's deciding where to summer!

http://www.myspace.com/billymerck

Now I get it, Billy Merck ate Lat. No wonder he has such a soft spot for the lard judge on a Rascal.

JENNER & BLOCK - COME THROUGH IN THE CLUTCH.

Non-NY/DC Dewey associates have two valid reasons to be upset.

First, prior the merger, Dewey treated all associates the same firmwide with respect to salary and bonus (just like DPW, Skadden, Weil, Simpson, etc.). The strategy made sense - non-NY associates bill the same hours at the same rates as New Yorkers, but have lower overhead, so they are MORE PROFITABLE. If D&L wants to be considered a top tier firm, they should continue to treat all associates equally. If not, they should allow non-NY associates to charge lower rates equal to the rates in the market they live in, allowing them to develop their own clients.

Second, in announcing the merger, the firm said that 2007 bonuses would be paid separately by Dewey and LeBoeuf according to the existing policy of each firm. Dewey's policy was to pay all associates the same bonus (no idea what LeBoeuf did). D&L should live up to their promise and pay nationwide bonuses.

8:07 - So you are making the point that in order to "match" the initial firms, subsequent firms need to give the same bonus across the same offices as the initial firm? That was your only point?

What a bland, uninteresting thing to make such a big fuss about.

"So you are making the point that in order to "match" the initial firms, subsequent firms need to give the same bonus across the same offices as the initial firm? That was your only point?"

It is interesting because it's not really a match unless a firm gives its bonus and special bonus to all associates in all US offices, like Simpson, DPW, Weil, etc.

It should be noted as "Match in NYC only, other offices are screwed"

I love how angry 8:07 is. I read his post in a sort of half-scream-half-squeal sort of voice.

Isn't it kind of assumed that we're talking about the NY market? If the firm is nice enough to give NY bonuses in other markets, great. But does that mean that Lat/Merck needs to say "Dewey has matched XXX firms, but only in the NY and DC office?"

Again, this is about NY-driven bonuses. It's a NY thing. Some other lucky people around the country might get a collateral benefit, but the real issue is NY.

I disagre that it's a NY thing. I think it is a NY-based firm thing. One of the reasons that people choose to work for NY-based firms in other locations is that their compensation is superior. For those people, it's cause for concern anytime a NY-based firm that used to pay NY market nationwide changes its policy.

So Lat and Merck are supposed to research which NY firms paid uniform bonuses across offices and mention that in their posts because some people might have made the decision to join a non-NY office of a NY-based firm based on the fact that the compensation was superior?

You can't just read the memo to figure that out?

If you work at a firm that matches firm-wide, shouldn't you WANT to expose those that only match in NY? Your satellite offices are still competing for talent that may end up getting staffed on your case/deal, so you should make sure candidates know that they can expect their bonus to be above those of most other firms in that market.

Of course, if all you're concerned about is waving your paycheck around as a way to justify your miserable life, well, best of luck with that.

You know it's finally gone wild when non-NYers plead for NYers to empathize with them in hope of (moral?) support for similar bonus (read: Please, please, support us - we can't bear the fact that you earn a little more than us, even though our COL is so much lower, because we will otherwise lose a tiny bit of that great power we have to insult you nonstop for choosing a crappy, overpriced city - we need to earn the exact same amount in order to feel fully secure in continuing to insult - please!!!). I love it!

(I am looking at you, 9:55)

8:51 has a good point: D&L should not have made promises it can't/won't keep.

Besides, the whole impetus behind the Dewey and LeBoeuf merger was to create critical mass so that the combined firm could play with the big boys. Well the big boys are paying extra bonuses to all of their offices, and when faced with doing the same D&L punted. So much for being a top tier firm.

And has anyone noticed that the bonuses aren't being paid until NLT the END of February??! That's not a Christmas bonus. That's not even in time for Superbowl Sunday.

No way is this a match.

8:51 has a good point: D&L should not have made promises it can't/won't keep.

Besides, the whole impetus behind the Dewey and LeBoeuf merger was to create critical mass so that the combined firm could play with the big boys. Well the big boys are paying extra bonuses to all of their offices, and when faced with doing the same D&L punted. So much for being a top tier firm.

