The latest law firm in the United States to match the end of year bonuses handed out by Cravath Swaine & Moore LLP is Proskauer Rose LLP. Cravath announced last week that it was handing out bonuses of $37,500 at the end of the year to associates who have been with the firm for at least seven years.
“This has been a year of enormous achievement and momentum for the firm that included client and pro bono successes too numerous to list,” Proskauer’s executive committee told its employees in a memo posted by Above The Law. “On behalf of the entire partnership, we thank you for your contributions to these successes, your enthusiastic embrace of the challenges and changes of the past year and the vibrant spirit you bring to the firm every day.”
The bonuses also match those handed out by Skadden Arps Slate Meagher & Flom LLP. The one-year lawyers at Proskauer will be awarded a $7,500 bonus; a second-year associate will be awarded a $10,000 bonus; a third-year associate will be awarded a $15,000 bonus; a fourth-year associate will be issued a $20,000 bonus; a fifth-year associate will be issued a $25,000 bonus; and a sixth-year associate will be issued a $30,000 bonus. The law firm’s spokesperson, Josh Epstein, confirmed the news with Law360.
Back in the month of March, the Proskauer firm decided to match the Cravath firm when it issued bonuses in the spring totaling $20,000 for its associates. Cravath announced the spring bonuses on January 31, 2011, which followed a spring bonus announcement by Sullivan & Cromwell LLP. Associates at law firms across the country from the 2004 to 2007 lawyer classes were the first ones to receive spring bonuses.
The Skadden firm issued spring payments in 2011 as well, dolling out $20,000 to lawyers who began their employment at the office in 2006 or earlier; $15,000 to lawyers from the 2007 class; and $10,000 to lawyers from the 2008 class. Other law firms that handed out spring bonuses include Gibson Dunn & Crutcher LLP, O’Melveny & Myers LLP and Fried Frank Harris Shriver & Jacobson LLP.
The bonuses will be issued on December 30 to any employees still employed by the firm at that time, as explained by a company memo. The end of year bonus schedule for the law firm is close to its schedule from 2010, which were the same for all of the lawyer groupings aside from the seven year associates. Just like the Cravath seven year associates, the Proskauer associates will be awarded $35,000 bonuses. Representatives from Proskauer declined comment.
For associates who worked started working at the firm between the years of 2004 and 2006, Cravath issued $20,000 bonuses. Anyone who gained employment at the law firm in 2007 received a bonus if $15,000 and $2,500-$10,000 to associates who began working at the firm any time after that.
These are the first bonuses handed out by the Sullivan firm since 2009. The bonuses for the Sullivan associates are as follows: $10,000 for associates from the 2007 class; $12,500 for the 2006 class; and $15,000 for the 2005 class.
Information for this article was researched on Law360.
Information was researched from Above the Law, ABA Journal, and Inside Counsel.