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lol @ Quinn special bonus
Poast new message in this thread
Date: August 29th, 2017 12:20 PM Author: carmine toaster See ATL link and post below. No idea how much money an associate gets even if they stick around for the 3 year "vesting" period. Quinn must have serious retention issues. Also sorry for the suckers who stay at Quinn at the hopes of this vesting award
------------- The litigation powerhouse of Quinn Emanuel, one of the most formidable and financially successful firms in all of Biglaw, just announced a special bonus plan to attract and retain associates. According to our sources, there’s good news about the firm’s bonus bucks, but unfortunately, there’s also some bad news.
We’ll start off with the good news. Quinn Emanuel’s special bonuses come in addition to regular bonuses for second- through sixth-year associates, and will be tied to the performance of the firm. If Quinn Emanuel does well, associates will do well. This year, for example, the firm will be directing 1 percent of its profits to the special associate bonus pool.
What about the bad news? There’s a reason why the firm is calling this an “associate longevity bonus pool.” These special bonuses, which could very well be huge, take some time to vest. If associates want their money, they’re going to have to stick around for a while. How long? Three years. Here’s an example of how this works, taken from an email sent to associates from John Quinn:
A qualifying second year associate for 2017 will get a provisional award in March 2018. That award will be paid in March 2021 as long as the associate is still with the Firm at that time. The same associate will be eligible to receive an award in March 2019. That award would be paid in 2022. The same associate would also be eligible for an award in March 2020 which would be payable in March 2023, and so on until the associate’s 7th year at which point the associate is no longer eligible for new awards but can keep collecting old awards as long as the associate does not resign before an award is due to be paid.
If an associate leaves the firm at any time prior to the date the vesting period ends, that associate will lose out on any cash he could have earned from this special bonus pool. Basically, the only way that an associate will be able to collect this cash early is through death or disability (or involuntary termination without cause). Here’s some relevant language on that point from a memorandum that was attached to Quinn’s email (available in full on the next page):
Awards are considered provisional and unearned until completion of service for the entire vesting period and are earned only by continued service to the Firm for the entire vesting period. Unearned awards automatically terminate with no right to payment upon termination of employment.
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LEGAL TALK NETWORK But wait, there’s more. Not only are counsel and staff attorneys ineligible for the special bonus pool, but associates must have billed more than 2000 client hours (not including pro bono hours) to maintain their eligibility.
According to an associate at he firm, the general feeling is that this news is “significant,” but no one has any idea how much they stand to earn. In the words of a source: “Certainly there are no complaints, but none of us have even the faintest notion of how much this will equate to come the first round of future bonuses in March.” As far as why the firm has chosen to make associates wait three years to cash in on these special bonuses, here’s what another tipster had to say: “They’ll do anything to tie people down at this point, even if the vesting period is a cruel length of time.” Is Quinn Emanuel having a problem with associate retention? If so, offering them what could be vast sums of money to make them stick around at the firm doesn’t seem like a bad idea.
In any event, congratulations to all second- through sixth-year associates at Quinn Emanuel! Bonuses on top of bonuses is nothing to complain about, no matter how long it takes for the money to land in your bank account. (Our opinion on this could change, of course, once March comes around and we find out the size of the future rewards associates will reap.)
And now, a brief word on Biglaw bonuses, generally. We’re happy to cover those announcements, but we need your help. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”). We always keep our sources on bonus stories anonymous. There’s no need to send the memo using your firm email account; your personal email account is fine. Please be sure to include the memo as proof; we like to post complete bonus memos as a service to our readers. You can take a photo of the memo and attach as a picture if you are worried about metadata in a PDF or Word file. Thanks!
