Announcements just in from Kaye Scholer and Covington & Burling (NY). Guess what? They’ll be paying associate bonuses consistent with the New York market rates.
We realize this is thrilling news. But please, control your excitement.
We don’t have a copy of the Covington memo, but we understand that (1) the bonuses will be paid in January, and (2) the class of 2006/”stub year” bonus is a prorated $30,000.
The Kaye Scholer memo, after the jump.
P.S. We’re still interested in a copy of the Cahill Gordon memo from yesterday (assuming there was one).
KAYE SCHOLER BONUS ANNOUNCEMENT MEMO
From: Barry Willner/NY/US/KSFHH
12/21/2006 11:55 AM
To: All Associates
cc: All Partners
Subject: Associate Bonuses
We are pleased to announce that the Firm will once again be paying bonuses . It has been another record year for the Firm and the partners wish to express their appreciation to you for your hard work and dedication to the Firm and our clients. Consistent with last year’s approach, bonuses will range from $35,000 to $70,000 with bonuses in the senior classes ( 5th year and up) ranging from $50, 000 to $70,000 . Bonuses will be paid on the same hours-based criteria as we used last year which takes into account billable hours through the end of this year, including pro bono hours. Indeed, not only has 2006 been a record year for the Firm financially but once again a record year as measured by hours devoted to pro bono services. In early January, I will be meeting with all associates to review our accomplishments during 2006 and to again thank you, on behalf of all of our partners, for your contributions . Best wishes for the Holidays and the New Year.