PWP EOY Appreciation Bonus
Heard that analysts and associates at PWP got an additional appreciation bonus on top of the year-end bonuses today. Anyone got any further details?
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Heard that it was $10k in RSUs for analysts and associates. Nothing crazy but still a nice sweetener on top of already high bonuses for juniors.
Dang, so current 2nd year analysts (post-first year bonus cycle) got $220k all-in effectively ($110k Y1 base + $85k Y1 bonus + $15k signing + $10k mid-year refresher)? PWP treating its juniors right.
Yeah, and top-bucket 2nd year associates cleared $500k…
Something like this isn’t really that expensive for a bank like PWP (and it’s all in RSUs anyway) but little sweeteners like this go a long way in improving junior morale. Would be great to see this at other banks but god knows BBs would never.
Honestly props to PWP for the extra bonus, very reminiscent of the biglaw mid-year bonuses in 2024 that were paid out to reward record performance. At the end of the day $10k isn't a huge deal but given PWP's year-end performance bonuses are already top-of-street, it's still a nice gesture.
Wow, must be nice to be rewarded for a record year...
wtf I’ve never heard of this happening before… has any other bank ever done smth like this?
back in the day banks pre fin crisis they would just give analyst and associate HUGE bonuses. so technically yes
What are the chances any other bank matches the gesture?
Bruh now I’m tryna lateral to pwp
You and everyone else with thoughts that using a mouse is beta
how are they paying extra bonuses when they lost $89m last year year??
If you look at their financial statement, they're heavily cash flow positive and had $191M of equity-based compensation that factored into the ($89M) GAAP net income. Even though they're a public firm, they're basically run as a private partnership where the company's philosophy is that all the money is returned to the partners. They (1) award a lot of stock grants to employees, especially seniors, and then (2) channel their cash flow into stock re-purchases, which is effectively awarding their own employees given PWP's shareholder base is something like 60% employee-owned.
Why would you ever hold shares in this as an outside investor?
PWP (and every other publicly traded finance firm) IMO only went public to provide top guys liquidity for their stakes and to “legitimize” its value.
Big difference between cash flow statement and income statement my friend. They have something like $400M of cash on their balance sheet.
Similarly, Moelis has almost $1bn of cash on their balance sheet.
Why would any IB need THAT much?
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