first

so close to being first

It's hard to make the argument that you pay NY market if you don't pay NY market.

I doubt it is over, I bet that most places just didn't want to bother so early this year (see Kirkland).

It is just that most folks didn't see the need to make a memo about how they are just waiting till Dec like K&E did.

don't think it is over. certainly latham will match and hopefully exceed, but will do it based on their normal schedule.

hopefully exceed? you're kidding, right?

Over? Meaning the LA big 3, Williams & Connolly, MoFo, Mayer Brown, Jones Day et al. won't be giving out bonuses? Hardly. It was really unusual for Cravath to get the season started as early as it did, and I'm sure that those firms that haven't announced already are shrugging off the trend and planning to announce on their standard timetable. Mayer Brown, for one, never announces before late December or early January; since nobody's going to move before then, what's the downside in waiting until the usual time?

and latham's normal schedule means, announcing bonuses at the end of january may be even first week of february.

I acknowledge, while still typing, that Lat is trying to keep traffic up while we wait for more announcements.

I agree that Cravath was simply early out of the gate. My firm typically announces bonus details in mid December. That is when I expect to hear the good news this year as well.

Linklaters partners have been telling their associates verbally that Linklaters will announce in December and that they don't expect anything to change from past years (i.e. Linklaters will match the top of the market, lockstep with no hours requirement). Not sure if this means one big bonus in January rather than the weird split into "special" and "regular". Associates have generally accepted this at face value but are still a bit annoyed that management can't get it together to make a decision more quickly.

11:31:

Jones Day? Bonuses? You've got to be kidding me...

Any news on firms that paid the special bonus. How discretionary was the payout in the final outcome?

Anyone actually receive a bonus yet? Did everyone in your class get it?

Is it true at Skadden that they screwed associates out of the special bonus, citing that ambiguous language about being reasonably busy?

Does it mean no more special bonuses? I think some people got sb's last week. I was hoping for an early bonus this year. dammit to hell.

"Reasonably busy" appears to have been a higher req than expected-seeming to mean somewhere above 1600. Can anyone confirm the actual hours req?

Several firms don't feel the need to announce in early November, that's my guess.

not kidding about latham "hopefully exceed" the market bonus. latham typically matches the market, and, based on reviews, gives a discretionary merit based bonus to a few. would not be surprised if they continue with their typical trend -- of market plus merit -- this year as well especially in light of the fact that they are not moving away from their long and tedious review process.

jd ny pays bonuseseses. how could it not?

After this weekend's disturbing comments, last thing ATL need is references to SOL.

"gives a discretionary merit based bonus to a few..."

Nearly every firm does that to those who bill the most (or to those who were the biggest contributors in other ways to the firm)

Remember that firms are in the associate review process. Once these things are done, then we'll see more bonus announcements.

12:01, true, some firms do give discretionary merit based bonuses on top of the market numbers, as does latham. considering that the number of folks that benefit from this system is quite numerous (admittedly not everyone), this qualifies for my "hopefully exceed" comment earlier. do i really need to spell it out... if i get a bonus that is more than what the market bonus is, then i have received a bonus that is in excess of the market. i thought it was a pretty simple analysis that any average person can do.

perhaps some firms are just trying to do some more math, not be a boring lock-step player, and change and modify incentives, which will mean that while they may not match the cravath structure, they may still more that or more to a majority of their associates. also, i really hope firms get rid of this stupid "special" nomenclature and just call the entire thing a normal bonus specifically tied to their performance this past year. it's really stupid for firms that weren't as profitable this past year to feel like they have to match in the same way.

"I bet that most places just didn't want to bother so early this year (see Kirkland)" = wishful thinking.

11:54 - It does in NY and they will match market for middle ground. Superstars get higher, it you don't make billables (2000) you get lower.

Hogan told its associates that they would never see a firm-wide or even office memo of the sort issued by NY firms; the memos would be individually distributed at the usual time and in the usual manner. At the same time, the firm also reminded its associates that it is a DC firm, not a NY firm - i.e. please apply lubricant before the late December memo.

As per a previous post, McDermott NY already said it wasn't announcing before December 18.

NY to 175-185 range in Jan. I've heard this from numerous sources! These sources say that the market leaders have a huge desire to distinguish themselves from the rest.

