Subject Expert
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Foregoing your bonus to join another firm.
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Mentor
You could be right that your firms are lying to you. Also consider that while your depts are doing well, others are way below budget and your no raise/no bonus may mean some of your fellow associates save their jobs. Over time, there are rarely practices that don’t cycle down and one day it may be your turn with 80 hour months and fear of the axe.
OP as to your partner telling others how great things are - lots of lawyers would rather lose fingers than admit their practice and/or the firm isn’t setting records in profits. Part is ego and part is clients don’t like being associated with “loser” firms.
Subject Expert
Wouldn’t it make sense to reward those who somehow hit hours? I had 80 hour months in April and May but now it seems that I will more than make up for it.
Also, I’m aware that they might be saving face, and I’m OK with that, but I’d like the firm to not lie to us. It doesn’t hurt.
Yes. My practice exceeded goals for this FY (which just recently ended), we’ve been busier than ever, and we’re getting no raises or bonuses. Not happy.
I agree. They know that if other firms are doing it, they can get away with it to cut costs.
Subject Expert
This has made me incredibly frustrated since it seems that the management wants to slash our bonuses because there has been a pandemic regardless of the economic impact. Seriously contemplating phoning it in hours-wise until next year and jumping ship (I’m a marketable mid-level, I think). Maybe I’m just venting - is this happening to anyone else?
A few thoughts. I can see how, at first blush, an associate would find this troubling. One, many equity partnerships already voted against disbursing profits to equity partners. So, why would they issue turn around and issue bonuses to associates? Two, we all expect the economy to tank (probably around the inauguration for whomever wins). Why then would we divest the firm’s reserves that will help it weather the upcoming storm? Instead of worrying about a bonus, we should all be worrying about if the firm will cut back and layoff people next year. Finally, do not get upset over a rumor. Panic, particularly unnecessary panic, is not wise. On the other side, if your firm did not forgo equity draws and the like, you should ask someone you trust about bonuses and get something from the horse’s mouth. If you are on an associate committee, you can reach out to a partner and say “I’m hearing rumblings from staff and associates that bonuses will be axed. How should I respond?” Assuming all of this is true and the partnership is only slashing bonuses to arbitrarily reap higher profits at the expense of hard-working associates, keep a long memory and leave the firm for a better one.
Coach
I have left firm life, but I worked at a very busy and profitable V5 firm during the 2008-2009 downturn and it was hard to see how I was being rewarded for so many sacrifices--crazy hours, health, working holidays--when the firm was paying us so little and asking so much of us. It sucked. Hang in there, OP.
*so little: I was staff but expected to work atty hours.