2019 BIG LAW BONUSES ANNOUNCED
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Poast new message in this thread
Date: November 7th, 2019 8:23 PM Author: Shaky range
Same as last year
*breathes a sigh of relief*
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39087199) |
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Date: November 8th, 2019 12:48 PM Author: mischievous histrionic theater
Class of 2018 — $190,000
Class of 2017 — $200,000
Class of 2016 — $220,000
Class of 2015 — $255,000
Class of 2014 — $280,000
Class of 2013 — $305,000
Class of 2012 — $325,000
Class of 2011 — $340,000
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39089733) |
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Date: November 8th, 2019 4:10 PM Author: Dashing Pontificating Office Weed Whacker Subject: Hours are going down.
Looking more closely at changing levels of productivity, Figure 8 shows average billable hours worked
per lawyer for all categories of lawyers across the market. While the number of worked hours has been
reasonably stable in recent years, it is important to note that, compared to average billable hours in the
pre-recession years (i.e., prior to 2008), there remains a significant difference. By way of illustration, in
2007, the billable hours worked averaged 134 per month. Through 2018, the average is now 122 per
month, or a difference of 144 hours per year from the 2007 level. To see the economic impact of this
reduction in productivity, one need only multiply this annual difference by the average worked rate in 2018
of $489 per hour, to see that the decreased productivity over the last decade cost firms some $70,416 per
lawyer per year in 2018. For a firm of 200 lawyers, that translates to a total cost of $14.1 million; for a firm of
400 to $28.2 million; and for a firm of 600 to $42.3 million.
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39090590) |
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Date: November 8th, 2019 2:19 PM Author: peach principal's office filthpig
Rates increase 85% in the space of a decade.
In-house counsel calls and gets 12% discount for new matter. Proudly reports the savings to the C suite.
Rates go up 15% next year.
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39090151) |
Date: November 8th, 2019 4:04 PM Author: Dashing Pontificating Office Weed Whacker
As a result, the market as a whole experienced healthy average revenue growth of 5.5 percent for the year.
On the negative side, while the overall results described above were positive, it must be noted that they were
driven significantly by Am Law 100 firms (and, indeed, within that grouping, by Am Law 50 firms), as well as by
some niche firms in the Midsize group. Performance by other firms – including particularly firms in the Am Law
Second 100 and some firms in the Am Law 100 and Midsize groups – were well below the market averages.
This continues the strong trend toward market segmentation that we saw in 2017 and raises the interesting
question of why different parts of the market are performing in strikingly different ways.
Apart from segmentation, there were other financial indicators that were somewhat surprising given the
relative stagnation in the market over the past several years. One of the most dramatic was a second round
of associate compensation increases that drove associate salaries and bonuses to record levels and that will
have a serious impact on the bottom lines of many firms in the coming year. Considering that productivity has
been essentially flat to declining in almost every year since the Great Recession, such compensation increases
appear – at least at first blush – to be counterintuitive.
A similar observation could be made about the aggressive increase in worked rates seen in 2018. Given the
tepid growth in demand for law firm services, the increased willingness of clients to move business to lower
cost firms or alternative service providers, and the continuing client push back on rate increases (as reflected
in declining realization rates), it is counterintuitive that firms would propose aggressive rate increases or that
clients would accept them. But that appears to be what happened.
http://www.managingpartnerforum.org/tasks/sites/mpf/assets/image/MPF%20FEATURED%20WHITE%20PAPER%20-%202019%20State%20of%20Legal%20Market%20-%20GeorgetownLaw-ThomsonReuters%20-%202-8-19.pdf
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39090547) |
Date: November 8th, 2019 8:20 PM Author: frum ticket booth
Looking at these makes me depressed I'm not in big law as it would be sick as hell to get a check for $100,000.
Then I remember that after taxes, it'd be like $50,000, which wouldn't even cover preschool for 2 of my kids.
Conversely, in flyover, my shitty in-house bonus would pay for preschool for 12 kids...
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39091587) |
Date: November 11th, 2019 5:22 PM Author: flatulent azn Subject: CRAVATH
CRAVATH
Class of 2019 — $15,000
Class of 2018 — $15,000
Class of 2017 — $25,000
Class of 2016 — $50,000
Class of 2015 — $65,000
Class of 2014 — $80,000
Class of 2013 — $90,000
Class of 2012 — $100,000
Class of 2011 — $100,000
https://www.law.com/2019/11/11/cravath-matches-associate-bonuses-after-early-announcement-from-milbank/
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39103166) |
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Date: November 12th, 2019 2:29 PM Author: flatulent azn
Class of 2019 — $190,000 + $15,000 [prorated so really like $3,000] = $205,000
Class of 2018 — $190,000 + $15,000 = $205,000
Class of 2017 — $200,000 + $25,000 = $245,000
Class of 2016 — $220,000 + $50,000 = $270,000
Class of 2015 — $255,000 + $65,000 = $315,000
Class of 2014 — $280,000 + $80,000 = $360,000
Class of 2013 — $305,000 + $90,000 = $395,000
Class of 2012 — $325,000 + $100,000 = $425,000
Class of 2011 — $340,000 + $100,000 = $440,000
Nice thing about the recession was a correction to spread out the bonuses, they used to be so compressed, but firms recognize that value of 4th years is so much greater and salaries start to widen from there.
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39107469) |
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Date: November 12th, 2019 3:16 PM Author: Erotic razzle-dazzle mother plaza
This is a tired debate at this point here but, as has been pointed out time and again, I doubt your 300k in-house comes with the routine expectation that you'll be e-mailed at 2 a.m. on a Saturday or that, when that e-mail comes, you'll be responsive to it either at that time or, worst case, by early Saturday morning and poised to work throughout the weekend in order to deliver the expected work product by COB Sunday. Young attorneys in biglaw are being paid for availability, time, and work ethic in relationship to high dollar value matters and rapid, sometimes capricious demands and, in that sense, they are earning their pay honestly, even if some of their work does involve "chasing commas." As you note, one of the benefits of moving in-house is to rid yourself of that environment.
Whether there should be a macro shift to generally lower pay scales and/or a different work culture across the industry is a separate topic and one that won't be raised, if ever, until there's a secular change in demand for high-end legal services.
(http://www.autoadmit.com/thread.php?thread_id=4378134&forum_id=2#39107688) |
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