And has anyone noticed that the bonuses aren't being paid until NLT the END of February??! That's not a Christmas bonus. That's not even in time for Superbowl Sunday.

No way is this a match.

how much is that in pubes?

I love the anger with the YOU NEED TO POINT THAT OUT LAT!!!

Why?

Oh the injustice that the web site that allows us to waste so much of our time doesn't care about a distinction that you feel it should.

Do you pay for this site? No. Should the people running it care that you're angry? No.

If you work outside NY and you're getting paid the same as NY then you're getting more $ than people in NY - it's that simple. You get paid in Euros and we get paid in $. I'm even talking to you SF - and you're the only one that can even enter the conversation - you and your $700K median price home.

To Bob Perry and the rest of the NY Partners:

Now is the time to step up, put your money where your mouth is, and match market bonuses without tying it to any dumb billable requirement.

Otherwise, don't be surprised if the office becomes even more of a ghosttown by middle of next year. This is not a threat, just plain economics.

Do the right thing. We're counting on you.

Not till late February? Dewey and LeBoeuf to Leap Year Bonuses, bitches!!! I'm cashing mine in and buying an extra 24 hours on 2/29/2008!!

8:51, are you kidding me with the non-NY associates are "more profitable" than NY associates??? What a joke that is. You're the entire reason that D&L has a minimum accountable hour requirement for bonuses. I know for a fact that the legacy Dewey associates in EPA and Houston rarely work past 7 o'clock. Face it, your hours don't come close to what your NY counterparts are billing. I don't feel sorry for you one bit.

Just returned from a night out with colleagues. One was an associate on the compensation consultation committee. According to him, even though our firm is at best in the top 75, the compensation committee feels that if they do not match the raises they will fall behind.

One partner told the associates at a meeting this week, that they truly had not done anything special. He recognized that the trend of law firm consolidation may mean that the firm would one day merge. It would be better in the longterm and short term to capable associates and be regarded as a place that associates would fight to come.

The firm will announce next week that they will pay a special bonus.

NY to 190?

Seems to me that the NY associates should want firms in other cities to match until they can no longer hang and the wheat separates from the chaff. At that point we'll see NY move and the non-NY firms fall off into an order that makes sense relative to revenue, billing rates, COL, etc. But NY should hope everyone moves, which should indicate to them over the long term that the move in NY is not over for the time being. It seems to me shortsighted for NY folks to tell LA, SF, and Chicago folks to screw off.

NYC Bonus List of Shame

2008 Vault Rank / Firm / 2005 RPL (if known)
1
2
3 Sullivan & Cromwell LLP / $1,627,000
4 Skadden, Arps, Slate, Meagher & Flom / $997,000
5
6
7
8 Latham & Watkins LLP / $875,000
9 Weil, Gotshal & Manges LLP / $954,000
10 Covington & Burling LLP / $774,000
* 11 Kirkland & Ellis LLP / $987,000 (Punted)
12
13
14 Shearman & Sterling LLP / $992,000
15 Wilmer Cutler / 846,000
16 Williams & Connolly LLP /
17 Sidley Austin LLP / $774,000
18 Gibson, Dunn & Crutcher LLP / $1,011,000
19 O'Melveny & Myers LLP / $828,000
20 White & Case LLP / $600,000
21 Arnold & Porter LLP / $816,000
22 Jones Day / 602,000
23 Morrison & Foerster LLP / $735,000
24
25 Clifford Chance LLP /
26 Cadwalader, Wickersham & Taft / $940,000
27 Hogan & Hartson LLP / $735,000
28 Mayer, Brown, Rowe & Maw LLP / $750,000
29 Fried, Frank, / $891,000
30 Ropes & Gray LLP / 841,000
31 Paul, Hastings, Janofsky & Walker / $766,000
32
33 Akin Gump Strauss Hauer & Feld LLP / $779,000
34 Winston & Strawn LLP / $718,000
35
36 Wilson Sonsini Goodrich & Rosati / $752,000
37 Linklaters /
38 Orrick, Herrington & Sutcliffe / 767,000
39 Freshfields Bruckhaus Deringer LLP /
40 Proskauer Rose LLP / $745,000
...
...
55. (Cahill Matched)

