| Topic Name: |
Bonus Info |
| Message Name: |
Take it easy |
| Date Posted: |
10/11/2001 |
| In Reply To: |
"It's a kinder gentler law firm at the end of the day, but also one where you don't sacrifice prestige or quality of work."
That, my friend, is utter BS. The "kinder gentler" party line has been around a long time and I can assure you that DPW is no kinder or gentler than any other big NY firm. In fact, what kind of kind and gentle firm would so sanctimoniously lecture to their associates about being thankful for just having a job and yank their bonus down to $0 in the same breath? Isn't bonus just deferred compensation? Not at DPW it's not.
Doesn't sound so nice to me. In fact, DPW is now substantially BELOW market not only in NYC but compared to other cities as well.
Let the DPW apologists drone on about kinder and gentler while it spirals down from a 1st tier firm down to a 3rd tier in less than 3 years.
"The firm is still an amazing firm." Oh is it? |
| Message: |
You are getting carried away. Davis Polk will not drop down any tiers in terms of prestige. It has huge prestigious clients that have a long history of working with the firm, and they aren't going anywhere. The firm has always attracted great legal minds and will continue to do so in the future. The bonus reduction sucks, no doubt about it, but if the firm sensed any dropoff in the quality of its associates, it would remedy the situation.
I work at Davis Polk, and I'm not psyched about the bonus, but from what I've heard from people at other firms around town, layoffs or bonus reductions are coming soon. I've heard of corporate associates at Simpson Thatcher and Cravath being staffed to do litigation document production. We'll only be able to tell if the bonus reduction was wise or greedy when the profits per partner for the year come out. If DPW partners are still cashing $1.8 million worth of checks in a year, there will be some angry associates. If not, the associates around here will be comfortable in their job security.
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