Skadden, Simpson Thacher announce year-end bonuses
The holiday season is shaping up to be a lucrative one for law firm lawyers.
November 29, 2012 at 05:30 AM
2 minute read
The original version of this story was published on Law.com
The holiday season is shaping up to be a lucrative one for law firm lawyers.
Yesterday, Simpson Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom announced their year-end bonuses. The amounts, which are an increase from last year and range from $10,000 to $60,000, match those that rival firm Cravath, Swaine & Moore announced earlier this week.
The three firms' announcements reflect an uptick in law firm year-end bonuses. Last year, Skadden and Simpson Thacher paid associates $7,500 to $37,000 and $7,500 to $42,500 in year-end bonuses, respectively. Although this year's bonuses are sizably larger than those awarded in 2011, they still aren't up to par with pre-recession amounts; in 2007, Skadden, Simpson Thacher and Cravath all gave $45,000 year-end bonuses to first-year associates, and senior associates received $110,000.
Over the years, Cravath has been the first big law firm to announce its year-end bonuses, with other law firms often following suit with similar amounts. Skadden's and Simpson Thacher's announcements follow this trend.
For more law firm news, read:
Cravath doles out bigger year-end bonuses
Personnel updates from Weil, Gotshal and Jenner & Block
Former antitrust chief joins Simpson Thacher
Survey predicts reduction in law firm partners
50 best law firms for women named
Through merger and practice group acquisition, two firms see growth
Sullivan & Cromwell reopens N.Y. office, other downtown firms remain closed
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