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ABANDON ALL HOPE - KIRKLAND MATCHES CRAVATTTH BONUS*
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Date: December 16th, 2008 2:27 PM
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 |
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Date: December 16th, 2008 2:44 PM |
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Date: December 16th, 2008 2:45 PM
I never flame. |
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Date: December 16th, 2008 2:46 PM |
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Date: December 16th, 2008 2:49 PM |
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Date: December 16th, 2008 2:46 PM |
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Date: December 16th, 2008 5:53 PM |
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Date: December 16th, 2008 5:54 PM |
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Date: December 16th, 2008 5:56 PM |
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Date: December 17th, 2008 10:43 AM |
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Date: December 17th, 2008 10:59 AM |
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Date: December 22nd, 2008 2:55 PM
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 |
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Date: December 22nd, 2008 2:58 PM |
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Date: December 22nd, 2008 3:13 PM |
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Date: December 22nd, 2008 3:19 PM |
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Date: December 22nd, 2008 3:19 PM |
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Date: December 22nd, 2008 3:36 PM |
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Date: December 22nd, 2008 4:21 PM |
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Date: December 22nd, 2008 4:41 PM |
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Date: December 22nd, 2008 4:59 PM |
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Date: December 22nd, 2008 5:03 PM
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 |
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Date: December 22nd, 2008 5:08 PM |
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Date: December 22nd, 2008 5:42 PM |
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Date: December 23rd, 2008 11:32 AM |
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Date: December 23rd, 2008 4:48 PM
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
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
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
"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
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. |