Milbank will pay associate bonuses on what is rapidly becoming known as the Cravath scale. For the second year in a row, Cravath started bonus season off with bonuses far below those of two years ago, and firms have hastily fallen in behind issuing bonuses at the same rate. With numbers matching exactly there isn’t even a pretense that the bonuses are reflective of the firm’s actual profits for the year, and all three firms that have announced bonuses so far this year have said that nearly every associate will receive the full bonus, which means that they are no longer even pretending that the bonuses are conditional on an associate’s individual contribution to the firm.
First year associates will receive a bonus of $7,500 and seventh years will get $35,000. For most classes, these bonuses are exactly the same as last year’s, with only seventh year associates getting bumped up from $30,000.
But it’s still early and most firms have yet to announce their year end bonuses. Maybe they’ll surprise us.
Posted by joshua
on November 24, 2010. Filed under Home,Law Firm News,Legal News.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
Attorney Career Resources is sponsored by BCG Attorney Search, the nation's leading placement firm, specializing in law firm placements.
Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
 |
||
| Search Thousands of Legal Jobs | ||
|
Job Type: |
||
 |
||
|
Browse Jobs by Location: |
||
|
||
| Keyword Search: | ||
|
||
Recent comments