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Salary upticks and bonuses in law firms are no longer the story. The news cycle moves along fast. But what still provide traction, including on the influential professional anonymous networks, are the customized bonuses from two law firms: Paul, Weiss and Baker McKenzie. At Paul Weiss, the format is the discretionary bonus, which is in addition to the announced one. For Baker McKenzie it a premium version of the announced bonus. Both, according to my understanding, will be computed on the basis of hours billed.  Some put the knock on this additional funding. They decry, with a LOL, that no amount of money is worth putting in more hours than is necessary to remain employed. However, an ongoing issue among midlevels is what happens when they exceed quota. Usually the response is cynical such as it won't get you anything. There are even harsh assessments: You could be reprimanded for putting too much firm time on billing and not enough on other roles such as mentoring and pitching in

 Finally, power slots are opening up. The deaths of leaders ranging from Henry Kissinger to Charlie Munger signal that the torch is able to be passed to a new generation. Gen Z might feel the euphoria we boomers had when the full-of-vigor John F. Kennedy ran to be US President and won. Over was the conformity of the Eisenhower Administration. We could be part of making the rules.  In my coaching, Gen Zers tell me that what's palpable is they can create their own world. Could another Counterculture movement be bubbling up? Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 203-468-8579,  janegenova374@gmail.com ).

There is no genius is the strategy of using humor - such as cruel weapon - to turn a person, place or thing into cringe.  That goes back to our miserable high school years. And it's back as a critic of businesses which seem to think much too well of themselves. It can be wildly more effective in deflating a brandname than the earnest effects of exposes such as the "The Caesars Palace Coup," "Servants of the Damned" and "Bully Market." Those books came and went and those they took on - Apollo, Kirkland and Ellis, Paul, Weiss, Jones Day and more - are thriving.  In  "The Fund"  Rob Copeland provides the amazing details of the culture created by billionaire Ray Dalio for hedge fund Bridgewater Associates. All its moving parts are based on The Principles, just like Christianity is based on the Ten Commandments. Inside Bridgewater they are positioned and packaged as just as sacred as the Ten Commandments.  Among the best examples of what tri

  Here is the latest from JPMorgan Chase's CEO Jamie Dimon : "JPMorgan boss Jamie Dimon says the US is addicted to debt, and it's created a dangerous sugar high in the economy" The cliches - "addicted" and "sugar high" are cringe. Also, given the clash of generations other old-line institutions such as law and management consulting firms will find themselves ignored in communications. Or, worse, made fun of. Already John Oliver is busy with the satire about McKinsey. As things are in communications right now, in researching a topic it is hard to get beyond the first few sentences of the supposed statesmanlike thought leadership on professional services websites and in white papers. It's not statesmanlike. It's simply isn't engaging.  Meanwhile as youth are appointed and elected to judge positions will they demand a fresh kind of brief from the Cravaths and Paul, Weisses? Professional ghostwriters will have to be parachuted in to train

Not quite a yawn. But most salary/bonus watchers are plum tuckered out from waiting for Milbank matches and then analyzing as they finally started to come in.  So, we greet the news from Abovethelaw about Baker McKenzie move as, well, to be expected. However, there may be joy throughout BakerVille among associates. There is also a point of differentiation. It will provide premium level bonuses for those who significantly exceed hours.  Recall too that Paul, Weiss indicated in its numbers announcement that on top of today's goodies it could provide discretionary bonuses in 2024. Already those on professional anonymous networks are asking about those kinds of bonuses from Paul, Weiss. Note that a few years ago Paul, Weiss did an atypical: It provided off-season bonuses to the category of associate it labeled "committed." In my work as a coach, including relationships, that term "committed" comes up a lot. It can cover a lot of territory. Meanwhile, here is the ne

