UPDATE: Bunches Of Kirkland And Ellis Above-Market Bonus News
Tons of inside information on the K&E bonuses.
Yesterday we called upon our tipster network to help us crack the closed world of K&E’s individualized bonuses. We received a bevy of responses and can now provide a much better picture of the Kirkland bonus landscape. It’s the best we can do to provide you with an accurate view of what it’s like to work here.
The verdict: bonuses are generally clocking in about 20-40 percent above market. We did hear one report of an associate receiving a market bonus, but they explained that their hours were way low this year due to a big practice area slowdown.
Without further ado here are the tips we received (rounded and edited lightly to enhance anonymity):
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- Class of 2015, 2100 hours, 1.2x Cravath bonus
- Class of 2015, with class rating (like we all get this year). ~2300hrs $21K
- Class of 2015, 1.75x Cravath, about 2800 hours including nonbillable
That’s a pretty big spread for a young class. That’s from $18,000-$26,250 for those keeping score at home.
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- Class of 2014, 2300 hours, $33K
- Class of 2014, 2000-2100 hours, $30K
- Class of 2014, with class, between 2000-2100 hours, 30k
Now a pattern emerges: if an associate billed expected Biglaw hours of 2000-2100 they look to be getting around 1.2x market. Getting into the 2300s bumps them up into 1.3x territory.
Midlevels were more circumspect about providing details — for the obvious reason that they’re more identifiable — but we got some insights from them as well:
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- Midlevel, above class rating, 2500 hours. Got 1.4x market.
- Class of 2011, ~2300 hrs, $35K above market
- Class of 2010; 2600 hours; $115,000
This seems to generally comport with the younger classes — except for the Class of 2010 receiving an approximately 1.27x bonus for 2600 hours. Could the firm be tightening up a bit at senior levels?
As highlighted in the post yesterday, there’s some grumbling about the tightness of the bonuses. An additional 10 percent isn’t really a ton of money in the grand scheme of things, and some associates feel an additional couple grand isn’t worth devoting so much additional time in billables or effort in establishing a top-notch class rating:
- Content, but not encouraged. Definitely feels like they’re targeting “above market” bonuses by the slimmest margin politically palatable, to the detriment of performers.
- Main gripe is that a good rating doesnt seem to matter. Anything the firm says about “quality mattering over quantity” appears to be untrue.
But there’s a flipside to this:
- Midlevel with average rating and around 2000 hours. Got a little over market. Glad I didn’t work too hard.
Kudos.
Let’s end this post on a high note with a tipster keeping the proper perspective on Kirkland’s commitment to paying premium bonuses:
- 2011 Class Year, approximately 2000 hours, approximate bonus of $110k. I couldn’t be more thrilled. I’ve always been very happy with my bonus, but this year more so than ever.
Congratulations, associates!
Earlier: Kirkland & Ellis Places Bonuses In Stockings — We Need Your Help To Break Open This Black Box
Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.
