Major law firms announce year-end bonuses
Its the holidays, and that means its that time of year when law firms are doling out their annual bonuses. But despite the fact that law firms made more money in 2011 than they did in 2010, this years bonuses are nearly identical to the previous two years amounts.
December 09, 2011 at 05:41 AM
2 minute read
The original version of this story was published on Law.com
It's the holidays, and that means it's that time of year when law firms are doling out their annual bonuses. But despite the fact that law firms made more money in 2011 than they did in 2010, this year's bonuses are nearly identical to the previous two years' amounts.
On Nov. 28, Cravath, Swaine & Moore, which traditionally has set the benchmark for the bonuses that other firms give to their lawyers, announced its 2011 year-end bonuses. The Wall Street Journal Law Blog reported that Cravath's first-year associates will receive $7,500, while seventh-year associates will receive $37,500. Shortly after the announcement, Skadden, Milbank, Proskauer Rose and other top firms announced similar bonus amounts.
But Thomson Reuters reports that a September Wells Fargo Wealth Management survey revealed that law firms made more money this year than they did in 2010, with profits per partner rising 7.6 percent for the first half of the year at 125 of the country's top firms. Revenue also increased 4.5 percent.
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