November 30, 2011 6:17 PM
Milbank Matches Cravath As Bonus Season Kicks Into High Gear
Posted by Julie Triedman
The Cravath scale for 2011—which runs from $7,500 for the class of 2010 to $37,500 for the class of 2004—is nearly identical to what it was in 2009 and 2010, though seventh-year associates are getting $2,500 more in extra pay this year than they did in the last two.
Milbank chairman Mel Immergut says the firm is pleased to be able to give bonuses, and that amounts are based largely on the firm's strong financial performance during the first eight months of the year. "We're going to have a very strong year," Immergut says. "There clearly has been a noticeable slowdown in transactional work over the past three months. But the pace of litigation and restructuring work has increased."
The bonus applies to all associates, regardless of which office they work in, and is not based on hours or individual performance, Immergut adds. Associates who started with the firm this fall will get a prorated share of the bonus given to the class of 2010.
Skadden, Arps, Slate, Meagher & Flom also told its associates Wednesday that they will get bonuses in line with the scale set by Cravath.
The Skadden bonuses, first reported by Above the Law and confirmed to The Am Law Daily by a firm spokeswoman, were announced internally through an e-mail from executive partner Eric Friedman, who noted that the additional compensation is "an indication of our appreciation for your hard work and dedication to the firm and our clients" and will be paid to those associates who are in good standing and have been "reasonably busy over the course of the year."
Skadden associates should expect to receive the boosted pay check on December 16, according to Friedman's memo.Make a comment