The Firms

December 12, 2011 11:07 AM

Davis Polk Announces Bonuses in Line with Cravath, S&C

Posted by Sara Randazzo

Davis Polk & Wardwell is the latest firm to match the 2011 associate bonus structure established last month by Cravath, Swaine & Moore.

Like Cravath, Davis Polk's bonus scale starts at $7,500 for those in the class of 2010 and increases incrementally to $37,500 for the class of 2004, according to an announcement e-mailed to the firm's associates Monday morning and obtained by The Am Law Daily. 

Unlike Cravath (but in line with Sullivan & Cromwell), Davis Polk will also award payments of $42,500 apiece to associates from the class of 2003 and those who are even more senior. Individualized bonuses will also be awarded to counsel and other attorneys with special arrangements, according to the memo. (Cravath's class of 2004 is the firm's most senior.)  

All Davis Polk associates in good standing can expect to get their bonuses on December 23, the memo says. 

The season's bonus news has rolled out steadily since Cravath's November 28 announcement about its plans for rewarding its associates with extra compensation. As reported by The Am Law Daily and Above the Law, firms matching the Cravath scale include Milbank, Tweed, Hadley & McCloySkadden, Arps, Slate, Meagher & Flom; Kaye Scholer; Weil, Gotshal & Manges; Shearman & Sterling; and Proskauer Rose.

Others that have said they will award the extra $42,500 to their more senior associates include Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton, according to Above the Law. Sullivan & Cromwell has also said it will award spring bonuses.

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