Lateral Bonus Payout?
Please ignore title - am currently an associate 1 (A2A) looking to make a lateral move in a tier 2 city. Question for those that have made the jump - does the firm you're joining make you whole on the x # of months of bonus that you're foregoing? The firm I'm leaving has an Oct 31 year-end, whereas I believe the firm I'm joining operates on a calendar year end cycle.
Will be leaving a MM to go to an EB if helpful.
Made a similar jump as a senior analyst from a MM to a BB early this year, and very easily negotiated to be paid a full-year bonus on cycle with everyone else (bonuses paid in June, I was joining in Feb).
Long story short, when they called to give me the offer, I told them how excited I was etc to join the team, but mentioned that I was 6 months into my performance year, had worked really hard at my current bank, and would they be able to make me whole for the bonus I'd be foregoing to join the team? My manager said "let me check" and we hung up. Called me back 5 mins later, told me that yes they would make me whole by paying me a full year bonus in the summer even though I was only starting in Feb (which was luckily the same cycle as my old bank, so basically made me entirely whole). Some others who joined around the same time as me were too scared to ask, and they got stub bonuses. Moral of the story - those who don't ask, don't get.
Did you get this in writing or just trust their word and it worked out that they didn't renege?
Just their word, and they fulfilled it
I lateraled as an a1, had a few offers and it seems to be street practice to make you whole. For reference I’ll be with my new firm for 5-6 months by mid year bonus cycle and they’ll be paying out a full bonus
Anyone had an instance where they were made whole through the lateral job signing bonus? i.e Worked a role for ~7 months and told to expect an above stub bonus in july, you end up leaving the gig before bonus hits account due to strict starting date of lateral job - do you have any way to still getting that 7 monthish stub bonus from the new firm (say as part of the signing bonus)?
It's always paid with the signing bonus, but did you never ask the new firm to agree to make you whole...? If it was never discussed and you signed the offer without bringing it up, you are almost certainly out the whole bonus
Nah I was asking hypothetically since I havent even started the FT role yet but was basically looking at a situation where Im gonna start a role in January instead of the typical July timeline. Aim was to potentially try and lateral around July so would it still be possible to be made whole for those 6-7 months I've worked at the other firm in the event I leave before receiving the bonus? Especially since Analyst bonuses are paid out in July/August?
I lateraled to a BB and they paid me "50%" of an analyst bonus. Caveat is I went from Analyst 3 to A1 at new firm...
oof...what type of shop was your previous one?
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