Bonuses and the Reality of Big Law Associate Compensation
Associates make gobs of money compared with the rest of the population, though the numbers don't look as good when law school debt is factored in.
December 08, 2015 at 04:12 PM
4 minute read
Even more than usual, money is on the minds of thousands of young lawyers this month. On Monday, Cravath, Swaine & Moore circulated an internal memo setting associate bonuses according to the same scale set last year by Davis Polk & Wardwell. First- and second-year associates will receive up to $15,000, while senior associates can make as much as $100,000.
Paul, Weiss, Rifkind, Wharton & Garrison, Skadden, Arps, Slate, Meagher & Flom and Milbank, Tweed, Hadley & McCloy each quickly followed suit, matching Cravath's rate. Skadden said that high-performing senior associates are eligible for an extra 10 percent above the $100,000 bonus, according to Above the Law.
Still unknown is whether Big Law associate base salaries for 2016 are in for a boost, or whether they'll continue to remain at the levels set in 2007. Already, rumors have circulated that this is the year that associate salaries will rise in New York. Firms often announce salaries at the start of the year.
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