Rank 2006 in revenue
by revenue Revenue per lawyer
per lawyer Firm Per Lawyer from 2005
-------------------------------------------------------------------------------
1 Wachtell ABOVE MARKET $2,455,000 2.5%
-------------------------------------------------------------------------------
2 Sullivan & Cromwell $1,565,000 1.3%
-------------------------------------------------------------------------------
3 Wiley Rein $1,520,000 162.1%
-------------------------------------------------------------------------------
4 Cravath MARKET $1,355,000 5.9%
-------------------------------------------------------------------------------
5 Davis Polk MARKET $1,200,000 4.8%
-------------------------------------------------------------------------------
5 Simpson Thacher-MARKET $1,200,000 6.7%
-------------------------------------------------------------------------------
7 McKee Nelson $1,190,000 1.7%
-------------------------------------------------------------------------------
8 Milbank, Tweed MARKET $1,110,000 10.4%
-------------------------------------------------------------------------------
9 Skadden $1,095,000 10.1%
-------------------------------------------------------------------------------
10 Cahill Gordon MARKET $1,075,000 8.6%
-------------------------------------------------------------------------------
11 Fragomen, Del Rey $1,070,000 26.6%
-------------------------------------------------------------------------------
12 Gibson, Dunn $1,050,000 4.0%
-------------------------------------------------------------------------------
12 Irell & Manella $1,050,000 9.9%
-------------------------------------------------------------------------------
14 Kirkland & Ellis PUNTED $1,035,000 5.1%
-------------------------------------------------------------------------------
14 Paul, Weiss MARKET $1,035,000 0.5%
-------------------------------------------------------------------------------
16 Munger, Tolles $1,025,000 18.5%
-------------------------------------------------------------------------------
17 Quinn Emanuel $1,020,000 28.3%
-------------------------------------------------------------------------------
18 Shearman & Sterling $1,010,000 2.0%
-------------------------------------------------------------------------------
19 Debevoise & Plimpton MARKET $1,005,000 8.6%
-------------------------------------------------------------------------------
20 Cadwalader $1,000,000 6.4%
-------------------------------------------------------------------------------
21 Boies, Schiller $980,000 3.2%
-------------------------------------------------------------------------------
21 Weil, Gotshal $980,000 2.6%
-------------------------------------------------------------------------------
23 Cleary Gottlieb MARKET $975,000 7.1%
-------------------------------------------------------------------------------
24 Willkie Farr MARKET $970,000 12.8%
-------------------------------------------------------------------------------
25 Williams & Connolly $955,000 2.7%
-------------------------------------------------------------------------------
26 Finnegan, Henderson $945,000 11.2%
-------------------------------------------------------------------------------
27 Townsend and Townsend $940,000 6.2%
-------------------------------------------------------------------------------
28 Fried, Frank $930,000 4.5%
-------------------------------------------------------------------------------
29 Schulte Roth $925,000 6.9%
-------------------------------------------------------------------------------
30 Latham & Watkins $920,000 5.1%
-------------------------------------------------------------------------------
31 Wilmer Cutler $890,000 5.3%
-------------------------------------------------------------------------------
32 McDermott Will $875,000 12.9%
-------------------------------------------------------------------------------
33 Kaye Scholer $865,000 7.5%
-------------------------------------------------------------------------------
34 Arnold & Porter $855,000 4.9%
-------------------------------------------------------------------------------
34 Ropes & Gray $855,000 1.8%
-------------------------------------------------------------------------------
36 Choate, Hall $850,000 10.4%
-------------------------------------------------------------------------------
36 Kramer Levin $850,000 6.3%
-------------------------------------------------------------------------------
38 Heller Ehrman $845,000 5.0%
-------------------------------------------------------------------------------
39 Akin Gump $840,000 7.7%
-------------------------------------------------------------------------------
40 Hughes Hubbard $835,000 12.1%

Not listed: Dewey (Market with hours requirement)

The decision for firms now will be whether to man up and pay full bonuses to NY, DC, etc.--like Cleary and several others have--or whether to shortchange DC, LA, etc.

it doesn't make sense to me why some people continue to discuss dc along with ny. dc is absolutely not a bad place to work--for example, it's clearly better than detroit. however, reasonable people would not get carried away with d.c.. it's in boston's league (maybe), but it would pay huge bank for the chance to suck ny's dick.

