Associate Bonus Watch: Latham and Gibson, in a Holding Pattern
With respect to whether to match the Cravath-level "special bonuses" -- or, if not to match them fully (i.e., lockstep / no hours requirement), to what extent -- L.A.'s "Big Three" L.A. are playing a waiting game.
At Latham & Watkins, the Associates Committee just sent out this email (to all offices):
Itʼs that time of year again. Everyone is busy with work, family and the holidays, not to mention bonus chatter. So are we. We are preparing for our year-end Associates Committee meeting, where the details of our bonus program are worked out. As in the past, we will be announcing bonuses following this meeting, this year on January 25.
(In addition, we're hearing about some significant enhancements to associate benefits at LW, including parental leave. We'll write more on the subject once we have details.)
Meanwhile, in the Los Angeles office of Gibson, Dunn & Crutcher, associates are being notified of their bonuses in their annual performance reviews. The standard bonuses for the various classes appear to match the "year-end" bonus scale set by Cravath. But GDC associates have not been told anything about "special" bonuses and whether they will -- or won't -- be receiving them. Our tipster summarizes: "As of now, they are effectively punting."
Stay tuned to ATL for the latest bonus news from around the country.
(51) Comments
I'd like to know the deal at LW and GDC NY offices.
The LW email went out to all offices (incl. NY). So they won't know bonuses until next month.
What happened at the O'Melveny - NY meeting? Anyone know?
LaTTTham & WaTTTkins and Gibson, Dunn & CruTTTcher are TTTop firms.
12:22:
They locked the associates in a room and made them all sign documents promising not to discuss the fact they aren't getting a special bonus.
3 associates escaped the meeting but were captured in the lobby and waterboarded. Nobody knows what happened to them afterwards, but their offices have been cleared.
Can someone please tell me how much pls law associates make at the big firms like Labaton Sucharow, Lieff Cabraser, Phillips & Cohen, & Grant & Eisenhofer? Is the grass any greener over there?
Good day for bonus news. Now this is what ATL is good for.
There will be no Cravath-style special bonuses at the CA firms, or if they do EVENTUALLY do it, there will be strings attached.......
Are Latham and Gibson good firms?
what is happening at HOGAN?
See I told you so. NO special bonuses for you. (at least until January, and even then, just maybe....)
what about the survey results?
GDC will only do the special bonus in all offices if a big player makes the first move in that direction.
I'm outside of N.Y. and am happy with the NY base. I guess I'm not special.
While everyone's talking about what their 5-figure bonuses will be on top of their $160K starting salaries, we poor saps in Philly are still at $145K with nominal bonus. Lat, will you show us some bruthaly love and start a thread on prospects for the Philly market?!?!
12:37 - go watch Rocky or Always Sunny (the only two good things that ever came out of Philly) instead of trying to move the Philly market on this board, it is not going to happen...
Gibson is not punting. It is pretty clear that they are NOT paying the special bonus (in fact, several annual reviews have already been completed). However, Gibson is cool. Though they're not calling it a "special bonus," the bonuses we are receiving are significantly higher than the bonuses paid last year. Yes, Gibson listened.
1228: Word at Hogan is that the partners are currently counting the bonus pennies and determining how many they can remove and put back into their pocket.
so I am at GDC, an 05 grad. Billed a little over 2100. What should I expect?
You should expect a lot less than your colleagues working at New York based firms 1:09.
1:01:
are you talking about NYC or outside?
the bonuses may be higher than last year but they if they only match the market "year end" bonus, then they are effectively not paying any "special bonus."
since there has been no mention of it at all, it sounds like they are TRYING TO GET AWAY WITH not paying any special bonus. but clearly if OMM and/or Latham pays special bonuses, GDC will do so. whether you call that punting or not is up to you.
1:01 - I thought that the standard GDC bonuses = Cravath's year-end bonuses (which were the same as last year).
What did Gibson pay in bonuses last year?
I hear that GD&C is giving standard (not special) bonuses in non-NY offices. However, the bonuses are compressed so that 1st years get a big bump over last year's class (standard now = 40k) but the mid-levels got no bump. A 4-5th year gets only 10k more.
If Gibson, OMM and Latham do not pay the special bonus in their LA office then someone who is a 6th year makes $40,000 less than the guy across the street at Milbank's LA office (and Skadden's, Simpson's etc). Who in their right mind would put up with that? Will these firms have any mid-level/senior associates left?
Why do the bonuses in philly suck so bad?
Guys in my high school routinely only received base bonuses that were not bumped, nor did they receive special bonuses. They lived and were very happy. It's really no big deal.
If Orrick pays special bonuses, expect the Big 3 and Paul Hastings to pay special bonus in the same offices.
There is an unsubstantiated rumor circulating within the firm that a special bonus was announced for OMM-NY at a meeting today. There is no word as to the rest of the firm.
