Summary: SRZ is offering its associates a generous year-end bonus.
Tis the season for giving, and in the law firm world, the gifts are better than that Xbox you promised your spoiled nephew. After word spread yesterday that Houston-based Susman Godfrey was offering a minimum year-end bonus of $40,000 to its first-year associates, another law firm was reported to also give its lawyers a generous present.
Schulte Roth & Zabel (SRZ) is giving first-year associates the chance to earn an extra $20,000 on top of their $15,000 bonus (pro-rated). Associates who billed 2,300 hours were eligible for $10,000, and associates who billed 2,500 could earn $10,000 more. Earlier this year, the firm which was offices in New York, Washington DC, and London increased its starting salary to $180,000, following the new salary scale set by Cravath, Swaine & Moore. Cravath has also set the standard when it comes to employee year-end bonuses.
THE FOLLOWING IS THE CRAVATH BONUS SCALE
- Class of 2016- prorated up to $15,000
- Class of 2015- $15,000
- Class of 2014- $25,000
- Class of 2013- $50,000
- Class of 2012- $65,000
- Class of 2011- $80,000
- Class of 2010- $90,000
- Class of 2009 and up- $100,000
Industry-leader Cravath announced in November that it was paying year-end bonuses ranging from $15,000 to $100,000. While some such as Dechert matched the Cravath scale, other firms such as Susman upped the ante with their year-end bonus announcements.
Susman offered their first-year lawyers bonuses as much as $40,000. A rep from Susman said that was less than last year because of a slower economy.
Greenberg Gross, which was opened in 2013 and has 17 lawyers on staff, said that they would pay its associates $5,000 more than Cravath’s bonus structure. According to The American Lawyer, this could affect nine associates.
“Greenberg Gross associates in good standing will receive at least $5,000 more than the amount they would receive at Cravath,” a memo from co-founder Alan Greenberg stated. “Associates who have performed above and beyond our high expectations will receive even more than that.”
- Related: Susman Puts Other Bonuses To Shame
- Related: Two Law Firms Step Forward on the Bonus Scale
- Related: Year-End Bonuses Not So Happy for All
- Related: Law Firms Across the Globe Match Cravath Bonuses
- Cravath Keeps Year-End Bonus the Same
What do you think of SRZ’s year-end bonus? Let us know in the comments below.