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Bay Street Bonuses

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2 hours ago, pzabbythesecond said:

Sounds like providence is considering a move to bay street white collar litigation? ;)

My guy thinks I should do white collar. I’m open to it.... some day. Not yet!

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On 6/22/2018 at 2:24 PM, maximumbob said:

Tell me about it, you know what a bottle of Domaine Leroy Chambertin Grand Cru, Cote de Nuits is going for these days?  I'm thinking I may have to downgrade to the  Leroy Domaine d’Auvenay Mazis-Chambertin Grand Cru, Cote de Nuits,

That's oddly specific. How was it? :wink: 

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21 hours ago, NYCLawyer said:

Fair enough. I guess from my perspective not being in the top 20 or so partners doesn’t put you on the “low side” but maybe this is semantics. In any event I would not have guessed people are making 300k+ off legal aid files.

Sure, it can be done. These people have a combination of client loyalty built up over years, aggressive hustling, associates who aggressively hustle for them, great referral networks, and they get a few big cases a year. 

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I don't have anything to add other than I think it depends on the firm, the degree to which there is a flexible model of the business. I know that some firms, assuming you're a good lawyer, more or less, let you dictate your lifestyle. You want to work like a maniac, and paid like a rockstar, be like Mary. You want to be home for supper, no problem, you just won't make what Mary makes. I think for some firms, it's harder to do. 

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I have been hearing rumours that a number of Bay St firms are giving mid-year associate bonuses in the neighbourhood of 5% or $5k. Contacts at Stikeman, Cassels and Blakes have confirmed. Others have not: Davies and McMillan. Any other intel out there?

Edited by jayfro

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On 6/28/2018 at 4:19 PM, NYCLawyer said:

Fair enough. I guess from my perspective not being in the top 20 or so partners doesn’t put you on the “low side” but maybe this is semantics. In any event I would not have guessed people are making 300k+ off legal aid files.

The partners at my criminal law firm (Toronto) make more than $250k. The most senior partner cracks seven figures. But we do not do legal aid (or very little). I don't see how anyone could make $300k off of legal aid, notwithstanding that there is a cap of around $250k in Ontario and it pays so little that you would have to work day and night, weekdays and weekends with an insane caseload.

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5 minutes ago, thegoodlaw said:

The partners at my criminal law firm (Toronto) make more than $250k. The most senior partner cracks seven figures. But we do not do legal aid (or very little). I don't see how anyone could make $300k off of legal aid, notwithstanding that there is a cap of around $250k in Ontario and it pays so little that you would have to work day and night, weekdays and weekends with an insane caseload.

Maybe have a small army of unpaid / underpaid articled students doing the L.A. work for you, while you collect the money? I've seen that business model. 

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21 minutes ago, QuincyWagstaff said:

Maybe have a small army of unpaid / underpaid articled students doing the L.A. work for you, while you collect the money? I've seen that business model. 

Yeah. I read about it too, in history books. I thought it was abolished a while back? I guess I was wrong.

Edited by pzabbythesecond

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4 hours ago, thegoodlaw said:

The partners at my criminal law firm (Toronto) make more than $250k. The most senior partner cracks seven figures. But we do not do legal aid (or very little). I don't see how anyone could make $300k off of legal aid, notwithstanding that there is a cap of around $250k in Ontario and it pays so little that you would have to work day and night, weekdays and weekends with an insane caseload.

As I said, I know it is being done because I have seen the Legal Aid numbers. I don't know if you can do it in Toronto - it might be a lot tougher. The people who do it hustle hard, have associates who hustle hard for them, have a lot of frequent flyer clients and do several "big cases" a year. They do work a lot and have a lot of clients. And there is no cap.

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On 6/22/2018 at 11:29 AM, Uriel said:

But with a negative net personal value, I still feel kind of unqualified.  :) It's all second-hand and observational.  

