Cravath kicks off year-end bonus season with payouts reaching $115K

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  • The regulation agency pays its associates year-end bonuses starting from $15,000 to $115,000
  • Big U.S. companies are balancing excessive demand and rising bills as salaries and bonuses mount

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(Reuters) – Cravath, Swaine & Moore mentioned Monday that it’ll pay its associates year-end bonuses subsequent month starting from $15,000 to $115,000, upping the ante in a interval of swollen paychecks for legal professionals at main U.S. regulation companies.

The announcement is the primary by a prime agency detailing year-end bonus quantities this yr, setting a brand new, larger scale that the agency’s rivals will face strain to match or exceed. A Cravath spokesperson declined to remark. The transfer was introduced in an inner memo and first reported by authorized weblog Above the Law.

The Wall Street agency will distribute the bonuses on Dec. 17, and associates should “still be at the firm” on that date to be eligible, in accordance with the memo.

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Law companies have already provided a number of rounds of bonuses because the begin of the pandemic, each to acknowledge associates’ efforts in the course of the disaster and to entice them to stay round amid a crush of labor on company offers and different issues.

Cravath is amongst dozens of companies that provided two-installment “special” bonuses within the spring and fall, starting from $6,000 as much as $32,000 for its most senior associates. It additionally joined a wave of companies boosting affiliate salaries this summer season, climbing pay for first-year associates from $190,000 to $205,000.

A report this month by Thomson Reuters Peer Monitor Index, which tracks financial indicators at massive and midsized regulation companies, discovered direct bills grew greater than 7% over the previous yr, fueled largely by affiliate raises and bonuses.

According to Monday’s memo, the agency pays year-end bonuses of $15,000 (pro-rated) for the category of 2021; $20,000 for the category of 2020; $30,000 for the category of 2019; $57,500 for the category of 2018; $75,000 for the category of 2017; $90,000 for the category of 2016; $105,000 for the category of 2015; and $115,000 for the category of 2014.

Read extra:

Law companies had one other huge quarter, however affiliate pay is taking a toll

Law agency development accelerates, with richest companies within the lead

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Xiumei Dong

Xiumei Dong covers authorized trade news, with a give attention to regulation agency technique and development, in-house counsel and the Washington, D.C., authorized market. Reach her at Xiumei.Dong@thomsonreuters.com.

 Cravath, Swaine & Moore offices in New York. REUTERS/Andrew Kelly

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