  Paul, Weiss came in with its numbers. For now. In addition, there will be discretionary bonuses in 2024. Some will recall that in the past Paul, Weiss chair Brad Karp initiated off-season bonuses for the "committed." Since that was atypical, it enhanced the law firm's branding. Here is what  Abovethelaw  reports: Class of 2023   $225,000 Class of 2022   $235,000 Class of 2021   $260,000 Class of 2020   $310,000   Class of 2019   $365,000  Class of 2018   $390,000 Class of 2017   $420,000 Class of 2016  $435,000 Additionally, year-end bonuses were also announced, which match the prevailing market rate. Class of 2023   $15,000   Class of 2022   $20,000   Class of 2021   $30,000   Class of 2020   $57,500   Class of 2019   $75,000   Class of 2018   $90,000   Class of 2017   $105,000 Class of 2016   $115,000 UPDATE: Already on Fishbowl Big Law there is a posting asking about Paul, Weiss' discretionary bonus. Data or the gut for your careers and communications? Both of c

 November 28th - what an evening as news broke about which law firms responded - finally - to the Milbank rates for raises and bonuses.  However, here it is the morning after. And we know from history that none of those numbers have been cemented in. Cravath, McDermott and Paul Hastings can up them. Also, Milbank can do the same. Meanwhile the world, especially associates, waits. What will all the other law firms come out with? There is special interest in those firms such as Kirkland and Ellis and Paul, Weiss which seemed to have had an excellent year, despite the slowdown in demand at other firms. The focus is on the symbolism of their eventual numbers. That is, the messages they are transmitting about their direction.  The issue for large law firms is just that: their direction. So much has changed since pre-pandemic times. Those who could be most impacted by the mutations are junior lawyers. That's why they have to decode what the numbers are saying about their long-term value

Of course, one bit of unfinished business in raises/bonuses for law firm associates is: What will Milbank do? Fishbowl Big Law takes a look at that. A number of responses have already come in. They range from: As a market leader it doesn't have to do anything. to  It will wait until all firms make their announcements, then match. I vote for the latter. Meanwhile, other unfinished business is that the two hot firms right now - Kirkland & Ellis and Paul, Weiss - haven't made any announcement. My hunch is that their associates aren't able to get to sleep tonight (It's 2:10 A,M. New York Time). Either they're: In high angst about the possibility of  no raise/no large bonus or In high euphoria about the possibility that their firms will blast beyond Cravath.  Soon enough those seeking attention in the media will decry the size of the raises and of the bonuses. They did that before when first-years, with no experience, earned $215k. And now it's more. So much for

  Paul Hastings has been the one to come in next with the Milbank Match. That was at the Cravath scale. Here are the details from  Abovethelaw. The buzz on professional anonymous networks anticipated right after Cravath Paul, Weiss would be out there with its numbers. After all, PW is the hot game in town. UPDATE: As Abovethelaw reports, McDermott matches Cravath. Congratulations to Joe Patrice at Abovethelaw for being sometimes first out of the gate in catching this action. For the action to come our first check-in is Abovethelaw.  Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 203-468-8579,  janegenova374@gmail.com ).

The numbers the world has been waiting for during the three weeks since Milbank came out with its salary bump and crazy-wonderful bonuses for senior associates: Class of 2023   $225,000  ($10K raise) Class of 2022   $235,000  ($10K raise) Class of 2021   $260,000  ($10K raise) Class of 2020   $310,000 ($5K more than Milbank, $15K total raise)   Class of 2019   $365,000  ($10K more than Milbank, $20K total raise) Class of 2018   $390,000  ($10K more than Milbank, $20K total raise) Class of 2017   $420,000  ($10K more than Milbank, $20K total raise) Additionally, year-end bonuses were also announced, which match Milbank’s (and last year’s) numbers. Class of 2023   $15,000   Class of 2022   $20,000   Class of 2021   $30,000   Class of 2020   $57,500   Class of 2019   $75,000   Class of 2018   $90,000   Class of 2017   $105,000 That's effective January 1, 2024. This blog thanks Abovethelaw for the fast coverage and publication of this weighty development. Now, the chatter had been pre

