Biglaw, Bonuses, Money

Associate Bonus Watch: Yes, Sullivan Has Matched

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We have it on very, very good authority that Sullivan & Cromwell has issued associate bonuses that match the market. So consider the rumor from earlier today to be verified.
The only caveat from our source: at the most senior levels, the S&C bonuses do not “top out,” like those at Cravath. As explained by this Greedy NY post:

[A]t S&C there can be a high degree of variability at the highest associate levels, particularly (from what I’ve heard) for those who are told, “you didn’t make it this year, but we hope you’ll stick around and try again.”

But this is just a footnote, relevant only to the most senior of associates. The upshot is that S&C has matched.
So the fat lady has probably sung. At this point, it’s unlikely that anyone will go above market. If any firm was going to top the market, S&C was a good candidate. From a different Sullivan source, who opined yesterday:

I highly doubt we’ll be doubling [as ridiculously rumored by Ritalin Edge]. But I think the general feeling (despite our salary raise) is that there will be mutiny if they match last year’s bonuses. This is especially true given Goldman’s record year and our record M&A year.

Mutiny? Sullivan & Cromwell associates, sharpen those pitchforks. It’s time to storm the barricades at 125 Broad Street.
Update: Actually, nix that. The S&C folk are perfectly pleased with their holiday haul:

I think everyone is happy with our bonuses. Any grumblings I heard a few months ago about how great our year is have been replaced with elation at how big our bonuses are.

Boring boilerplate from the S&C bonus memo(s), after the jump.

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SULLIVAN & CROMWELL BONUS ANNOUNCEMENT MEMO

We are pleased to inform you that as of January 1, 2007, your base salary will increase to $____. Also you will be receiving a December Supplemental Compensation payment in the amount of $____. If you participate in the Direct Deposit Program, this amount, less tax and withholdings, will be deposited into your account on December 22.

And that’s all she wrote. We love the reference to a “December Supplemental Compensation payment,” which sounds vaguely Orwellian. Biglaw is watching you…
Our primary source provided blanket confirmation for bonus matching up and down the salary ladder (subject to the caveat for the most senior associates). But we’ve also received specific confirmations of the following amounts:

Class of 2005: $35,000
Class of 2004: $40,000

We’ll update this list as more confirmations arrive. But don’t expect any surprises.
Earlier: Prior ATL coverage of bonuses (scroll down)

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