The Firms

November 22, 2010 3:30 PM

Cravath's Year-end Associate Bonuses:
from $7,500 to $35,000

Posted by Ed Shanahan

This just in--Cravath, Swaine & Moore has released the details of its year-end associate bonuses.

First, the numbers. According to the firm's statement (download it here), the following payments will be made:

$7,500 to the Class of 2009

$10,000 to the Class of 2008

$15,000 to the Class of 2007

$20,000 to the Class of 2006

$25,000 to the Class of 2005

$30,000 to the Class of 2004

$35,000 to the Class of 2003

The bonuses will be paid on Friday, December 10, the firm says. To be eligible, an associate must still be at the firm as of that date. 

The firm notes that, "while receipt of the bonus for each individual attorney is dependent on suitable performance at that attorney's experience level, virtually all of our associates will receive the full bonus." No billable hour or other similar criteria apply, the firm says.

This year's scale is roughly the same as last year's. Most junior associates, for example, will again receive $7,500. On the other hand, seventh-year associates this year will get $5,000 more than lawyers at the same level got last year. The firm's bonuses have been doled out a reduced level since 2008, as we reported last year. Payments on the low end were cut especially sharply last year, from $17,500 to $7,500.

Beyond the associates, others are also eligible for year-end bonuses. Part-time lawyers will get a prorated portion of the applicable class-level bonus. The firm will decide on payments to "senior attorneys, specialist attorneys, discovery specialist attorneys, and foreign associate attorneys" on an individual basis.

The firm is not commenting beyond the memo released today.

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