Finally! Davis Polk announces special bonuses in addition to Cravath match
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Davis Polk & Wardwell announced year-end bonuses Monday that match Cravath's scale while adding special bonuses of 20% for all but the class of 2021.
The Cravath scale, announced on Nov. 22, ranges from $15,000 (prorated) for the class of 2021 to $115,000 for the class of 2014. That tops last year’s bonus scale of up to $100,000.
Davis Polk matched the Cravath scale for its U.S. associates and added special bonuses ranging from $4,000 for the class of 2020 to $23,000 for the class of 2014, report Above the Law and Law.com.
Cravath was first to announce year-end bonuses for 2021. A handful of BigLaw firms followed with matches (and sometimes more for exceptional service), but most held back.
Above the Law had speculated that law firms were waiting to announce in anticipation that Davis Polk would announce a “bigger, better bonus scale.”
Here are the Cravath bonuses:
• Class of 2021: $15,000 (prorated)
• Class of 2020: $20,000
• Class of 2019: $30,000
• Class of 2018: $57,500
• Class of 2017: $75,000
• Class of 2016: $90,000
• Class of 2015: $105,000
• Class of 2014: $115,000
Here are the Davis Polk one-time special bonuses:
• Class of 2020: $4,000
• Class of 2019: $6,000
• Class of 2018: $11,500
• Class of 2017: $15,000
• Class of 2016: $18,000
• Class of 2015: $21,000
• Class of 2014 and senior: $23,000
The Davis Polk memo says bonuses “are subject to proration for part-time arrangements and 2021 start dates and will be paid on Dec. 30.”
Above the Law is keeping track of bonus announcements at its online tracker here.