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Date: August 29th, 2017 12:32 PM Author: exciting pozpig house interesitng. just like stock vesting (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34092992) |
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Date: August 29th, 2017 12:32 PM Author: vibrant telephone volcanic crater Yes just like that (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34092996) |
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Date: August 29th, 2017 12:33 PM Author: exciting pozpig house yep (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093000) |
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Date: August 29th, 2017 12:34 PM Author: Claret hairy legs gay wizard seems like you also get it if you get fired "without cause" as well. that's not a bad deal. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093008) |
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Date: August 29th, 2017 12:35 PM Author: Federal Tanning Salon Toilet Seat Isn't every one fired for cause ? (Performance issues) (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093019) |
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Date: August 29th, 2017 12:36 PM Author: french hospital ? Everyone "resigns." (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093028) |
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Date: August 29th, 2017 1:41 PM Author: Claret hairy legs gay wizard certainly there would be some sort of settlement negotiation in the event of a "resignation" (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093481) |
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Date: August 30th, 2017 3:07 AM Author: kink-friendly high-end juggernaut Not anymore! Now they can fire people are really ramp up the pool of aggrieved former associates. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34099029) |
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Date: August 29th, 2017 12:39 PM Author: irate curious garrison weed whacker link? (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093046) |
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Date: August 29th, 2017 1:41 PM Author: Claret hairy legs gay wizard "If an associate leaves the firm at any time prior to the date the vesting period ends, that associate will lose out on any cash he could have earned from this special bonus pool. Basically, the only way that an associate will be able to collect this cash early is through death or disability (or involuntary termination without cause)." (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093475) |
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Date: August 29th, 2017 12:35 PM Author: Federal Tanning Salon Toilet Seat Any serious guesses for how much these bonuses would be? (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093015) |
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Date: August 29th, 2017 12:36 PM Author: vibrant telephone volcanic crater $0 (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093020) |
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Date: August 29th, 2017 1:01 PM Author: carmine toaster Let's be a bit generous here: -suppose Quinn's total profit = $1 billion (that's roughly right, when you consider its PPP is 4.5M and there are 200 equity partners) -they allocate 1% to this pool, so that's $10 million -there are probably 500 eligible associates -> that comes out to $20k/year per eligible associate
-my guess is that at least half of the associates won't ever see these longevity bonuses, so Quinn gets to keep that for the partners |
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Date: August 30th, 2017 1:39 AM Author: learning disabled brindle milk but if that's retained then doesn't that count as "profit" which then recycles back to the bonus?
either way, an extra 60K out of no-where would be significant for the average mid level. |
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Date: August 30th, 2017 1:14 PM Author: carmine toaster it's 20k/year; they'd have to stay another 2 years to collect about 60k (i.e., 3 annual payments of about 20k)
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Date: August 29th, 2017 12:35 PM Author: Beta dragon senate lol this shit is like Mario party except instead of playing minigames you just accrue suicidal thoughts (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093016) |
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Date: August 29th, 2017 1:44 PM Author: Concupiscible office shitty mario jumping for suicidal thoughts (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093505) |
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Date: August 29th, 2017 12:38 PM Author: mischievous spruce shrine Lol, this just means they can just give less in annual bonuses...very shrewd. What a shittthole. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093038) |
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Date: August 29th, 2017 12:40 PM Author: Federal Tanning Salon Toilet Seat (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093049) |
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Date: August 29th, 2017 12:53 PM Author: Vengeful dull abode ape Winner winner chicken dinner. And it is paid out after debt payments to partners, meaning that it's a way to stiff non-rainmakers to encourage them to resign while decreasing associate bonuses. In short, it's a scheme to increase PPP. Savvy! (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093130) |
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Date: August 29th, 2017 1:47 PM Author: Nudist canary halford How will this encourage non-rainmakers to resign? It is profits after guarantees have been paid. Typically those are for recent lateral partners, not necessarily rainmakers, who simply get more points. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093532) |
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Date: August 29th, 2017 1:56 PM Author: Vengeful dull abode ape Can you think of a scenario in which what I said was right? (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093627) |
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Date: August 29th, 2017 1:35 PM Author: exciting pozpig house doubt they will give less. it's more that this bonus is probably shitty/nothing (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093424) |
