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Paul Weiss Announces Bonuses
The law firm of Paul Weiss has recently announced its year-end bonuses for associates. The bonus schedule being set forth by Paul Weiss seems to match those on the Cleary Gottlieb scale, which is being used to compare law firm bonuses being handed out at the end of this year. The Cleary Gottlieb scale is possibly the most generous bonus scale for main-line law firms in the United States, according to Above the Law.
The Cleary Gottlieb scale offers prorated bonuses for associates hired in 2011 by law firms and a payment ceiling of $42,500 for senior lawyers, which were hired in 2003 or earlier by law firms. The reason it is being called the Cleary scale is the fact that there are some law firms that do not pay the stub and others that do pay the stub on top of the bonus for high-ceiling associates.
A memo was sent out to employees recently that detailed the bonus scale set forth by Paul Weiss and when payments would be made. The bonuses will be paid to the associates on December 23, just in time for the holiday bills to start arriving in the mail. The bonus scale from Paul Weiss is as follows:
Associates hired in 2011 will receive a bonus of $7,500, which will be prorated based on the associate’s start date.
Associates hired in 2010 will receive a bonus of $7,500.
Associates hired in 2009 will receive a bonus of $10,000.
Associates hired in 2008 will receive a bonus of $15,000.
Associates hired in 2007 will receive a bonus of $20,000.
Associates hired in 2006 will receive a bonus of $25,000.
Associates hired in 2005 will receive a bonus of $30,000.
Associates hired in 2004 will receive a bonus of $37,500.
Associates hired in 2003 or earlier will receive a bonus of $42,500.
The firm of Paul Weiss also announced that counsel bonuses will be released in a separate announcement from the company. When the bonus schedule of Paul Weiss is compared with the one released by Cravath, Swaine & Moore, you can see that the schedules are almost identical to one another.
The bonus schedule from Cravath, Swaine & Moore is provided by The Am Law Daily and is as follows:
A $7,500 bonus goes to associates hired in 2010.
A $10,000 bonus goes to associates hired in 2009.
A $15,000 bonus goes to associates hired in 2008.
A $20,000 bonus goes to associates hired in 2007.
A $25,000 bonus goes to associates hired in 2006.
A $30,000 bonus goes to associates hired in 2005.
A $37,500 bonus goes to associates hired in 2004.
Quite a few law firms in the United States have announced year-end bonuses for their associates over the past couple of weeks, following in the footsteps of Cravath, Swaine & Moore, which announced its year-end bonuses last month. Most companies are handing out their bonuses before the final day of the year.