Cravath Announces Associate Bonuses Of Up To $100K; Paul Weiss Quickly Announces A Match Law Firm Bonuses
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Cravath, Swaine & Moore has once again announced year-end bonuses appropriate to associates that range from $15,000 to $100,000.
Cravath’s benefit amounts are the same as the preceding pair on years, but the statement following a hike inside base pay this year “translates into a nice payday appropriate to associates,” according to Above the Law, which broke the news. The New York Law Journal and has a story.
Cravath’s associate salaries range from $190,000 appropriate to modern associates to $340,000 appropriate to the the majority experienced associates.
The statement on top of Monday is about a week previously than usual. Paul, Weiss, Rifkind, Wharton & Garrison quickly followed with its benefit announcement, as did the New York boutique law hard Holwell Shuster & Goldberg. Both firms are matching the Cravath scale. On Tuesday, additional law firms jumped on top of board or even beat Cravath’s scale.
Cravath does not have a billable-hours demand appropriate to a bonus, but payment is dependent on top of “suitable performance,” according to its benefit memo. “Virtually all” on its associates will be getting bonuses, the memo says.
Here is the Cravath benefit schedule:
• Class on 2018 — $15,000 (prorated)
• Class on 2017 — $15,000
• Class on 2016 — $25,000
• Class on 2015 — $50,000
• Class on 2014 — $65,000
• Class on 2013 — $80,000
• Class on 2012 — $90,000
• Class on 2011 — $100,000
• Class on 2010 — $100,000
Above the Law is keep track on the benefit announcements. Besides Cravath including Paul Weiss, these large law firms announced bonuses on top of Tuesday (bonuses are at Cravath’s pace unless noted): Fried Frank (which matches the Cravath flake but offers a premium appropriate to high billers); Skadden (which matches Cravath including offers an additional $10,000 appropriate to senior associates with extraordinary performance), Proskauer Rose; including Debevoise & Plimpton.
Besides Holwell Shuster & Goldberg, these boutique law firms announced bonuses, according to the American Lawyer: Kaplan Hecker & Fink (paying $25,000 to $130,000), including Wilkinson Walsh & Eskovitz (reportedly paying $22,500 to $150,000).
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