DL is not a match for many reasons and people are not jumping for joy. Lets just say the criteria for counting hours at the two firms are significantly different and this memo will lead to disparate results.

I can't believe I came to Atlanta over D.C. (not going to even suggest I would have gone NYC). At the firms that have matched for the D.C. office, the pay discrepancy for this year between Atlanta and D.C. is now approximately:

3rd year - 95k
4th year - 100k
5th year - 153k
6th year - 185k
7th year - 195k
8th year - 210k

That is the difference, not the total comp for D.C. As a sixth year on, you are making twice as much as an Atlanta associate.

In light of this, A&B, K&S, Troutman, SAB have decided to "fix" this issue by raising base salaries by AS MUCH AS $15k across the board. Holy shit! Fantastic!

What really settles it is that some people were happy when K&S "increased" (used loosely here) its bonuses for 4th years and up so that they are now in the range of $20k to $50k. This is the bonus, not the SPECIAL bonus, which is ZERO.

I believe K&S has PPP of 1.3MM last year and this is the best they could do? Feel free to laugh at Atlanta associates now. This is a toilet market.

This is clearly not a match, even in the New York market. It is tied to hours, and not getting paid until February.

"Legacy LeBoeuf" associates are particularly screwed by this. See the sentence about the bonuses being paid out according to the billable policy of the legacy firms? Dewey counts a lot more hours as billable than LeBoeuf does. By the time the bonuses are paid we will all be in the same offices-- and a former Dewey associate with 1800 billable hours and 200 recruiting hours will be getting a much bigger bonus than the LeBoeuf person in the office next door who had 1950 billable hours and those same 200 recruiting hours. (I know that's a lot of interviewing. It is just an example.)

9:00,

Amen. I'm getting out, as are my friends who are not tied to the region. This is no longer tenable.

Ah yes - the "benefits" of the merger begins for the D&L associates.

Congrats to the partners finding a way to make the COL issue a way to line their own pockets. Force all of your non-NY offices to charge NY rates... but then pay those associates less under the guise of "your COL is cheaper."

While that is certainly true... let's be clear... this is a way for the partners to line their own pockets with the windfall of lower COL in non-NY offices.

Well played D&L partners.

Not only have you made yourself 2nd tier by not matching (not paying in Nov and not paying all offices)... you've hosed all your non-NY offices to line your own pockets.

Be interesting to see whether other firms (Skadden, Weil, etc) that have several non-NY offices... will "follow" D&L's attempt to preempt this issue (i.e., paying non-NYers less)... or if they will punk D&L.

It's a good time to be a NY-er (for once). Especially a NY partner.

An even better time to not be a D&Ler.

D&L associates... send your resume to me so I can get a referral bonus! (yes, I am greedy if that wasn't plainly obvious).

The decision to not pay a special bonus to associates in all offices is a clear indication that D&L is not yet ready to play with the big boys.

For the poster who's up in arms about firms paying bonuses in all offices, take a look at the firms that have announced (excluding Dewey) and see how many domestic offices they have. I think STB is the leader with a whopping four offices.

The NYC-based firms that have a relatively small number of offices have historically paid lock step bonuses across classes, in all offices, without any real hours requirement. So this covers Paul Weiss, Davis Polk, Willkie, Cleary, Debevoise, etc. In terms of compensation (not to mention practice) these firms and those like them are the top of the market (excluding the Wachtells of the world).

The so-called national firms and the big players in other markets seem to be a complete crapshoot as far as comp goes, with hours requirements for bonuses, compression for seniors in some offices and disparate total comp across offices in the same firm.

Name one national firm in NY that doesn't pay NY salary and bonuses across all markets? The firms that have already announced may not have many other offices but other firms (Weil, Skadden, etc.) do. Assuming they continue to pay everyone the same way, will D&L respond?

I doubt D&L mathces across all offices. And you can't compare them to Weil or Skadden in terms of bonuses, given the 2000 hours requirement.

Lat,
Please do a post about how New Jersey "big" firms pay disgustingly low salaries and effectively no bonuses (i.e. for 2200 hours you get like 5k) and how no one with the ability to work in NY would work in NJ for what is really now about 1/2 pay. NJ firms need to increase pay and bonuses by tens of thousands of dollars and lower the hours minimum or face an exodus in light of the NY salary increases.

