New partner bonuses?
| cheese-eating abnormal lodge gaping | 04/29/17 | | Cerebral brunch | 04/29/17 | | cheese-eating abnormal lodge gaping | 04/29/17 | | Cerebral brunch | 04/29/17 | | cheese-eating abnormal lodge gaping | 04/29/17 | | Snowy embarrassed to the bone shrine factory reset button | 04/29/17 | | cheese-eating abnormal lodge gaping | 04/29/17 | | Cerebral brunch | 04/30/17 | | chrome multi-billionaire half-breed | 04/30/17 | | Unholy Nursing Home Black Woman | 04/29/17 | | offensive rusted laser beams | 04/29/17 | | chrome multi-billionaire half-breed | 04/30/17 | | Cerebral brunch | 04/29/17 | | cheese-eating abnormal lodge gaping | 04/29/17 | | glittery dun garrison coffee pot | 04/30/17 | | cheese-eating abnormal lodge gaping | 04/30/17 | | Cerebral brunch | 04/30/17 | | offensive rusted laser beams | 04/29/17 |
Poast new message in this thread
Date: April 29th, 2017 7:21 PM Author: cheese-eating abnormal lodge gaping
Any intel on this board re what kind of a bonus v50 firms give for associates for the year they make partner?
Basically the same 100k that is the top of the published scale?
(http://www.autoadmit.com/thread.php?thread_id=3599690&forum_id=2#33193117) |
|
Date: April 30th, 2017 1:17 PM Author: Cerebral brunch
What? It's the Cravath model.
A few weeks later, the Cravath lawyers assembled and unanimously voted her into the partnership. She received no signing bonus, no guarantee, no special deal. Instead, Cravath is paying her according to the firm’s seniority-based, lock-step system, which sets the spread between the highest- and lowest-paid partners firmly at 3 to 1.
“We’re not going to buy a lawyer with a big guarantee,” Mr. Chesler said. “That’s not how we do things. That’s not the Cravath way.”
The Cravath way? Really? One might dismiss such high-minded rhetoric as idealistic poppycock from a white-shoe lawyer hanging on to antiquated notions about the practice of law.
But the Cravath way, and Mr. Chesler’s impassioned views about law firm partnerships, may be worth paying attention to at a challenging moment for corporate law firms. The implosion of Dewey earlier this year — the largest law-firm bankruptcy in history — exposed the dark side of prevailing trends in Big Law. Four years after the financial crisis, the business climate remains challenging.
“At a difficult time in the legal industry, and at a time when the failure of Dewey illustrates how much can go wrong in the existing competitive environment, it makes good sense to look at the truly elite law firms that have done things right,” said Michael Trotter, a lawyer in Atlanta who has written books about the profession.
Cravath, along with Debevoise & Plimpton and Cleary Gottlieb Steen & Hamilton, are three remaining law firms that adhere to a strict lock-step compensation system, paying their partners in a narrow range according to seniority.
There are no stars or empire builders at these firms. No one gets paid extra for bringing in clients, so there aren’t disputes over who gets credit for new business. There is complete transparency: All the partners know, to the penny, what every other partner makes. (A few other prestigious firms, including Davis Polk & Wardwell and Wachtell Lipton Rosen & Katz, pay partners in a tight band and maintain similar cultures.)
(http://www.autoadmit.com/thread.php?thread_id=3599690&forum_id=2#33197634) |
|
Date: April 30th, 2017 1:07 PM Author: glittery dun garrison coffee pot
One data point:
Firm is V25, associates are paid lockstep base on Cravath scale, but billable minimum for Cravath bonus, with slight improvement on Cravath based on performance/hours. Partner comp is a black box understood to be roughly lockstep.
New partners will get a bonus equal to what their draw would have been if they had been 1st year partners for the entire year, with nothing deducted for a buy-in: e.g., if the first-year partner would have had a draw of $600k, then the senior associate who makes partner that year will get a $600k bonus, on top of whatever salary he made that year anyway.
(http://www.autoadmit.com/thread.php?thread_id=3599690&forum_id=2#33197565) |
Date: April 29th, 2017 10:47 PM Author: offensive rusted laser beams
FUCK OFF!
hth
(http://www.autoadmit.com/thread.php?thread_id=3599690&forum_id=2#33194519) |
|
|