Summary: Susman Godrey delivered their bonuses to associates this year in a big bundle, bigger than any other firm has given out yet this year.
Cravath and all other law firms have officially been one-upped. The Houston-based Susman Godrey is not messing around when they look at bonuses or parties.
For the firm’s annual holiday party this month in New York, celebrity chef Daniel Boulud was flown in from Tokyo to cater the party. His flagship restaurant was awarded three Michelin stars six years ago with one of those stars being taken away since. Boulud whipped up tasty treats in the kitchen and spent time mingling with guests.
Besides Boulud’s tasty treats was another dish being served to the guests– mouth-watering bonuses. The firm likes to reward its associates for the time they spend at the firm, not for the year they graduated from law school. For associates that have put an exceptional amount of hours, they can receive an even larger bonus.
Typically, their bonus amounts are $20,000 or more over what Cravath offered up their associates. This is a common thing for Susman to do in order to attract the best associates to their firm and then keep them there. Last year provided larger bonuses but these ones are still topping everyone else so far.
Six years with firm – $120,000 to $140,000
Five years with firm – $105,000 minimum
Four years with firm – $95,000 minimum
Three years with firm – $85,000 minimum
Two years with firm- $65,000 minimum
One year with firm – $40,000 minimum
Susman also boasts shorter partnership tracks. Associates that complete a clerkship receive a one year credit, two years if they completed a clerkship for the U.S. Supreme Court. They need seven years total to be eligible for partner so clerking with the Supreme Court is a big advantage for associates.
Do you think law firms should reward based on graduating year or loyalty years? Tell us in the comments below.
To learn more about the bonus announcements, read these articles:
- Boutiques Join In On Bonus Season
- Two Law Firms Step Forward to Up the Bonus Scale
- Cravath Keeps Year-End Bonus the Same
Photo: flickr.com