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Skadden Follows Cravath’s Lead for Bonuses
Skadden, Arps, Slate, Meagher & Flom have matched the associate bonus scale announced earlier this week by Cravath, Swaine & Moore.
The numbers range from $7,500 for first-year associates to $35,000 for more senior associates.
Skadden is the second Am Law 100 firm to announce its year-end bonuses, and, according to the article at amlawdaily.com, as Nate Raymond at the New York Law Journal reports, this suggests the market is solidifying around Cravath’s scale.
Recruiters and partners at rival firms told the New York Law Journal on Monday that they expect other firms to match the scale, too.
For the last three years, Cravath has set the market rate for associate bonuses, the NYLJ reports. The firm is seen as a rate leader, especially among New York’s white shoe firms.
With over 2,000 attorneys, Skadden is one of the largest and highest-grossing law firms in the world.