Law Firms
S&C Halves Year-End Associate Bonuses, But Plans More in April
Posted Dec 19, 2008, 07:39 am CST
By Debra Cassens Weiss
Sullivan & Cromwell has followed the lead of several large law firms and cut its year-end bonuses to half that paid last year.
Year-end bonuses will range from $17,500 for first-year associates to $32,500 for those with eight years of experience, the American Lawyer reports. S&C is usually one of the the first firms to disclose associate bonuses, but its announcement came later this year.
Not all is gloom and doom for associates at S&C, the story says. The firm expects to award supplemental bonuses in April that will be based on the firm’s economic picture. S&C associates will also receive a pay hike, unlike their counterparts at Latham & Watkins, which announced a salary freeze.
Several law firms won’t be paying supplemental bonuses this year. They include Davis Polk & Wardwell; Cravath, Swaine & Moore; and Simpson Thacher & Bartlett, the American Lawyer story says. All three have also cut year-end bonuses.
Also reportedly nixing supplemental bonuses is Skadden Arps Slate Meagher & Flom. But Skadden is said to be keeping its year-end bonuses high, between $35,000 and $65,000.
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