The only thing is, there aren’t a lot of details at this point. The firm’s first quarter is not over until the end of this month, so the pool likely hasn’t been determined and it isn’t known whether the mid-year comp will be paid as a bonus or as a merit increase. Our source on the matter speculates that it will be a bonus rather than a raise but it is fairly certain that it will be structured in a way that will incentivize employees to stay with the firm. There has been steady stream of people leaving (which is not atypical this time of year) and there are hopes that this show of love will stem the tide.
So while it appears that the House of Klynveld has heard your grumbling about anteing up, time (and the amount of money) will ultimately determine if this will satisfy the troops.
If you’re familiar with the talks or you have more details, email us the details and discuss your thoughts below.
UPDATE – circa 2:10 pm: Some thoughts on a non-bonus approach:
Pure (educated) conjecture on my part, but I would assume that the mid-year “surprise” would be a raise, as the firm is apprehensive at this point about giving bonuses, because people could just take them and leave. Harkening back to our SOX-404 years (2005), we gave multiple raises, bonuses and awards throughout the busy season (i.e., if you worked 60+ hours in a week, immediate $200 award) with a bonus at the end of the tunnel. I seriously doubt any early 2011 compensation would be front-loaded.
And then, in case you weren’t already aware, there’s this:
In other news, [the Dallas] office has been reaching out and giving offers to people they have previously laid off and are seeking out experienced hires. Not sure if it’s firm-wide, but an interesting sign of desperation nonetheless.