Cravath to pay $15K to $100K in annual associate bonuses
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Traditional BigLaw bonus market leader Cravath Swaine & Moore announced on Monday that it will be adding $15,000 to $100,000 to the paychecks of “virtually all” partnership-track associates this month, setting the table for other major corporate law firms to follow suit.
Bonuses will be paid Dec. 18 based on a lockstep schedule that gives $15,000 to Cravath’s first- and second-year associates, $25,000 to third-years and $50,000 to fourth-years. Another $10,000 or $15,000 per year is added for more senior associates, up to top payments of $100,000 for the classes of 2007 and 2008, says an internal memo obtained by Above the Law and the Wall Street Journal (sub. req.).
Prorated bonuses will be paid to those who worked less than a full year for the firm this year or part-time.
Bonuses will be determined individually for senior attorneys, specialist attorneys, discovery specialist attorneys and foreign associates, the memo says.
ABAJournal.com (Dec. 2014): “More firms, including Cravath, jump on BigLaw bonus bandwagon; Skadden says some will get $110K”