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

Associate Bonus Watch: Sullivan & Cromwell Matches (and More)

onNovember 5, 2007 at 10:00 PM

Apologies for the delay. The bonus announcement of Sullivan & Cromwell was made by firm chairman H. Rodgin Cohen at 5:10 p.m. today, but it took us a few hours to get our hands on the memo.
For associates in the class of 2007 through the class of 2004, S&C is paying the standard year-end and special bonuses. But for more senior associates, it’s paying lump-sum bonuses — none of this “special” business — of $80,000 (2003), $95,000 (2002), and $110,000 (2001 and above).
These amounts reflect the new S&C senior associate bonuses — in part. More cash will be forthcoming in 2008. From Rodge Cohen’s memo:

As announced earlier this year, the Firm will pay senior associates compensation in addition to salary and bonus through our new Senior Associate Supplemental Bonus Plan (“the Plan”). We have decided to accelerate payments under this new Plan to result in the following amounts being paid on December 14 to our senior associates, with final supplemental payments to be made in the Spring of ’08.

Read the rest, after the jump.

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From The Team at Scale LLP

SULLIVAN & CROMWELL LLP — 2007 ASSOCIATE BONUS MEMO
Sullivan & Cromwell is pleased to announce the following bonuses for associates in the classes of 2004 through 2007. The Firm will pay bonuses on December 14th pro-rated for those who joined the Firm after January 1, 2007.
Class of 2007: year-end bonus of $35,000 (pro-rated)
Class of 2006: year-end bonus of $35,000; special bonus of $10,000
Class of 2005: year-end bonus of $40,000; special bonus of $15,000
Class of 2004: year-end bonus of $45,000; special bonus of $20,000
As announced earlier this year, the Firm will pay senior associates compensation in addition to salary and bonus through our new Senior Associate Supplemental Bonus Plan (“the Plan”). We have decided to accelerate payments under this new Plan to result in the following amounts being paid on December 14 to our senior associates, with final supplemental payments to be made in the Spring of ’08.
Class of 2003: $80,000
Class of 2002: $95,000
Class of 2001 and above: $110,000
Special, European and other counsel also participate in the Plan, and their compensation will continue to be determined separately on an individual basis.
We believe S&C associates are the best in our profession. This year our associates’ efforts were exceptional. The Firm is committed to maintaining its position as a compensation leader.
With appreciation and thanks,
Rodge
[Firm chairman H. Rodgin Cohen]