It was just over a week ago that Milbank got the associate bonuses rolling, now Cravath has entered the chat. For all the initiative Milbank has shown on the associate compensation front — this year in addition to being the first to announce year-end bonuses, they were alone in Biglaw handing out summer special bonuses — the market still waits to see what Cravath does before falling in line. And tonight we have the answer.
Cravath has revealed the following bonus scale — of both the end-of-year and special variety. The combination of those two bonuses match the numbers Milbank gave out.
The bonuses will be paid in the New York and D.C. offices on December 13th; London associates will get them on December 16th. And, as noted in their memo, Cravath bonuses are given without specific billable hours requirements. Nice.
Now that Cravath hath spoken, we can expect the biggest and most profitable Biglaw firms to follow suit.
So is your firm matching *both* the year-end and special bonuses? Let Above the Law know! We depend on your tips to stay on top of important bonus updates, so when your firm matches (or if they fail to do so), please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Read the full memo below.
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].
