Davis Polk ups bonus ante for midlevel associates by $10K as more firms follow Simpson's lead
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In another sign of an improved economy for BigLaw firms, an unlikely market leader has upped the ante for end-of-year bonuses paid to associate attorneys.
Although the starting and end points of the latest bonus schedule matches the $15,000 to $100,000 Simpson Thacher & Bartlett benchmark, Davis Polk & Wardwell is adding another $10,000 to the sum midlevel associates will get, Above the Law reports.
That means those in the 2009, 2010 and 2011 associate classes will get a total bonus of $80,000, $65,000 and $50,000, respectively, the article explains, rather than the $70,000, $55,000 and $40,000 paid under the Simpson schedule.
Additionally, Davis Polk will pay $90,000 rather than Simpson’s $85,000 to those in the class of 2008, according to an internal law firm memo published by Above the Law.
Meanwhile, at least two more corporate legal shops have recently matched Simpson, bringing the total of BigLaw firms that have jumped on the bonus bandwagon and met or exceeded Simpson’s schedule to 10 or more.
They are: Fried Frank Harris Shriver & Jacobson and Willkie Farr & Gallagher. Above the Law provides copies of the internal memos announcing the bonuses.
Fried Frank said an unspecified additional amount or amounts may be paid to those who “demonstrated exceptional performance.”
Related coverage:
ABAJournal.com: “More BigLaw firms match Simpson bonuses of $15K to $100K”
ABAJournal.com: “More firms, including Cravath, jump on BigLaw bonus bandwagon; Skadden says some will get $110K”
See also:
Legal Business: “Slaughters unveils bumper associate bonus package”
