Associate Bonus Watch 2007, Biglaw, Bonuses, Holy Crap, Money, Skaddenfreude

Cravath Announces Bonuses — ‘Special’ and Otherwise!!!

animated siren gif animated siren gif animated siren gif drudge report.GIFIt’s very early, but it’s true: Cravath, Swaine & Moore announced bonuses today!!! Here are the numbers:
Class of 2007 — Year end bonus $35,000 (prorated), no special bonus
Class of 2006 — Year end $35,000, special $10,000
Class of 2005 — Year end $40,000, special $15,000
Class of 2004 — Year end $45,000, special $20,000
Class of 2003 — Year end $50,000, special $30,000
Class of 2002 — Year end $55,000, special $40,000
Class of 2001 — Year end $60,000, special $50,000
Class of 2000 — Year end $60,000, special $50,000 (same as 2001)
Cravath Swaine Moore LLP Above the Law blog.JPGUpdate (5:05 PM):

1. No official comment from the firm (we called their spokesperson), but this news is solid. It has been confirmed for us by multiple sources at Cravath, by phone and by email.

2. As noted in the comments, the “special” bonuses will be paid in November (on November 9, to be exact). The year-end bonuses will be paid in December.

100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGUpdate (5:40 PM): If you’d like to compare this bonus table to what Cravath (and pretty much everyone else in New York) paid last year, you can check out the 2006 CSM bonus memo over here. As you can see, the year-end bonuses for this year and last year are basically the same; it’s just that this year, there are “special” bonuses that take total compensation higher.
Also, recall that the base salaries in effect in December 2006 were lower than current base salaries. The Simpson Thacher-led move to $160K didn’t happen until January 2007. So between the higher base salaries and the “special” bonuses, CSM associates this year are significantly better off than last year’s batch.
As for timing, last year’s Cravath bonus memo was issued on December 11, 2006. So this year’s bonus announcement comes quite early in the season. The 2006 bonus season was kicked off by Milbank, which announced on December 8, 2006.
Earlier: Associate Bonus Watch [2006]: A Real Milbank Bonus Announcement
Associate Bonus Watch [2006]: Cravath Announced; Cadwalader Rumored
Breaking: Simpson Thacher Raises Associate Base Salaries!!!
Related: Associate Bonus Watch 2007 archives (scroll down)

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