Cravath Boosts Year-End Bonuses, Will Pay $10K to $60K; Last Year's Ceiling Was $37.5K
In happy holiday news for BigLaw associates, Cravath Swaine & Moore announced on Monday that it will pay associates a year-end bonus ranging from $10,000 to $60,000.
That’s a substantial increase from last year’s range of $7,500 to $37,500, reported the New York Times’ DealBook blog, which obtained a copy of the law firm’s bonus memo. And it’s likely to point the way for similar largesse by other major firms, which traditionally have looked to Cravath for guidance in setting their own bonus schedules.
The $10,000 paid to first-years will be prorated, and others who were not with Cravath for the entire year or work part-time also will get only a proportional amount of the total, the memo notes. Associates will actually receive the money on Dec. 21, assuming they are still working at the firm them.
“The firm does not apply any billable hour or similar criteria in determining eligibility for associate bonuses,” the memo states. “As always, while receipt of the bonus for each individual attorney is dependent on suitable performance at that attorney’s experience level, virtually all of our associates will receive the full bonus.”
Above the Law also has a post.