It seems like it will take a long time to see what happens when Baker McKenzie is already making a bonus move (ignoring the COVID recognition bonuses Biglaw got through this fall) but in fact it’s right on schedule. The Monday before Thanksgiving is pretty much the day you would expect the perennial leader in the biglaw equalization carousel to get Cravath bonuses.
Of course, this year was pretty unique in the Biglaw bonus world. That fall, Cooley started the COVID bonus trend, but then Davis Polk blew the Cooley scales out of the water and a number of biglaw giants agreed. But Cravath wasn’t one of them, preferring to wait until the end of the year to give money to staff members for their hard work during the pandemic. And now that patience has been rewarded.
Here is the bonus scale Cravath is offering, payable to employees on December 18th (the full memo is on the next page):
Very nice bonuses, but nothing really … exciting. You have reached the DPW special bonus scale and the year-end bonuses from Baker McKenzie (which also correspond to the previous year’s figures). But for better or for worse, Cravath is still considered the gold standard for compensation, so we expect Biglaw to fall on himself to fit that scale.
As always, we depend on you when it comes to bonus messages from other companies. As soon as your company’s bonus memo is published, please send it to us by email (subject: “[Firm Name] Bonus ”) or write to us (646-820-8477). Please attach the memo if available. You can take a photo of the memo and send it by text or email if you don’t want to forward the original PDF or Word file.
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Kathryn Rubino is Senior Editor at Above the Law and host of The Jabot podcast. AtL tipsters are the best so please connect with her. Feel free to email her tips, questions, or comments and follow her on Twitter (@ Kathryn1).