1056 - you assume that someone in NYC would hire them - that is not a knock on NJ, but there simply is not that much demand just now

On behalf of NY associates everywhere let me reflect the sheer terror of Lowenstien associates flooding the market and taking our jobs.

You really think because you did one deal for Cerberus that Cleary, DPW and STB are going to fall all over themselves to hire you?

In the last two years alone I advised on 25bn+ in P/E, Public/Private, and Private M&A deals, I graduated order of the coif from a top five law school was an editor on L/R. My fellow associates at the above referenced firms all have comparable resumes.

Graduating magna from Rutgers does not put you in the same league let alone the same field.

The same goes for the rest of the country, New York is the premier legal market and New York will continue to compensate associates accordingly.

What a pretentious ass.

I've no problem with the brethren across the river trying to up their pay.

11:51 - Are you taking jackass pills?

The Jersey firms, while not in NY league, still underpay for the talent that they require.

Some are barely starting at 6 figures and require near-NY credentials.

McCarter and Lowenstein both require NYC credentials. However, their paying 140k which, after taxes are considered, is probably not much less than 160 in NYC. Your bonus in NJ won't pay the taxes on a NYC bonus though.

11:51 - just because you have a terrific resume doesn't mean everyone else does. If you graduate magna from Rutgers and are on LR, that is a NYC resume' to me.

The problem is that a lot of people with borderline NYC credentials choose to take a "step down" to the NJ firms because they think they can't hack it in NYC. They think the hours will be different in NJ, or they have a better chance of making partner, or some other such nonsense. In reality it's all the same, except in NJ you won't make 170k until you make partner.

I've also noticed a ton of GULC grads at jersey firms, for whatever reason.

10:43

DLA Piper does not pay New York salaries across the board.

I curse you DLA Piper.

10:48

"Besides, the whole impetus behind the Dewey and LeBoeuf merger was to create critical mass so that the combined firm could play with the big boys. Well the big boys are paying extra bonuses to all of their offices, and when faced with doing the same D&L punted. So much for being a top tier firm."

Same story at DLA. We have 3,400 attorneys. If we can't play with the big boys at this point, when will we?

CHICAGO-BASED FIRMS:

Lat-- You posted the Kirkland memo, but that was not enlightening. Have other Chicago firms matched (Sidley Austin, McDermott or Mayer Brown)?

"However, their paying 140k"

You're lucky to get it.

I AM OBESE

I think D&L is not paying until feb because they are waiting to see who leaves and who stays. The firm just went through a merger and people are still trying to figure out where they stand in the combined firm. It would be foolish to pay out big bonuses now. People would have more incentive to take the money and run without looking back. By Feb. D&L would have more time to know who wants to stay and they will only reward those attorneys.

LLGM pays their bonuses to any assoc. in good standing. According to my friend. people with 1600 hrs got their full bonuses last year. They just had to be "liked". I heard Dewey always had a strict 2000 hr requirement.

All the top tier firm has no hourly requirement. D&L should do away with the min requirement if they want to play with the big boys.

DLA is a high end up WEMED. Sorry for the DLA trolls. Size doesn't necessarily mean better. The titanic sunk. Let's see how D&L do in 5 years. Maybe I will lateral to them if they succeed.

2:32--

There are no memos posted on ATL announcing that McDermott, Sidley or Mayer have matched.

The firms that have joined in the bonus/special bonus frenzy all pay bonuses on a lockstep basis. I was with McDermott for several years. At that time, the firm did not pay lockstep bonuses. I don't know whether McDermott now pays lockstep, but come bonus time, it and its fellow Chicago-based firms will compensate in major markets the same as other big shops.

what is wemed?

WEMED is where Loyola2L works.

3:04,

How can you really tell if non-lockstep firms match?

MEMORANDUM TO ALL ASSOCIATES AT NON-LOCKSTEP FIRMS

To: All Associates at Non-Lockstep Firms
From: Livin La Vida Lockstep!
Date: November 3, 2007

RE: Bonus and Special Bonus

As you know, bonuses are ordinarily determined by non-lockstep firms using a system that lacks transparency. Rumors circulate among naive associates that bonuses are determined in smoke-filled rooms by partners who take the time to consider your billable work, pro bono contributions, recruiting efforts, business development, etc. If you only knew....