 The anticipation builds - as evidenced here on Fishbowl Big Law - about Cravath's Milbank match on salary and bonus.  The Announcement is expected today since there is rumored to a Partner meeting. Some speculation is that the combo package for first-years of salary and bonus will total $250k. After Cravath makes the market then the pressure is on those law firms which did quite well in 2023, even though it had been a down year for a number of other law firms. Those which will feel the muscle put on them to come up with the big bucks for associates include Kirkland & Ellis (my, my, your name is all over bankruptcy work) and Paul, Weiss (You represented Chevron, Google, and more). Yes, they played, now they have to pay those hard-working associates. Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 203-468-8579,  janegenova374@gmail.com ).

" Paul, Weiss is next and everyone else will follow." This observation is in response to posting on  Fishbowl Big Law, November 26, 2023, about what Big Law firm (not boutique) will be first out there post-Milbank for raises and bonuses. Tomorrow is the beginning of the business week when such announcements are made.  Not all the comments on Fishbowl agree with this opinion of Paul, Weiss as Next. However, the fact that it's posted on that influential professional anonymous network (It seems to have more reach than Reddit.) signals the growing presence of Paul, Weiss. It's become the Big Law firm to watch for trends.  Recently, after being chair since 2008 Brad Karp renewed his contract last May. Boom, then there have been seismic developments. Among them had been three bold raids on Kirkland and Ellis talent in London. Also, it has grabbed major pieces of M&A business in what is a shrinking market. It helps its branding that it's hiring when other firms aren

  "I went to private school then Oxbridge then a top MBA but nobody at my firm cares at all. Sure, I technically had a great education and I might use that for my work. But the important thing is the output. It is about the work I do every day ..." -  Response to lament on  Fishbowl Consulting , November 26, 2023, about the supposed edge of pedigree and the negative impact on strivers.  BUT WAS THE EDGE EVER SUSTAINABLE? Look around at the masses of newly jobless. Obviously, this is a very different world for how to make a good living. For short let's refer to it as the Results Economy.  Even at the rank of partner, that is shareholder in law firms, the falloff in producing results can result in being forced out. That isn't just in Big Law where big things are expected. In my coaching, partners in Small Law share their shock at the pressure to step down, even though they "went to Harvard or Yale." They're not bringing in the new business, as antici

 It's usually on a Monday or Tuesday in November that market-maker Cravath sets off the compensation/bonus war for large law firms. This year November 27th or 28th could be the date. If those Cravath numbers, as well as the ones put out there by Kirkland & Ellis, Paul Hastings, Paul, Weiss and more, disappoint associates there could be a "Norma Rae" phenomenon. That is, an open advocacy for unionization.  The rumblings about taking collective action and the snippets of satisfaction in already doing so in white-collar fields have gotten louder and more strident. Those realities have popped up in everything from establishment publishing (Conde Nast) to banking (Wells Fargo).  It is not far-fetched to envision unionized junior lawyers threatening a walk-out before a high-profile trial or M&A transaction. Currently, in this slowdown in demand, their power has eroded. But, hey, they can get some of that back. Maybe a lot of it back.  The lure of being upped to NonEqu

"The grocery store needs a good strategy on how to efficiently collect all of the shopping carts! Seriously tho, it's really rough out there right now, and might even be a good time to get out of consulting altogether (go to industry while the market improves)."  Fishbowl Consulting , November 23, 2023   SO, WHO’S HIRING The snippet is in response to a question about what organizations might be hiring for strategy experts.    That particular assessment of the job market assumes demand for the abstract kind of Knowledge Worker will improve. Right now, in the history of business that doesn't seem on the money.  Bloomberg  is among those wary about the future of management consulting, a particularly erudite package the all-too-well-educated have gotten away with putting on the market for decades. The humor about that, especially by  John Oliver , is quite harsh.   SKILLS-BASED ECONOMY   Anyone who has been engaged in a search for work, any kind, has no