Payouts of $115,000 kick off the year-end bonus season at Cravath
Cravath, Swaine & Moore announced Monday that its colleagues will get bonuses ranging from $15,000 to $115,000 at the end of the year, which is a significant increase in compensation for lawyers in the United States.
Firms will be under pressure to equal or exceed the statement, which is the first time a top firm has detailed year-end bonus levels this year. There was no response from a Cravath spokesman regarding this matter. It was first reported by Above the Law in an internal memo, and the news was picked up by other legal blogs.
For colleagues who are still employed by the business on Dec. 17, they will be eligible for bonuses, according to the memo.
For both the recognition of colleagues’ efforts during the epidemic and to encourage them to stay in the midst of a slew of business acquisitions and other matters, law firms have already given out various bonuses.
Many law firms gave two-installment “special” bonuses in the spring and fall, ranging from $6,000 up to $32,000 for the most senior associates at Cravath, which is one of many. Additionally, it became the latest company to raise associate rates, increasing pay for first-year associates from $190,000 to $205,000 this summer.