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Bonuses and the Reality of Big Law Associate Compensation
In December, Cravath, Swaine & Moore circulated an internal memo setting associate bonuses according to the same scale set in 2014 by Davis Polk & Wardwell. First- and second-year associates will receive up to $15,000, while senior associates can make as much as $100,000.
Paul, Weiss, Rifkind, Wharton & Garrison, Skadden, Arps, Slate, Meagher & Flom and Milbank, Tweed, Hadley & McCloy each quickly followed suit, matching Cravath's rate. Skadden said that high-performing senior associates are eligible for an extra 10% above the $100,000 bonus, according to Above the Law.
Still unknown is whether Big Law associate base salaries for 2016 are in for a boost, or whether they'll continue to remain at the levels set in 2007. Already, rumors have circulated that this is the year that associate salaries will rise in New York. Firms often announce salaries at the start of the year.
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