General Discussion Thread 2020-21

[W]

Internal source has mentioned A&O have frozen associate pay and pausing half their bonus.

A commenter on here was worrying about COVID's impact on firms and I thought they really really didnt need to. I hate to say this but I am starting to change my mind. For a MC firm to freeze pay is surely hinting at a 2008 all over again?

That just came out in one of the law publications. What does that actually entail? Does it just mean they are not getting their discretionary bonus or they’ve lowered their salary for a temporary period?

 

[Andre]

Completed Dentons Telephone interview yesterday.

Does anyone know how long it takes to hear back?

 

[TCLA Community Assistant]

Internal source has mentioned A&O have frozen associate pay and pausing half their bonus.

A commenter on here was worrying about COVID's impact on firms and I thought they really really didnt need to. I hate to say this but I am starting to change my mind. For a MC firm to freeze pay is surely hinting at a 2008 all over again?

This means that no one is getting a pay rise or bonus. In the grand scheme of things, this is nothing to worry about. Worry about when people are made redundant...

I want to be frank with people, this is a lot worse that 2008. 2008 may have been the collapse of the financial system, but everything kept running.

This will hit us harder and faster than it did in 2008. But that's likely to mean that things will recover quicker too.

 

[TCLA Community Assistant]

That just came out in one of the law publications. What does that actually entail? Does it just mean they are not getting their discretionary bonus or they’ve lowered their salary for a temporary period?

Just means they won't get a discretionary bonus that they typically would have received in May/June. They also won't receive a pay rise, that they also would have received around that time too...

This is not something to panic about - discretionary bonuses and pay rises are just that - discretionary.

Of all the things to panic about, this shouldn't be it.

 

[Alice G]

Internal source has mentioned A&O have frozen associate pay and pausing half their bonus.

A commenter on here was worrying about COVID's impact on firms and I thought they really really didnt need to. I hate to say this but I am starting to change my mind. For a MC firm to freeze pay is surely hinting at a 2008 all over again?

That just came out in one of the law publications. What does that actually entail? Does it just mean they are not getting their discretionary bonus or they’ve lowered their salary for a temporary period?

I cannot access the publication but reading the short snippet that I can see, I get the impression the publication is saying that A&O is not increasing associate pay this year and keeping it as it is. Law firms have salary reviews, I think annually, where they appraise their financials and the salaries paid within the firm. That is why there was a hike in NQ pay last year across the MC - it was part of these standard reviews I think. I cannot comment beyond this and it is only based on what I have been able to read, i.e. two sentences. However, I would probably entreat everyone not to worry too much at this stage - firms may well decide to be conservative with their funds given the current situation as it is the best thing to do to hedge against this uncertainty, but I would not say that this is a huge cause for concern at this stage.

I am absolutely no expert or authority on this but these are just my thoughts and I think we should try not to speculate and worry ourselves too much. Law firms are complex businesses with equally complex financials and they will just be taking the steps they need to in order to safeguard against this downturn since we do not know how long it will last or what the lasting effects will be.

 

[Alice G]

Just means they won't get a discretionary bonus that they typically would have received in May/June. They also won't receive a pay rise, that they also would have received around that time too...

This is not something to panic about - discretionary bonuses and pay rises are just that - discretionary.

Of all the things to panic about, this shouldn't be it.

I am always one step behind you @Jessica Booker - sorry I just read this after I posted!

 

[W]

Just means they won't get a discretionary bonus that they typically would have received in May/June. They also won't receive a pay rise, that they also would have received around that time too...

This is not something to panic about - discretionary bonuses and pay rises are just that - discretionary.

Of all the things to panic about, this shouldn't be it.

I wasn’t panicking, was just wondering what it meant exactly. Thanks for clarifying.

 

[Ravenclaw]

I cannot access the publication but reading the short snippet that I can see, I get the impression the publication is saying that A&O is not increasing associate pay this year and keeping it as it is. Law firms have salary reviews, I think annually, where they appraise their financials and the salaries paid within the firm. That is why there was a hike in NQ pay last year across the MC - it was part of these standard reviews I think. I cannot comment beyond this and it is only based on what I have been able to read, i.e. two sentences. However, I would probably entreat everyone not to worry too much at this stage - firms may well decide to be conservative with their funds given the current situation as it is the best thing to do to hedge against this uncertainty, but I would not say that this is a huge cause for concern at this stage.

