Business of Law
BigLaw Bonus Season Begins as Cravath Announces Range of $7,500 to $35,000
Posted Nov 22, 2010 3:57 PM CDT
By Martha Neil
Kicking off a keenly anticipated BigLaw bonus season in which associates--and partners--at competing firms wait and watch to see how others are doing, Cravath Swaine & Moore has announced end-of-year salary supplements starting at $7,500 for those in its first-year associate ranks before September.
At the top of the scale, seventh-year associates are being paid $35,000. Although there is no billable hours requirement, the bonus is "dependent on suitable performance at that attorney’s experience level," explains the firm in a memo (PDF) provided to the Wall Street Journal Law Blog. However, "virtually all of our associates will receive the full bonus," the memo says.
Only a few years ago, first-year associates at Cravath were getting $35,000 bonuses, as an earlier ABAJournal.com post notes.
This year's extra ante will be paid on Dec. 10.
Hat tip: Above the Law
Updated at 4:52 p.m. to link to prior ABAJournal.com coverage: