Biglaw, Bonuses, Money

Associate Bonus Watch: Cravath Announced; Cadwalader Rumored

stack of bills cash money.jpgAs predicted, Cravath announced its bonus structure today. They’re paying the same bonuses as they did last year. In other words, they’re matching this year’s Milbank bonuses — except for the most senior classes, whom they’re paying $5,000 less. C’mon, Cravath partners, can’t you cough up another $5K for your most senior drones?
Here are the numbers, from a source within Cravath:
2006 — $30,000 (pro-rated)
2005 — $35,000
2004 — $40,000
2003 — $45,000
2002 — $50,000
2001 — $55,000
2000 — $60,000
1999 — $60,000
Update (4:30 PM): The WSJ Law Blog has also reported on Cravath’s 2006 bonuses. The firm declined comment.
In addition, rumor has it that Cadwalader has announced and matched Milbank.
Update (5:07 PM): Cadwalader is CONFIRMED. Details here.
We reprint the purported verified CWT bonus memo, as well as the Cravath bonus memo, after the jump.

To: All New York, Charlotte and Washington Associates, Senior Attorneys, Special Counsel and Counsel
cc: Partners DC, Partners NC, Partners NY
From: Robert O. Link, Jr., on behalf of the Management Committee
We are pleased to announce that the Firm will award year-end bonuses to associates in recognition of your hard work, dedication and overall contributions to the Firm and for your important role in helping us achieve our clients goals. Bonuses are expected to be paid on January 19, 2007 to associates who are in good standing and actively employed on the date the bonuses are paid. Associate bonuses are as follows:
Class of 2006: $30,000, prorated
Class of 2005: $35,000
Class of 2004: $40,000
Class of 2003: $45,000
Class of 2002: $50,000
Class of 2001: $55,000
Class of 2000: $60,000
Class of 1999 and prior: $65,000
Senior Attorneys, Special Counsel and Counsel bonus awards will be determined on a case-by-case basis and will be communicated shortly.
We sincerely thank you for your contributions to the Firm’s success. The Partners and I wish you a happy and healthy holiday season.
Year-End Bonuses
December 11,2006
We are pleased to announce that the year-end bonus amount for each associate class is as follows:
Class of 2006 — $30,000 (pro-rated)
Class of 2005 — $35,000
Class of 2004 — $40,000
Class of 2003 — $45,000
Class of 2002 — $50,000
Class of 2001 — $55,000
Class of 2000 — $60,000
Class of 1999 — $60,000
Bonuses will be paid on Friday, December 15. Absent special circumstances (approved by the Managing Partners), an associate must still be at the Firm on December 15 to be eligible for the bonus. As always, receipt of the bonus for each individual attorney is dependent on suitable performance at that attorney’s experience level, and attorneys who were with the Firm for only part of the year or are working part-time will receive a pro-rated portion of the applicable class-level bonus. Bonuses for special associates, discovery attorneys, foreign associates and senior attorneys will be determined on an individual basis and communicated to those individuals shortly.
We thank you for your hard work and dedication throughout 2006.
R. D. Joffe
E. R. Chesler
S. C. Goldstein
R. I. Townsend, III
CWT Announces [Infirmation/Greedy NY]
Law Blog Bonus Coverage: Cravath Announces [WSJ Law Blog]
Cravath 2005 Bonuses []
Earlier: Prior ATL coverage of bonuses (scroll down)

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