Cravath Swaine & Moore has officially kicked off this years bonus season. It should come as no surprise that bonuses are lower than last year. The class of 2008 will get a $7500 bonus, and the class of 2002 caps out the bonuses at $30,000.
On the one hand, these are low. On the other hand, everyone receiving a bonus still has a job, which in today’s legal economy is a bit of a bonus in and of itself. What remains to be seen is how other big firms will react. Will this trigger a race to the bottom with other firms using Cravath’s low bonus rates as an excuse or will other firms pay out bonuses more in keeping with their own bottom line? Either way, we’ll keep you posted!
Related posts:
0 Comments For This Post
5 Trackbacks For This Post
[...] has kicked off the bonus season for this [...]
[...] their bonus schedule for this year, which falls right in line with Cravath. Cravath was the first major law firm to announceits year end bonuses. The bar was set so low by Cravath that it’s no great feat for other [...]
[...] bonus for surviving the year. The not so good news is that it’s the same as associates from Cravath and Cleary. There had been some hope that Skadden would buck the trend, much as they did last [...]
[...] its year end bonus schedule and, surprise!, it looks all too familiar. Yup, it matches the bonuses put out by Cravath, which match the bonuses of every biglaw firm to announce bonuses in the days after Cravath set the [...]
[...] but some details have begun to trickle out. Some associates are reporting bonuses lower than the Cravath scale, and other reports indicate that to get to the Cravath levels associates need to have at least 2000 [...]
Leave a Reply