I am absolutely no expert or authority on this but these are just my thoughts and I think we should try not to speculate and worry ourselves too much. Law firms are complex businesses with equally complex financials and they will just be taking the steps they need to in order to safeguard against this downturn since we do not know how long it will last or what the lasting effects will be.

Legal Business just published this now, confirms what my friend at A&O told me. https://www.legalbusiness.co.uk/blo...o-task-with-raft-of-belt-tightening-measures/

But yes you and @Jessica Booker are right, doesnt appear too drastic and not a green light to panic...yet lol

 

[Lumree]

Email from WBD to say they have paused their recruitment process (post VI)

No timescale as to when things will be running again (if they will) only that applications are still being considered.

 

[Charles]

Hey for those who applied for the Baker McKenzie TC; goodnews, I just received a Watson Glaser test invite - hurray!

Please also guys any ideas/tips/help on tackling the Watson Glaser Test and a Baker Mckenzie Video interview would really be helpful.

 

[Charles]

Legal Business just published this now, confirms what my friend at A&O told me. https://www.legalbusiness.co.uk/blo...o-task-with-raft-of-belt-tightening-measures/

But yes you and @Jessica Booker are right, doesnt appear too drastic and not a green light to panic...yet lol

Ravenclaw please do let us know when there's a green light to hit the panic button - we cant be having the panic button being idle...hehehe

 

[futuretraineecity]

Is anyone else doing the virtual TC workshop with Shearman & Sterling tomorrow? Do you know if it’s over video or live chat?

 

[Mia97]

Ravenclaw please do let us know when there's a green light to hit the panic button - we cant be having the panic button being idle...hehehe

Now now no need to be mean, people are anxious it is understandable. The reason I liked this forum was I believed it was a encouraging and supported others not giggled at their anxieties which im sure we all have.

 

[Ricky]

A&O has also asked partners to inject more capital!

 

[Alice G]

Today is a very special day because it is @Jessica Booker's birthday!! I just wanted to wish you a very happy birthday and to say thank you for all of the help and advice you give to us all - you are an incredible support to so many of us. I know this isn't the birthday you probably had planned but I really hope you have a lovely day

 

[Jaysen]

Today is a very special day because it is @Jessica Booker's birthday!! I just wanted to wish you a very happy birthday and to say thank you for all of the help and advice you give to us all - you are an incredible support to so many of us. I know this isn't the birthday you probably had planned but I really hope you have a lovely day

Completely echo this, I hope you don't mind us sharing Jess!

You guys reading this know how much time Jess has spent answering questions and sharing her thoughts throughout the forum. She puts so much effort in and this place wouldn't be the same without her (it's no surprise her 'Ask A Graduate Recruiter Anything' thread has over 70,000 visits and 1000 posts).

I hope you guys will join us in wishing her a happy birthday!

PS: We've sent a little gift from TCLA to your email Jess!

 

[TCLA Community Assistant]

Today is a very special day because it is @Jessica Booker's birthday!! I just wanted to wish you a very happy birthday and to say thank you for all of the help and advice you give to us all - you are an incredible support to so many of us. I know this isn't the birthday you probably had planned but I really hope you have a lovely day

thank you so much

 

[TCLA Community Assistant]

Completely echo this, I hope you don't mind us sharing Jess!

You guys reading this know how much time Jess has spent answering questions and sharing her thoughts throughout the forum. She puts so much effort in and this place wouldn't be the same without her (it's no surprise her 'Ask A Graduate Recruiter Anything' thread has over 70,000 visits and 1000 posts).

I hope you guys will join us in wishing her a happy birthday!

PS: We've sent a little gift from TCLA to your email Jess!

I’ve just spotted this in my email!

Thank you so much - this is such a generous gift and it’s really made my morning!

 

[Helena]

A very Happy Birthday Jess @Jessica Booker x

 

[wwood]

Today is a very special day because it is @Jessica Booker's birthday!! I just wanted to wish you a very happy birthday and to say thank you for all of the help and advice you give to us all - you are an incredible support to so many of us. I know this isn't the birthday you probably had planned but I really hope you have a lovely day

Happy birthday @Jessica Booker Thank you for your incredibly useful tips and guidance! I hope you have a great time celebrating with your family! Take care and stay safe!