13:27, November 14 51 0 abajournal.com

2019-11-14 13:27:08
Which BigLaw firms have jumped on the bonus bandwagon?

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More BigLaw firms are announcing associate bonuses after Milbank was the first to reveal on Nov. 7 that it will keep year-end payments the same as last year.

Cravath followed on Nov. 11, announcing bonuses that match Milbank’s—in amounts that range from $15,000 to $100,000, depending on years of service.

Since then, several BigLaw and boutique firms have announced the same or similar bonuses; Above the Law has been tracking each one.

The bonus schedule is:

Class of 2019 – $15,000 (pro rated)

Class of 2018 – $15,000

Class of 2017 – $25,000

Class of 2016 – $50,000

Class of 2015 – $65,000

Class of 2014 – $80,000

Class of 2013 – $90,000

Class of 2012 – $100,000

Law firms matching the bonus schedule include Davis Polk, Proskauer, Freshfields, Cadwalader (those who bill more than 2,200 hours get bonuses at 120% of scale), Paul Weiss, Fried Frank (in New York City, Washington, D.C., and London, with offer of up to 30% more for excellent performance), Holwell Shuster & Goldberg, Clifford Chance, Cleary Gottlieb Steen & Hamilton, Debevoise, Skadden (senior associates get an extra $10,000 for extraordinary performance), and Reid Collins & Tsai (associate bonuses range from $85,000 to $102,500).

For those who are impressed with this year’s bonuses, Above the Law points out that pre-recession bonuses were even larger. In 2007, first-year associates earned year-end bonuses of $35,000 plus a $10,000 special bonus.