Summary: With the end of the year comes time for bonuses to be announced at the top law firms. Leading firm Cravath, Swaine & Moore has finally made their bonus scale public.
The end-of-year bonus announcements are finally being released by law firms. Cravath, Swaine & Moore, which generally leads the pack, has stated its scale for end-of-year bonuses. They will be following the same scale that the Big Law elite went with last year.
Here is the scale:
Associates that were in the Class of 2015 will be prorated up to $15,000
Associates that were in the Class of 2014 – $15,000
Class of 2013 – $25,000
Class of 2012 – $50,000
Class of 2011 – $65,000
Class of 2010 – $80,000
Class of 2009 – $90,000
Class of 2008 – $100,000
Class of 2007 – $100,000
The firm that releases this information first sets the scale, but last year Simpson Thacher & Bartlett announced their bonuses first and had to revise their bonuses after another law firm, Davis Polk & Wardwell, announced a more generous bonus scale.
On December 18th, Cravath associates will receive their bonuses. Billable hour criteria does not affect the eligibility of the bonuses associates receive, states the law firm.
End-of-year bonuses are a highly anticipated time for first year associates that have large debt loads to pay off. While the starting salary of first year associates at top law firms has kept steady at $160,000, law school tuition has risen.
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