Hey Lat. Marty and Herb gave out bonuses today at WLRK. 100% again. First years made$165,000 salary Plus $165,000 bonus. Total compensation $330,000 for a first year associate. Lat, you should have stayed. What would you be getting now, around $600,000 ?
For full bonus information, ask the pirates. Ninjas are useless since they largely remain silent about these things.
why isn't the omm update on here?
Because someone needs to email Lat with the OMM info. He doesn't treat anonymous comments as valid until he gets confirmation from an identifiable source.
I'd email Lat, but as I said the rumor remains unsubstantiated. Perhaps someone in the NYC office could enlighten us?
OMM anyone? it has to be out now.
those remaining NY associates who are up in the air now from big out of town offices - LW, GDC, Akin - need to know.
The OMM NY people aren't emailing because they've all taken the day off to celebrate. See the lower hours thing.
Just got word from OMM. They are matching base bonuses and the special bonuses as well. OMM regards itself as the cream of the crop and will not allow it to be overshadowed by peer firms, NY market or not. Take that to the bank PIRATES!
Latham always announces bonuses in January (NOT December). Yawn.
Gibson wants to be just like Latham in everything they do.
They went to 160 within an hour of Latham announcing.
Just got an e-mail from a colleague at OMM NY. She said they are matching bonuses and special bonuses in all offices. As a top 20 firm, it is committed to staying competitive in the market, and OMM finds that market in NYC and L.A. are equivalent. Take that to the bank NINJAS!
OMM - NY did NOT do a lockstep match of special bonuses. Your rating and hours matter.
5:00pm is correct. OMM is smart, why pay bafoons who don't perform as well as others the same compensation? Lock step is a stupid system that only benefits the weak, lazy, and those that do the minimum to get by. That sort of scum does not deserve the maximum bonus. Successful and high performing attorneys don't have anything to worry about when a qualitative review applies. Let all the bafoon lower performers jump ship if they want a higher bonus, a good firm like OMM doesn't need them anyway.
Rumor is OMM NY matched special bonuses but all associates who didn't make their hours are getting fired---
think of it as a special severance package - Happy Holidays!!!!!
5:00pm is correct. OMM is smart, why pay bafoons who don't perform as well as others the same compensation? Lock step is a stupid system that only benefits the weak, lazy, and those that do the minimum to get by. That sort of scum does not deserve the maximum bonus. Successful and high performing attorneys don't have anything to worry about when a qualitative review applies. Let all the bafoon lower performers jump ship if they want a higher bonus, a good firm like OMM doesn't need them anyway.
All three are just waiting around because they don't want to be the first one to not match. Alls I know is that if the big 3 don't match I'm going to be doing 3L interviewing at my other V10/20 options. Not trying to be greedy, but why would I do the same amount of work and the same type of work in the same place for substantially less money?
Chadbourne matched, hours contingent. Match applied to all domestic offices (NY, DC, LA, and Houston).
4:58--you're on crack. There's been nothing about the other offices of OMM. As of now it's just NY.
12:28:
To comment on 1:07:
You should take whatever your expectation is (probably the base NY bonus) and divide by 2. That will get you your bonus for this year.
For example, if I were an '04, the total bonus in NY or in respectable NY firms' other office, I would be expecting a base bonus of $45k and a special bonus of $20k. Knowing that the firm is going to use the "We are not a NY firm, we are a DC firm" line used when speaking about compensation and NOT when speaking about late nights and billable hours, I should expect the base of $45k for my bonus, provided I am on the 1950 track. Now, I must also consider the "nickel and dime" factor of Hogan, so I will divide that number by 2. This results in about $22,500 for my bonus as an '04 who billed 2300 hours.
I hope this helps while you wait for your letter on Monday.
Latham wants to be just like Gibson in everything they do.
When Gibson was the first LA firm to go to 135K for first years, Latham matched within hours.
6:29--but recall that it was OMM then went up to 160 for 1st years.
5:09,
Clearly lockstep compensation is ridiculous. I mean, look at the firms that have it. They're all tops in the Amlaw 100, Vault, PPP, RPL rankings, league tables, Chambers, etc.
Clearly their associate compensation system doesn't work and they should rethink it. Give me a break.
Now, go back to "billing" so that you can make your bonus.
Who cares about differentiating between teh cheap 3. 5:26 is right, they're all competing to pay as little as the next guy, not the reverse. I'll probably just call Irell at the end of the summer and see if they're still interested. The cheap 3 are too damn cheap.
I work in the DC office of GDC, and I must confess to being outraged that they will likley give the DC office the short shrift.
For one thing, the associates in the DC bill (and have historially billed) significantly more hours than the NY office.
Moreover, although they lured me (and many others) to the DC office with claims of appellate and antitrust work, just like all NY associates we are stuck doing the mother of all doc reviews.
So DC associates do more work of the same kind as in NY and get paid less! I wish I had gone to the V5 firm I summered with so long ago...
10:17:
How many billable hours this last year?