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Confirmed via @nonequitypartner on Instagram. It’s real, but (a) discretionary and (b) issued over the phone. Some litigation associates have received smaller retention bonuses as well. Unclear how many offices this extends to.
This is confirmed for London Skadden M&A over 3PQE (remember our first two years don’t count as that’s the training contract so it’s US equivalent of 5PQE but we just get paid less, but that’s a gripe for another day)
Same as US from what I understand
We need a written confirmation somehow! If that gets out, DPW, STB and S&C will have to follow which means PW, Weil, Milbank, Sidley, Latham, etc. will follow.
Subject Expert
Confirmed by a few sources on toplawschools. It seems they are doing everything they can to avoid a paper trail on these bonuses so you’ll have to take their word for it
Why the hell is Toronto getting it?
Coach
They have an office there
We need to tip off Abovethelow. If they publish an article about this, it would increase the pressure on other biglaw firms
Anything in writing? Let’s get this spread so we can get paid. I am slowly losing my mind and soul and don’t know if I have another 300+ month in me but an extra 100k would help!
#AppleSauceBrainGang
They are real. Heard through a friend. Juniors are not getting them but midlevels and seniors are.
Around 100k? Are some getting more/less in same year?
From the multiple threads on this it sounds like these are not lock step retention bonuses, but targeted to specific groups/years/people.
I think this was debunked by Skadden associates in another discussion
Coach
This was not debunked
Mission accomplished 😄😄
https://abovethelaw.com/2021/08/is-skadden-arps-handing-out-retention-bonuses-to-only-some-associates/
Thanks to all tipsters out there!
Coach
Classmate confirmed to me he received $125,000 retention bonus, with covenants to stay through a date next year. m&a, NYC
For the Skadden associates on here - what level of comfort do you have that the firm will actually pay? A verbal contract is pretty hard to enforce a year later. Just taking the word of old rich white guys and trusting they’ll act in good faith and deliver? K&E putting numbers down on paper is tempting, even if it means going to K&E.
I don’t have any doubt skadden will pay..too many associates have gotten this retention promise and they will suffer greatly if they end up not paying.
Wait, what? Another bonus on top of the existing special bonuses already being paid this year (split between May and Oct)?!?! I mean, I’m not gonna say no, but, what?!
Any more news from any firms?
Coach
ugh I WISH
Can anyone share screenshots of the toplawschools discussion where this was confirmed?
Just google Skadden Retention Bonuses and make a throwaway TLS account. I can assure you the bonuses are real for at least M&A associates
Any more traction at any firms?
Mentor
Repeating my initial take, this will not be widely adopted or copied by other firms