Yesterday we broke the news of Sullivan & Cromwell’s new bonus program for its most senior associates. To read the memo from firm chairman H. Rodgin Cohen, click here.
Now we have more details, thanks to the WSJ Law Blog (which has a nice shout-out to us) and the New York Law Journal.
Some ballpark numbers, from the NYLJ:
A Sullivan & Cromwell partner who asked to remain unnamed said Wednesday that the supplemental bonuses would probably range from around $15,000 for fifth-years to around $30,000 for eighth-years.
With the supplemental bonus, the most senior associates at Sullivan & Cromwell can expect to earn total compensation of around $400,000, based on the current top base salary of $310,000 and last year’s $60,000 year-end bonus.
The WSJ Law Blog scored an interview with Rodge Cohen, who explained: “Retention is clearly an objective… 95% of the associates we lose we’re sorry to see go.”
Five percent = Aaron Charney + Gera Grinberg.
But will a little extra cash make a big difference in retention? Law firm consultant Peter Zeughauser has his doubts.
The WSJ also asked Rodgin Cohen about a subject near and dear to all of your hearts: possible increases in base salaries. Cohen said that the subject won’t be discussed for another month or so.
More discussion, plus a reader poll, after the jump.
In the comments to yesterday’s post, one of you wondered:
An (unwanted and unsolicited) increase of 10-15K is always welcome, but c’mon, it is just peanuts compared with a real increase to ALL associates, i.e. NY to 190!!
Is this a measure intended to get some lateral talent after all the bad publicity the have gotten from the Charney affair?
Has S&C’s reputation been affected by L’Affaire Charney? Take our reader poll:
S&C Shows Associates the Money [WSJ Law Blog]
Sullivan & Cromwell to Pay Senior Associates Bonuses Tied to Firm’s Performance [New York Law Journal]
Another Look At S&C’s Supplemental Bonus Plan [WSJ Law Blog]
Earlier: Breaking: Sullivan & Cromwell to Pay Special Bonuses to Senior Associates!