Posted Nov 29, 2012 05:30 pm CST
Two other major New York-based law firms have followed the lead of Cravath Swaine & Moore, increasing end-of-year bonuses for associates to a range of $10,000 to $60,000.
Both Skadden Arps Slate Meagher & Flom and Simpson Thacher & Bartlett made the announcement on Wednesday, reports Reuters. Annual salaries for associates at both law firms start at $160,000.
Cravath, which traditionally is considered a market leader concerning associate pay, made its bonus announcement on Monday.
Last year, the range for associates at all three firms started at $7,500. At the upper end, Cravath and Skadden reportedly paid $37,500 and Simpson Thacher paid $42,500.
However, this year’s bonuses are significantly lower than in 2007, before the recession. At that point, all three firms, including special bonuses, paid out a range of $45,000 to $110,000 to associates on top of their annual salaries, Reuters reports.
ABAJournal.com: “Cravath Boosts Year-End Bonuses, Will Pay $10K to $60K; Last Year’s Ceiling Was $37.5K”
Above the Law: “Associate Bonus Watch: Simpson Thacher Matches Cravath”
Above the Law: “Associate Bonus Watch: Skadden Matches Cravath”