I feel like a giddy associate from 2007 before everything imploded and BigLaw bonus wars were expected rather than things of bitter comedy. Cravath, Swaine & Moore LLP is seeing Sullivan & Cromwell’s spring 2007 bonus numbers and raising them for mid-level and senior associates. Cravath associates will be heading to the bank in April with checks for the following amounts:
Class of 2010: $2,500
Class of 2009: $7,500
Class of 2008: $10,000
Class of 2007: $15,000
Class of 2006: $20,000
Class of 2005: $20,000
Class of 2004: $20,000.
Cravath fourth-years, fifth-years, sixth-years and seventh-years will receive $5k, $7.5k, $5k, and $2.5k (respectively) more than the Sullivan scale. What’s sparking Cravath’s generosity? According to an Am Law Daily source, "in light of how quickly midlevel associates start running their own deals and cases at Cravath, the firm felt that the fourth-year and more senior associates deserved more."
I see . . . Cravath mid-levels and senior associates rock. So if you don’t match the Cravath scale, does that mean your associates aren’t as advanced at running their own deals and cases? We’ll be waiting to see if Sullivan, Simpson, and Cleary—the three firms who have already announced spring bonuses—will match Cravath. Now that Cravath has announced, will an avalanche of bonus announcements bury the BigLaw world?
Am Law Daily source
Above the Law source
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