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Date: August 29th, 2017 1:40 PM Author: lascivious gaping (guy unfamiliar with QE) (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093467) |
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Date: August 29th, 2017 1:41 PM Author: exciting pozpig house not a litmo but i thought they always bragged about being top of market (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093474) |
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Date: August 29th, 2017 1:44 PM Author: Vengeful dull abode ape Their schtick is to poach rainmakers with special lockup contracts and expand on that basis. They then pay associates supposed Cravath scale but demand 4k hrs or w/e such that marginal wage is that of a truck driver. All lit so no exit options and no steady business. All they can do is use cash to expand. But eventually they'll face a crisis where they can't expand with cash, and then they'll be left with a loose coterie of all the most aggro people who could be bought for money, fighting over the remaining equity. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093507) |
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Date: August 29th, 2017 1:50 PM Author: exciting pozpig house doesnt really sound different than most big law firms brother (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093558) |
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Date: August 29th, 2017 1:53 PM Author: Vengeful dull abode ape True - QE was a pioneer of this business strategy, and in a sense I'm making a general criticism of all law firms. That said, given that QE has run this model longer than others, and has no trannie practice as a countercyclical shock absorber, I think they are particularly vulnerable to a dramatic collapse. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093591) |
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Date: August 29th, 2017 1:51 PM Author: Concupiscible office http://abovethelaw.com/2017/08/biglaw-mega-merger-between-quinn-emanuel-and-williams-connolly-not-to-be/
Quinn Emanuel managing partner John Quinn said: ‘It is true that we had a meeting on this subject but it was very preliminary and we don’t know what, if anything, will come of this.’
"While Quinn Emanuel is an excellent law firm, we are happy just the way we are. We have no plans to merge with them or any other law firm,” Dane Butswinkas, chairman of Williams & Connolly, said in a statement after news reports of the talks Tuesday. |
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Date: August 29th, 2017 1:54 PM Author: Vengeful dull abode ape The disturbing thing in this story is that QE was apparently contemplating the merger, and got rebuffed. Then they come out with this new scheme to cook their books and juice PPP. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093612) |
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Date: August 29th, 2017 2:20 PM Author: mischievous spruce shrine You needed to bill like 2100 hours just to get a bonus which is ridiculous. Can't think of any other firm with such a high minimum. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093869) |
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Date: August 29th, 2017 2:21 PM Author: Vengeful dull abode ape (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093877) |
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Date: August 29th, 2017 2:34 PM Author: Concupiscible office Are you joking? (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093996) |
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Date: August 30th, 2017 6:59 AM Author: Vengeful dull abode ape http://abovethelaw.com/2016/12/associate-bonus-watch-a-litigation-powerhouse-announces/2/ (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34099193) |
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Date: August 30th, 2017 1:38 PM Author: Concupiscible office I was being sarcastic. Many firms have performance expectations, stated or implied. 1950, 2000, 2050. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34101057) |
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Date: August 30th, 2017 1:14 AM Author: Ruddy Principal's Office Newt Flame (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34098744) |
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Date: August 30th, 2017 1:33 PM Author: mischievous spruce shrine Not flame...I know multiple associates in ny and la who were no bonused and pushed out for billing 2000 hours. They are truly a sweatshop. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34101029) |
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Date: August 30th, 2017 1:40 PM Author: Vengeful dull abode ape I'm going to start a copycat firm - nudist ALPHA chads who must bill 3k/yr. Instead of sharks we'll be crocodiles or something. Dumbass millennial law students will eat it up. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34101075) |
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Date: August 29th, 2017 1:16 PM Author: lascivious gaping That period strikes me as too long; they should've gone with 2 years.
At 2 years the psychology favors sticking around -- it basically just stretches what everyone already does in terms of wanting to leave in august but sticking around for the december bonus. At 3 years I'd just be like 'lol no' if I didn't already want to stay. |
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Date: August 29th, 2017 1:34 PM Author: Vengeful dull abode ape Nobody rational is sticking around for this (which I guess means many QE drones will)-whole thing reeks of fraud lies. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093420) |
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Date: August 29th, 2017 1:52 PM Author: Titillating Meetinghouse To be fair, by the time you hit 3rd year you will have an extra bonus coming every single year after, which is when you are most valuable to the firm (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093572) |
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Date: August 29th, 2017 2:33 PM Author: carmine toaster 3rd year? More like 5th year
You need to be a 2nd year to be eligible; you then need to wait 3 years to get the bonus. |
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Date: August 30th, 2017 1:44 PM Author: Angry area At most they are paying for people to stay from December (or whenever their fiscal year ends) until March. Even that might make sense if they have a history of a ton of people jumping ship immediately after bonuses come in.