This has been an extraordinarily profitable year for non-lockstep firms. As a result, to supplement the subjective sub-par bonus that you will receive in December, all non-lockstep firms will award special bonuses as follows:

Class of 2006: $5 Starbucks giftcard
Class of 2005: $10 Starbucks giftcard
Class of 2004: $15 Starbucks giftcard
Class of 2003: $20 Starbucks giftcard
Class of 2002: $25 Starbucks giftcard
Class of 2001: $30 Starbucks giftcard
Class of 2000: $35 Starbucks giftcard

On behalf of the partnerships at your respective non-lockstep law firms, I would like to extend our thanks to you for performing inadequatelyin law school. Had you been a hard worker and attended a well-regarded law school, we would be forced to pay you a market bonus.

Enjoy your Nonfat Caramel Lattes!

Sincerely,
Management Committee

Chicago to $190,000

3:00--

LLGM absolutely did not pay bonuses to every "liked" associate with 1600 hours last year.

And Dewey only required 1900 hours last year.

Let's be clear about the Dewey mimimum hours requirement -- until this year it was somewhere between 1800 and 1950 hours and it included "accountable hours" (i.e., pro bono, recruiting, summer lunches, pitch work, article writing, etc.). Any associate could hit that target if they wanted to, and I'm not aware of any that haven't over the past few years.

Also, keep in mind, Dewey has paid higher bonuses than most of the big boys by way of the "super bonus," which is amounts to a 20% kicker to your year-end market bonus. This is awarded to any associate who hits 2400 "accountable" hours.

This all being said, I'm still irate about having to potentially wait until the end of February for my two bonuses.

Classic late Friday news dump. Shame.

Come on Sidley, come somewhat even close to these numbers! Stand to up Kirkland and quit taking it!

Sidley is always slow.

Do other firms require 2000 hours to be eligible for a bonus? Any chance D&L will change its policy?

As one of the posters informed, Dewey was very liberal in counting its hours. The Beef's standard are incredibly more strict and the only thing you could count on as soft time was the 200 pro bono hours. Time spent on writing articles, doing true client development, and attending firm encouraged seminars typically have not been counted.

Congrats to D&L management for immediately creating significant animosity between the associates within a month of the merger. As someone said up top I hope some of my friends shoot me their resume so I can make some referral money.

Also keep in mind that given the Beef's standards there will probably be a significant number of Beef class of '06 who take home a smaller bonus than class of '07. Bravo, well played. I guess D&L is trying to follow the Reed, Smith model where SAs were being paid more than 1st years for the first half of the summer.

12:07,

Yes (including every firm that's announced bonuses other than D&L).

No, and it looks like it'll get worse for Dewey associates if you assume the firm splits the difference between the legacy policies.

2:32--

The three Chicago firms you mentioned (McDermott, Sidley and Mayer Brown) will wait to see what Kirkland does. These firms will probably match Kirkland (which itself will match the current movement).

12:18, on what do you base your prediction? I wish you were correct, but I'm afraid recent history indicates otherwise...

Sidley and Mayer Brown's bonus structures (lock-step, hours-based) are nothing like Kirkland's ("meritocratic," though undeniably hours-related). Sidley and Mayer Brown will match the new bonuses in their NY offices (and maybe they'll increase in Chi, DC, LA, etc. OH SO slightly). Kirkland will increase the incremental amounts it pays under its "eat-what-you-kill" bonus structure (which will continue to yield bonuses that DOUBLE Sidley's or Mayer Brown's).

When Chicago went to $160k over the summer, Mayer Brown moved first (after non-Chi firms Latham and Paul Hastings). Then Sidley moved, but it generously made the raises retroactive to May 1st. Then Kirkland raised (not that there was ever any doubt). I can't remember whether Sidley or Kirkland moved first back during the "Chicago to $145k" days, but it was one of the two, and not Mayer Brown.

McDermott has never paid bonuses equal to Sidley's or Mayer Brown's (which can tend to be, but are not uniformly, higher than Sidley's). It's a great firm, but it's not a compensation leader in Chicago. I would guess that Winston & Strawn and Jenner & Block probably pay slightly higher bonuses than MWE.

first first first!!!!! omg first!!!! just like when we were four weeks late with the autoadmit news but still said first!!!!

