The rumors that we mentioned from this morning are true (as rumors so often are). The firm of Schulte Roth & Zabel has made its bonus announcement.
Schulte will pay year-end and special bonuses, according to the now-familiar scale, to associates with 2000 or more “Target Hours.” It will pay additional bonuses to associates who hit 2300 and 2500 Target Hours ($10,000 for the former, and $20,000 for the latter). As the SRZ memo notes, these overworked associates “will, therefore, be paid above market” — which is as it should be, for suffering that is extraordinary even by Biglaw standards.
Update: Okay, as some of you suggest in the comments, 2300-2500 hours may not be “extraordinary.” But it’s certainly higher than average, even in New York. Our basic point is that at least Schulte is providing additional compensation to associates who work longer hours than usual. It’s a nice move.
Check out the memo, after the jump.
SCHULTE ROTH & ZABEL — MEMORANDUM — 2007 ASSOCIATE BONUS ANNOUNCEMENT
Earlier: Associate Bonus Watch 2007 archives (scroll down)