Who gets the unvested bonuses if someone quits? Does it roll back into the pool (LOL) or revert to the partners? |
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Date: August 30th, 2017 1:45 PM Author: Vengeful dull abode ape Prob back to pool this creating a slush fund for top brass. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34101107) |
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Date: August 29th, 2017 1:36 PM Author: spectacular fuchsia rehab travel guidebook lol at people still at law firms (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093431) |
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Date: August 29th, 2017 1:39 PM Author: Startling Heady Nursing Home Coffee Pot (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093456) |
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Date: August 29th, 2017 1:41 PM Author: Nudist canary halford They should have pooled the 1% of profits and given associates points based on seniority, with all points forfeited distributed pro rata amongst those who remain (not redistributed to the partners, which I assume is the case).
This is a decent deal for 2nd years but LJL for current 6th years. |
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Date: August 29th, 2017 1:43 PM Author: Thriller useless private investor Lol, just LOL at lawyers (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093495) |
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Date: August 29th, 2017 1:44 PM Author: slippery library shitlib Hope they make 83b elections (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093502) |
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Date: August 29th, 2017 1:45 PM Author: Concupiscible office Hard GPA floor, for those interested. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093516) |
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Date: August 29th, 2017 1:49 PM Author: Titillating Meetinghouse 3 fucking years? That's a lifetime especially at a firm like QE. What a joke (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093551) |
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Date: August 29th, 2017 1:50 PM Author: Vengeful dull abode ape Indiana Jones face melt.gif (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093559) |
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Date: August 29th, 2017 1:50 PM Author: aquamarine crusty theatre Pretty common for in house bros. long term incentive plans vest over three years. When you change jobs, you just negotiate the long term bonus lose with the new employer as a sign on bonus. (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093556) |
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Date: August 29th, 2017 1:54 PM Author: Titillating Meetinghouse Seems like most companies are going away from/have gone away from long vesting periods (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34093608) |
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Date: August 29th, 2017 1:55 PM Author: exciting pozpig house it's basically stock vesting, except in one chunk
does it make you want to stay if you're miserable? of course not. is it beter than nothing? sure |
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Date: August 29th, 2017 10:41 PM Author: Lilac Painfully Honest Chapel Scourge Upon The Earth except law firm jobs are not comparable to in-house jobs (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34097661) |
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Date: August 30th, 2017 1:43 AM Author: indigo vivacious turdskin cr
law firms are up-or-out pyramids that have no reason to try and retain people. UNLESS attrition is absolutely, completely SPS such that they can't retain even the relatively small number of midlevels and seniors necessary in BIGLIT. Which must be the case here. |
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Date: August 30th, 2017 1:27 AM Author: Bisexual Poppy Alpha Pocket Flask 2009: Quinn remains.... 2017: You remain as overworked fourth year in feeble attempt to collect meager bonus (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34098820) |
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Date: August 30th, 2017 6:59 AM Author: Vengeful dull abode ape (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34099194) |
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Date: August 30th, 2017 2:24 AM Author: galvanic lavender karate I wonder what "continued service to the firm" means for women who go on maternity leave. Years 2-6 are the sweet spot for them. My guess is that Quinn will say maternity leave isn't disqualifying provided they hit 2000 hours. But LOL at what that implies to any woman thinking of taking 4 months. The associate has to choose between killing herself with hours for the rest of the year, or will have to cut back on the amount of time they take off. Win/win for Quinn! (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34098949) |
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Date: August 30th, 2017 6:43 AM Author: Nudist canary halford The memo deals with it. It would just push your vesting periods back by 4 months "subject to the discretion of the firm." (http://www.autoadmit.com/thread.php?thread_id=3715338&forum_id=2#34099181) |