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We spent much of the first half of winter bemoaning the sorry state of associate bonuses which held firm at last year levels despite widespread increases in firm profits. Now we get to spend the end of winter celebrating the fact that most firms seem to have caught on to this particular inequity.
Following a pattern set by Cravath, which has become a pattern itself, Shearman & Sterling has announced that associates will receive a spring bonus at the end of April. The numbers are by now familiar – $7500 to $20,000, depending on seniority.
Cravath was not the first firm to announce spring bonuses, but it set the bar a bith higher in terms of size and most firms have lined up behind Cravath.