That does not normally deter people on the internet from making comment. ;) 

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On 7/5/2018 at 10:00 AM, jayfro said:

I have been hearing rumours that a number of Bay St firms are giving mid-year associate bonuses in the neighbourhood of 5% or $5k. Contacts at Stikeman, Cassels and Blakes have confirmed. Others have not: Davies and McMillan. Any other intel out there?

It's a new practice, not uniform yet.  You'll find a couple more 'yes' and a couple more 'no'.  I'm not familiar with anyone doing it on a percentage basis, so I'm not sure if that intel is sharp, but mine could be off as well.

I'm personally against these policies unless the payout is subtracted from your annual bonus; otherwise it just disproportionately benefits people that have a busy first half and a slack second half, rather than vice versa.  I mean, it's not like they're going to take that out of your December paycheque if you take your foot off the gas and bill 1500 on the year, are they?

What if you write a book or go on parental leave in the first half of the year then catch up to 1800 by the end, whereas your colleague in the next office over bills an even 900/900 in each half?  Why should she get paid more?  Seems to invite some gamesmanship that could rock your Q3/Q4 financial projections, but what do I know.

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On 7/5/2018 at 10:00 AM, jayfro said:

I have been hearing rumours that a number of Bay St firms are giving mid-year associate bonuses in the neighbourhood of 5% or $5k. Contacts at Stikeman, Cassels and Blakes have confirmed. Others have not: Davies and McMillan. Any other intel out there?

I've heard this 5% figure too, and I expect that other firms will follow suit shortly. 

On 7/16/2018 at 5:42 PM, Uriel said:

It's a new practice, not uniform yet.  You'll find a couple more 'yes' and a couple more 'no'.  I'm not familiar with anyone doing it on a percentage basis, so I'm not sure if that intel is sharp, but mine could be off as well.

I'm personally against these policies unless the payout is subtracted from your annual bonus; otherwise it just disproportionately benefits people that have a busy first half and a slack second half, rather than vice versa.  I mean, it's not like they're going to take that out of your December paycheque if you take your foot off the gas and bill 1500 on the year, are they?

 

My understanding is that these bonuses are not tied to hours in the same way that annual bonuses are (i.e., every associate gets a bonus regardless of billings). 

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On 2018-07-18 at 5:07 PM, CanadaWater said:

I've heard this 5% figure too, and I expect that other firms will follow suit shortly. 

My understanding is that these bonuses are not tied to hours in the same way that annual bonuses are (i.e., every associate gets a bonus regardless of billings). 

I heard the same. It’s being done to retain associates since so many have been leaving unexpectedly. 

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On 05/07/2018 at 10:00 AM, jayfro said:

I have been hearing rumours that a number of Bay St firms are giving mid-year associate bonuses in the neighbourhood of 5% or $5k. Contacts at Stikeman, Cassels and Blakes have confirmed. Others have not: Davies and McMillan. Any other intel out there?

Do we have any more information about which firms have provided it and which firms have not? I had heard through the grapevine (friends at my firm reporting on friends from other firms) that several firms did $5k bonuses for all Toronto associates regardless of hours or level, but the 5% info I've only seen on here. Sharing this kind of stuff makes it easier for people at firms that have not done anything mid-year to make the case to mentors/associate directors that the firm has fallen below market viz their "competitors" - particularly relevant when there has been a lot of movement across firms and/or vacancies to fill (as seems to be the case this summer). 

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31 minutes ago, Cripes said:

Do we have any more information about which firms have provided it and which firms have not? I had heard through the grapevine (friends at my firm reporting on friends from other firms) that several firms did $5k bonuses for all Toronto associates regardless of hours or level, but the 5% info I've only seen on here. Sharing this kind of stuff makes it easier for people at firms that have not done anything mid-year to make the case to mentors/associate directors that the firm has fallen below market viz their "competitors" - particularly relevant when there has been a lot of movement across firms and/or vacancies to fill (as seems to be the case this summer). 

I think Osler, CBB and Stikes have.  Not sure about others. 

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Hearing now that some firms have done both a merit/hours-based bonus and a broad-based associates' bonus this summer, greater than or equal to $5k each. 

Good year to be busy if you're in the right place...

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