November 2, 2009 2:44 PM

Cravath Bonuses Are Out, and They Are Lower than Last Year

Posted by Zach Lowe

Cravath, Swaine & Moore has released its always-anticipated bonus memo, and it's a mixed bag, particularly for junior associates.

The good news: Almost everyone will get bonuses.

The bad news: Those bonuses will be on the same reduced level as 2008 for senior associates and even lower for junior associates. Here's the full scale, according to a Cravath memo we just received:

• Class of 2008: $7,500

• Class of 2007: $10,000

• Class of 2006: $15,000

• Class of 2005: $20,000

• Class of 2004: $25,000

• Class of 2003: $30,000

• Class of 2002: $30,000

The bonuses at the high end--$30,000--are the same as last year, but the bonuses on the low end have been cut sharply. Last year's bonuses bottomed out at $17,500 for the most junior associates, so the classes of 2007 and 2008 are taking the biggest hit in 2009. And, of course, that $30,000 is down in some cases by half from the glory days of 2006 and 2007. 

The firm is not commenting beyond the memo released today. In that memo, the firm states that "virtually all of our associates will receive the full bonus," and that the firm does not use billable hours or any other "similar" criteria to determine bonus eligibility. 

One catch: You get no bonus if you leave the firm under any circumstances before Dec. 11, when the checks go out.

Related Stories

Cravath Cuts Bonuses, Hints at 2008 Financials

The Am Law Daily, 11/21/2008

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