Davis Polk announces special bonuses that top Cooley's and promises year-end bonuses, too
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Davis Polk & Wardwell has announced special bonuses of up to $40,000 for U.S. associates while also promising year-end bonuses that likely will be no lower than last year.
The special bonuses begin at $7,500 for the class of 2019 and top out at $40,000 for the class of 2013, according to Above the Law. U.S. associates in good standing will receive the bonuses; international associates will receive separate bonuses on a case-by-case basis, Above the Law reports.
Here is the bonus schedule as reported by Above the Law:
• Class of 2019: $7,500
• Class of 2018: $10,000
• Class of 2017: $20,000
• Class of 2016: $27,500
• Class of 2015: $32,500
• Class of 2014: $37,000
• Class of 2013: $40,000
Davis Polk’s special bonuses top those at Cooley, which is paying “special appreciation bonuses” ranging from $2,500 to $7,500 to associates, based on class year, and paying $7,500 to special counsels and of counsels. Associates who bill more than 1,950 hours will receive a higher bonus. Cooley also is promising end-of-the-year bonuses that will be at least at 2019 levels.
Cooley and Davis Polk paid year-end bonuses of up to $100,000 last year.
“BigLaw firms tend to stick together when it comes to bonuses,” Above the Law reports. Davis Polk “just put a lot of pressure on its peers to match.”
See also:
ABAJournal.com: “BigLaw firm switches from strict lockstep compensation for partners to modified system”
