The BigLaw bonus extravaganza is back. BigLaw associates will receive an unexpected spring bonus this year in addition to the normal annual bonus. This is icing on a rather dry cake; the 2010 annual bonus was less than half of what was handed out during the boom time of 2007.
I fondly remember the excitement back in 2007, when firms were clamoring to match and even outdo each other on the bonus front. Above the Law, ever the bearer of news close to the hearts of BigLaw associates, even borrowed the animated icon of the Drudge Report siren to accompany the Associate Bonus Watch. That little siren became synonymous with the morsel of goodness doled out by BigLaw.
I must admit that the recent flurry of activity on the Associate Bonus Watch is making me a little green-eyed. Even though I know I willingly chose to leave all of this behind, I can’t say that I don’t feel left out seeing the excitement of my former colleagues when Simpson Thacher announced that it will increase its spring bonus to match the Cravath Scale.
When I left BigLaw, I thought I knew what I was leaving behind – the predictable salary and approximately a 2010 year-end bonus that was likely to be $25,000 to $30,000. (It ended up being $30,000). I had not accounted for this rather unusual and unexplained event of a spring bonus in 2011. Knowing about the additional $20,000 would not have affected my decision to quit law, but it is still a nice chunk of change.
I tell myself that after-tax, the bonus is only a little over $10,000, but I know I am just being a sour grape (a Jenism). Since I have become more frugal, I know $10,000 can go a long way. It would have financed my daily visit to Argo Tea for at least a
For the record: to the BigLaw associates who have stuck around and worked hard for this money, I am happy for you. You’ve earned it.