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ABANDON ALL HOPE - KIRKLAND MATCHES CRAVATTTH BONUS*
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Date: December 16th, 2008 2:27 PM Author: Embarrassed to the bone psychic church *Well not exactly. Kirkland will always beat the market base by a little. But it is using the half bonuses as a base instead of the full Skadden bonus.
You can probably expect ~$20K or so for your average first year.
There goes the last hope for Kirkland propping up the bonus market for non lock-step firms. |
Date: December 16th, 2008 2:43 PM Author: Embarrassed to the bone psychic church (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10535083) |
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Date: December 16th, 2008 2:44 PM Author: Boyish patrolman flame. nothing on above the law and i emailed a friend at kirkland who hadnt heard this. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10535091) |
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Date: December 16th, 2008 2:45 PM Author: Embarrassed to the bone psychic church wait for it.
I never flame. |
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Date: December 16th, 2008 2:46 PM Author: Boyish patrolman what is your source (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10535113) |
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Date: December 16th, 2008 2:49 PM Author: Embarrassed to the bone psychic church the grapevine. the announcement hasn't been made yet so it's technically speculation. I'll bump this thread tomorrow or thursday when it is official. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10535134) |
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Date: December 16th, 2008 2:46 PM Author: titillating cruise ship earl has always been $$ with this stuff (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10535114) |
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Date: December 16th, 2008 5:53 PM Author: Embarrassed to the bone psychic church (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10536191) |
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Date: December 16th, 2008 5:54 PM Author: Spectacular field fanboi (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10536196) |
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Date: December 16th, 2008 5:56 PM Author: metal chad pocket flask how pissed are you about the pay freeze? (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10536203) |
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Date: December 17th, 2008 10:43 AM Author: Embarrassed to the bone psychic church wait for it... (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10540249) |
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Date: December 17th, 2008 10:59 AM Author: pontificating ape ticket booth I'm actually surprised there are any bonuses this year. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10540288) |
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Date: December 22nd, 2008 2:55 PM Author: Embarrassed to the bone psychic church So the other shoe is dropping tomorrow at ~10:30 am.
My bad for jumping the gun. Management wanted to confirm that Weil would not be generous. |
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Date: December 22nd, 2008 2:57 PM Author: vigorous area doctorate wow, you have detailed inside information. if you had to guess would it be closer to 10:15 or 10:45 (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10573915) |
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Date: December 22nd, 2008 2:58 PM Author: Embarrassed to the bone psychic church meeting is at 10 am. No idea how long the meeting will take. wiseass. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10573921) |
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Date: December 22nd, 2008 3:13 PM Author: Boyish patrolman great move waiting until half of everybody is gone for xmas (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10573994) |
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Date: December 22nd, 2008 3:19 PM Author: Embarrassed to the bone psychic church I guess better than Thacher, firing 400 people the week of Christmas. Including my roommate from the summer of 2005. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574012) |
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Date: December 22nd, 2008 3:19 PM Author: Boyish patrolman good point (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574015) |
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Date: December 22nd, 2008 3:36 PM Author: Embarrassed to the bone psychic church ATL scooped. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574098) |
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Date: December 22nd, 2008 4:21 PM Author: Vivacious Coral Whorehouse Telephone Didn't you predict a bonus announcement last friday earl? (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574297) |
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Date: December 22nd, 2008 4:41 PM Author: Embarrassed to the bone psychic church yes. And so did most people at Kirkland. Management decided to wait out Weil. I was wrong, my bad. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574408) |
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Date: December 22nd, 2008 4:59 PM Author: thriller rusted rigor striped hyena (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574497) |
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Date: December 22nd, 2008 5:03 PM Author: Contagious home round eye that's jones day.
kirkland is known for beating the market by a little, except "market" is a joke this year. |
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Date: December 22nd, 2008 5:07 PM Author: thriller rusted rigor striped hyena Oops, you're right. For some reason I thought a Kirkland post would have comments that were actually about Kirkland, but my mistake. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574548) |
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Date: December 22nd, 2008 5:08 PM Author: vigorous area doctorate be hilarious when those people get laid off 3 months into next year. a cravath in the hand is worth skadden in the bush. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574553) |
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Date: December 22nd, 2008 5:42 PM Author: Onyx offensive sanctuary place of business What counts as high billing? (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10574688) |
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Date: December 23rd, 2008 11:32 AM Author: Embarrassed to the bone psychic church finally. (http://www.autoadmit.com/thread.php?thread_id=900693&forum_id=2#10579088) |
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Date: December 23rd, 2008 4:48 PM Author: lavender galvanic native i've not yet gotten my bonus #.
we've had over a month to digest the shittty cravattth news, so the #s do not come as a huge shock, but lots of people are still pissed.
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Date: December 23rd, 2008 6:07 PM Author: Bipolar locale So from what I can gather from ATL comments
1. Kirkland is using the Cravath model as a base.
2. About 10% are making less than Cravath, about 40% making Cravath, about 50% exceeding Cravath (though, most not by much).
3. At the junior levels, bonuses are about 5k-10k higher on average than Cravath. At senior levels, more likely 15k-ish. I'd imagine someone above class billing 2400+ likely makes Skadden bonus. Reportedly, A few NY first years made 40k+ bonus (I'd imagine they were in bankruptcy, above class with like 2700+ hours)
4. It's possible that Chicago is getting paid less than NY given that the meetings showed different scales. Hard to believe since Kirkland has always used the same scale across offices.
5. The bonus memo suggests some layoffs or firings are likely in 2009.
6. I'm very curious what the PPP, RPL, etc. numbers are. I would have expected Kirkland to have had a banner year and they are only doing this because everyone else is (i.e. that's why they waited for Weil). Also curious if non-equity partners are also taking a similar hit? On that note, how are non-equity partners compensated? Is it base+bonus or some type of profit-sharing?
Anyone know what Irell and WilmerHale are doing? |
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Date: December 23rd, 2008 6:36 PM Author: lavender galvanic native i know the people who got $40-50k. not above class, but did bill 2700+.
i dont know where you get the layoff/firing point. there is no "bonus memo." i was at the bonus meeting and nothing of the sort was said. they talked about how the 3 of the 4 groups are doing well (gen lit, IP,bankrupcty), which will be used to prop up corporate and avoid layoffs.
there will be the usual attrition of people starting in jan as it happens every year though. that may be higher this year if there were tougher reviews in dec. |
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Date: December 23rd, 2008 7:44 PM Author: Bipolar locale sorry, not a "memo", but an ATL comment:
"This is the non-informative quote from Desmairis today at the NYC meeting concerning layoffs.
'No layoffs in the foreseeable future if you are performing at the top of the market.' "
Assuming this quote is true and not facetious, seems like they're leaving the door open to performance-related firings for underperforming associates (like ones in slow areas like corporate).
Anyways, I'm wasn't in the meeting. Just curious what happened? Weren't associates pissed and complain during the meeting? Any idea about PPP, RPL, or nonequity comp? Is NY actually on a different scale? |
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Date: December 23rd, 2008 9:11 PM Author: lavender galvanic native just got my #. I got ~4k above cravath market for billing btwn 2000-2100.
from my conversations, it appears PPP might be up for 2008 firm's pretty busy in every dept except corp ones.
but people aren't really pissed anymore after all the bonus announcements from other firms that seemed to be doing well this year. it would appear ungrateful to whine about getting a little above market bonus in light of layoffs and lathamization. |