Now in Legal Rebels:
Posted Dec 10, 2010 12:28 pm CST
Cahill Gordon & Reindel is reportedly upping the ante for associate bonuses, paying three bonuses over a half-year period that could more than double the going rate of $35,000.
The law firm paid mid-year bonuses ranging from $2,500 to $15,000, and now it plans to pay bonuses equal to the Cravath scale, plus an additional bonus of up to $25,000, according to Above the Law and the New York Law Journal. Both stories are based on anonymous sources.
Cravath Swaine & Moore is paying bonuses of $7,500 to $35,000. That means a senior associate at Cahill who is paid the top rate could reap a total of $75,000 in combined bonuses since this summer.
“It was one thing when Skadden doubled the Cravath bonus two years ago while Cravath led the rest of the market into the cheap zone,” Above the Law wrote when it broke the news. “But now Cahill is out-compensating Cravath associates? That’s got to be embarrassing for CSM.”
Cahill did not return the ABA Journals’ request for confirmation of the bonus figures.