Believe it or not, it is coming.

Big bonus news is over. Big salary news is yet to come. There WILL be a raise.

12:47 is obviously gone crazy...With almost all financial institutions floundering and letting employees go and miniscule bonuses on wall street, there is ABSOLUTELY NO CHANCE WHATSOEVER that NY law firms will jack up pay anytime soon - that will literally be a slap in the face of their biggest clients - the I-banks, hedge funds, P&E shops...

I hear you 12:58 - a couple of partners at my firm have told me (separately) that they think more layoffs from NY law firms are in the offing...Apparently such things have a natural built-in lag, which means that layoffs will come sometime early next year....

NY to 179.3

Of course, it would only be that slap in the face if they then raised rates...

Will this be the year that CWT does not match NYC market for bonuses and salaries?

Atlanta is going to 160

1:03, if a couple partners at your firm have taken the time to tell you that layoffs may be coming, shouldn't that maybe raise a red flag?

irell always gives bonuses, with no pre-announced memo on the last business day of the year.

LOL@"1:03, if a couple partners at your firm have taken the time to tell you that layoffs may be coming, shouldn't that maybe raise a red flag?"

1:03 is clearly a little slow on the uptake.

when are bonuses paid? Dec? Jan? does it depend on when your billable year ends?

I think firms should not only post bonus info but % of associates who receive bonus, like % of summer associates accepted are published (or at least an estimate). It means nothing to say we pay $X bonus and come Dec or Jan find that half the class did not receive the bonus.

DPW paid the special bonuses today

12:29--Hogan may be a DC firm but so are Covington and Wilmer. Both matched special bonuses in NY...Hogan will, too.

Hogan is not like Covington or Wilmer. It is not going to pay special bonuses in NY. You are crazy if you think it will.

I think all NY associates should hope that some out of town firms don't pay special bonuses. If they fail to do so, it suggests that another round of salary increases will lead to separation between market leaders and the rest of the pack. One would think that another round of salary increases at the firms that afford it despite the turmoil in the credit markerts would therefore be more likely.

Do people have any idea what the Boston bonus rates will be?

Skadden and Proskauer, two NY firms with Boston offices have matched in Boston, but so far firms with a major presence in Boston (Wilmer, Ropes, Bingham Goodwin etc) have not announced.

I find this kind of curious because I viewed Ropes as a compensation leader, which has a strong PE practice that attempts to attract top talent in NY and Boston...

I've kept this to myself for too long. I was part of the inner-circle of the Dead in the 80's-90's. Two band members, who will remain unnamed, poisoned Jerry while he was at the rehab clinic where he died.

He kept calling them from the clinic telling them how much trouble he was having with withdrawal. They secretly brought him something, telling him it was dope, that wouldn't leave any traces and stopped his heart. He was dead a few hours later.

The guilty band members knew Jerry would never clean up so they wanted him to go out before he saturated the market with his poor later work, and they wanted to have control over all of the band's intellectual property. They have no idea that I know about this.

thats weird.

Richards Kibbe & Orbe sucks...they say they're equal opportunity employers but they discriminate against gays an women...go figure.

It is now clear that the Chicago firms (other than K&E) are just pretenders. Jenner, Sidley, Mayer and Winston are not going to try to match the market anymore. 2Ls, be ware.

8:32 has it right. Chicago firms are a joke as to bonuses and paying market. Go to New York first, then if you really want, come to Chicago. Your bonus (and possible 2008 increase) will more than cover increased living expenses.

A notable exception to the "Special Bonus" seems to be Morrison & Foerster - New York. Has anyone heard if they plan to offer this bonus?

I am not a lawyer, but work with many lawyers on a daily basis (I'm a VP in investment banking). Recently, I was asked by a friend of mine (who is at a top 5 law school) what I thought of the law firms with which I work. I do have some views, but I also wanted to do some internet research and ran into the Morrison & Foerster "Special Bonus" question. Interesting ... I had initially thought about recommending the firm, but this throws a wrench into that plan.

All that said, I'm not convinced that my internet research is exhaustive enough to figure out if Morrison & Foerster pays fairly and values its employees as much as other firms do. While not the only criteria for picking a law firm, pay is certainly important.

Can someone let me know if Morrison & Foerster has announced the "Special Bonus"? If not, what do others think of this?