Another elite Biglaw firm bites the dust when it comes to the COVID-19 bonus wars. After waiting a week to see how this would play out, Sullivan & Cromwell has entered the scene. Is another immediate match afoot, or is the prestigious firm going to pull a Kirkland?
Before we get to that, in case you need a little refresher on special fall bonuses, first came Cooley, which started the COVID appreciation bonus game in the first place. Next came Davis Polk, which blew the Cooley scale out of the water, and other firms matched it one by one (like Milbank, Irell, and Hueston Hennigan).
And now the news you’ve been waiting for. SullCrom’s black bonus box has been smashed open, and it looks like the firm will be matching DPW’s generous scale:
Class of 2019: $7,500
Class of 2018: $10,000
Class of 2017: $20,000
Class of 2016: $27,500
Class of 2015: $32,500
Class of 2014: $37,000
Class of 2013: $40,000
Here’s the memo that associates received today from chair Joe Shenker:
Several sources have pointed out that SullCrom hasn’t committed to announcing that its 2020 year-end bonuses will at least be as large as the firm’s 2019 year-end bonuses. We’ll have to wait and see on this one, but it’s likely that the firm will ante up when the time comes if they’re willing to hand out special bonuses now.
As noted above, SullCrom’s special bonuses will be paid out on October 15.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.