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JD2B Blog

Party Time! Bonus Time! Or Not.
By Liz Jernigan

I can't believe it's already December. It's amazing how fast time flies by, especially during the holiday season. I mean, seems like yesterday I was busy preparing a turkey, that I would inevitably screw up. Ugh.

Just like you and me, law firms are busy around this time of year, too.
Typically it's a lot of holiday party gossip (not so much this year)
and high bonus hopes (again, less than normal this year), but this
year is different. Instead of champagne and bonus checks, it's layoff worries and severely threatened bonuses.

So I decided to talk about some of the recent downers in the legal community that are typically unusual
for this time of year. I know, bah humbug.

Here's some firms who've cut or reigned bonuses in:

1) Polk & Wardell
2) Cravath
3) Skadden
4) Simpson, Thacher & Bartlett

While associate bonuses seem lofty to those outside the industry, most associates end up using their bonus checks to pay down their massive debt incurred in law school, which is often over $150K. Wowzers.

Another blip in the typical law firm holiday season is the downsizing of those infamous holiday parties. I know, you either love em' or hate em'.

Below are several firms who have found themselves having to 'ixnay ethay artypay' (my pig latin needs work):

1) Debevoise & Plimpton
2) Fried Frank
3) White & Case
4) Orrick
5) DLA Piper

Whether or not your firm is scaling back their holiday fiestas and
cutting back on the bonuses, just be thankful you still have a job.


Posted on: 12/02/2008 05:14 PM | Number of feedback 6


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