Associate Bonus Watch: Cadwalader Matches The NYC Market
Following up on its inspirational holiday card, yesterday Cadwalader announced the NYC-standard crappy Cravathy bonuses. The transmittal memo, which included the familiar numerical table, was short and sweet:
We are pleased to announce that the Firm will award year-end bonuses to associates and counsel as follows. Bonuses will be based on previously communicated criteria and are expected to be paid in January 2009. Associates who joined the Firm subsequent to January 1, 2008 and prior to October 1, 2008 will receive a pro-rated portion of the bonus.
The reference to “previously communicated criteria,” we’re told, is a reference to CWT’s hours requirement.
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Full memo after the jump.
CADWALADER, WICKERSHAM & TAFT — MEMORANDUM — 2008 ASSOCIATE BONUSES
We are pleased to announce that the Firm will award year-end bonuses to associates and counsel as follows. Bonuses will be based on previously communicated criteria and are expected to be paid in January 2009. Associates who joined the Firm subsequent to January 1, 2008 and prior to October 1, 2008 will receive a pro-rated portion of the bonus.
Class of 2008: $17,500, prorated
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Class of 2007: $17,500
Class of 2006: $20,000
Class of 2005: $22,500
Class of 2004: $25,000
Class of 2003: $27,500
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Class of 2002: $30,000
Class of 2001 and prior: $32,500
Senior Attorneys, Special Counsel and Counsel bonus awards will be determined on a case-by-case basis and will be communicated shortly.
Thank you again for your efforts and contributions to the Firm and our clients. The Partners and I wish you a happy and healthy holiday season.