7:50

I think you meant that NONE of the firms that have announced, other than Dewey, have billable requirements. Becasue they don't.

will top non-NY-based firms match in their NY offices? have they in prior years?

Dewey is removing its billable requirements.

3:00

That doesn't make sense. Anybody who plans on leaving will just wait until February to leave. Even a first year would be leaving $45k on the table. That's not going to happen. That said, waiting (potentially) until February sucks and I really hope they pay us earlier.

3:09 --

As far as I know, that is just a rumor at this point.

Philly to $160K!
Keep hope alive.

where's the bingham memo?

what happens if you dont make the 2000 hour requirement? say you end up with 1975 hours? does that mean you get screwed and end up getting nothing at Dewey?

if you miss 2000 you get the special bonus, not the regular bonus

For all those bitching about the timing of the special bonus, I would like to point out that I have not yet heard we are getting a bonus.

It does seem like the wheat is getting separated from the chaff. If my firm does not pay, I will have to look for somewhere else. I have worked too hard to be at a second rate firm.

Yes, there are rumors that D&L is getting rid of its hours requirement. For next year. Many of us were hoping that they would do it this year, because of general morale issues due to the merger and because of all their talk of positioning the merged firm to be a market leader. Based on the letter we received on Friday, that appears to be very much not the case.

6:58-- as a "Legacy LeBoeuf" associate, I have no idea what would happen to the "Legacy Dewey" associate who ended up with 1975 hours. Chances are mentoring and training and recruiting would get them over that hurdle and they would get a full special and regular bonus. The ex-LLGMer with 1975 billable hours may also get a regular bonus. LLGM usually sets an actual billable requirement for bonuses that is slighty under 2000. But the ex-LLGMer with 1950 hours and plenty of client development and recruiting and mentoring and training hours will likely get the special bonus and nothing else.

There seems to be different answers to 12:07. Do other firms require the 2000 hour minimum to be eligible for the bonus? Also, if your department is slow, will Dewey & LeBoeuf make an exception if you are close?

I've heard a lot of the first years at D&L may not hit the 2000 hour minimum. Is that true?

When it comes to salaries, 2:09 is correct about the Chicago market. Kirkland generally moves first, then followed by Sidley/Mayer/Winston/MWE, etc.

Bonuses? That's another story. Salary is highly visible, so almost everyone will match. Bonuses are not, so there is little incentive to match. Kirkland probably will match in Chicago (probably). But I doubt any of the other Chicago based firms will match (in their own home base!). How pathetic is that?

None of the firms that have announced, except D&L, have huurs requirements except Skadden and that's really low (like 1500 hours or something).

Rohan S Weerasinghe/NY/NA/ShS
11/02/2007 03:40 PM
To
U.S. Track Associates - 3
cc

Subject
2007 Bonuses

I am very pleased to announce a special bonus that will be paid to our U.S. Track associates in addition to our regular bonus for 2007. The bonus amounts, based on class year, are as follows:

Class Year Special
Bonus Bonus

Class of 2007 $35,000 N/A
Class of 2006 $35,000 $10,000
Class of 2005 $40,000 $15,000
Class of 2004 $45,000 $20,000
Class of 2003 $50,000 $30,000
Class of 2002 $55,000 $40,000
Class of 2001 $60,000 $50,000
Class of 2000
and above $65,000 $50,000

In accordance with our customary practice of paying bonuses in January, bonus payments will be made on January 15 to all active U.S. Track associates in good standing. For those associates who were on a leave of absence, worked part-time, or joined the firm after January 1, 2007, bonuses will be prorated. For counsel and special associates, a special bonus will also be reflected in your regular annual bonus payment. Should you have any questions, you should contact Lisa Jacobs, Tai Park, or Barbara Gannett, who will be pleased to answer them.

On behalf of my partners, I want to thank you for your commitment and dedication to the firm over the past year.

NOTE THE TIME

"[W]e will also be communicating to all of our other domestic and international offices next week with respect to their year-end bonuses."

Memos were sent to the NY and DC offices last Friday, but that does not mean that other D&L offices will not receive "matching" (time value of money aside) bonuses this week.

Stay tuned....