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How hard is the path from lit to GC?
Has anyone else been feeling this way?
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Kind of like a secret Santa without any guidelines. Bring your billable hours to the firm as a gift, and the firm will bring a bonus.
But because no one set a dollar limit for the gift you might get screwed by bringing the best gift and getting clearance Halloween stuff in return.
Ok so we work together
At my firm, once you meet your billable requirement (1850) + 100 hours of client development, you take home 1/3 of the amount by which your dollars invoiced exceed 3 times your base salary. I really like the system.
Bingo
Cravath scale, no specific billable requirement
Sadly no fall bonus
1900=6% bonus, you can get discretionary on top of that but it’s not guaranteed.
Am200. Bonus is a percentage of dollars billed
What billable threshold before you qualify for bonus? This sounds almost too good to be true
1800-no credit for pro bono or business development.
Of course!!
2000 with up to 300 pro bono.
1650 = proportional share of 5% of profits (no one actually works 1650; more like 1900-2200)
2000 - No pro bono credit.
Hello coworker
Same except unlimited pro bono credit (except you might get a little side eye if you go crazy with the pro bono)
Ours is 2000 including 200 pro bono.
1800. Bonuses start at 2000 and go up each 100 hours. Roughly correlates to 50% of what is billed.
Boutique firm, no billable requirement, bonuses are discretionary.
Bonus eligible at 1950 (billables only). Bonuses are based on yearly billables and discretionary (reward for non-billable work). Max guaranteed bonus is $20k but nearly impossible to get even with discretionary factored in.
Solid advice. I’m working my network. Unfortunately, my network is largely people at other ID firms with similar pay scales.
1850 (up to 100 pro bono) + 300 BD or PD qualifies you for sliding scale for every 50 additional hrs starting at $5000 per 50
You get the first bonus when you hit hours, but yeah the 300 nonbillable requirement is not great... it's not like they audit pd/bd so it's a pretty generous category so i often throw in "internal networking" lunches or reviewing industry newsletters, even listening to legal news podcasts on top of your typical cle/networking/firm service and board service type stuff. Also every mandatory group wide or firm wide meeting goes in there
OP: how easy it is to hit hours? My impression of firms with cravath bonuses is that they work you to death so you're all but guaranteed to get bonuses anyway
It’s actually a struggle for associates in our satellite office
Are we talking about true performance based "bonuses" what "bonuses" have come to mean, which is basically sharing profits with the "proletariat"? In either case, those firms (e. g. chapter 11 bankruptcy firms) who have profited greatly from the "pandemic" could reasonably be expected to share some of their profits; whereas those Firms who have 'taken in on the chin', but who are still operating, would not, rationally, be expected to share money they do not have (unlike the Federal Government who seems perfectly happy to print money it does not have.)
Fishbowl's system somehow 'adjusted' what I said above. And, it does not allow for editing.
No bonus unless you hit 2,000 billable. No pro bono allow, no non-billable time allowed. So, as a 3rd year associate, not expecting to bonus for a couple more years.
v30 range with Cravath scale. 2000 hours (with up to 100 pro bono and 100 firm hours).
V40 - 2050 with 100 pro bono in the non-NY headquarters. All other offices are 2000. Associates in the HQ also make significantly less in bonus than all other offices which pay Cravath. Bonus paid out in March with the fiscal year being the calendar year...
2000, but we can count 300 pro bono hours and 125 qualified non-billable towards it. But even then it's discretionary if you dont make the 2000 with the cut offs but would have if not for QNB or Pro bono caps.
So if you have 350 pro bono hours, 150 QNBs, and 1500 billables, our actual amount is 1925 but will still probably get a bonus anyways.