Sullivan and Cromwell have finally announced spring bonuses, which, compared to last year’s figures, are mere Easter Day jelly beans:
Class of 2011 — $1,000
Class of 2010 — $1,000
Class of 2009 — $2,500
Class of 2008 — $2,500
Class of 2007 — $2,500
Class of 2006 — $5,000
Compare this to last year:
Class of 2010: $2,500
Class of 2009: $7,500
Class of 2008: $10,000
Class of 2007: $10,000
Class of 2006: $12,500
Class of 2005: $15,000
Class of 2004: $17,500
Class of 2003: $20,000
2002+: $20,000
(Figures first reported by Above the Law).
So S & C followed through with their 2011- year end bonus memo that they would give bonuses, but it’s not going to get you a new car, let alone pay off your sizable law school debts.
But then again, well, it’s a tough market! Maybe S & C is akin to the widow in the parable who gave only a cent, but gave more than the rich Pharisees, since she “gave out of her poverty, whereas they gave out of their wealth.” It might not be a ridiculous idea, considering the bleak days so many firms are facing, hiring little and offering less.
Enjoy your bonuses, S & C. It’s better than nothing, which many JD’s are getting aplenty.