A match of Cravath — no surprise there. There’s not much suspense left to this process (with the possible exception of what S&C and maybe Weil will do).
From a Milbank tipster:
What is funny is all the false Milbank “no bonus” rumors, posted as comments to other posts (e.g., here), probably made associates here less upset, if anything, when the real announcement came out.
I’m sure there will be a spectrum of reactions. I’m not upset, but my expectations were not unrealistic to begin with.
Memo after the jump.
Update: In case you’re wondering, as noted in the comments, Milbank doesn’t have an hours requirement.
MILBANK TWEED — MEMORANDUM — ASSOCIATE BONUSES
From: Wagner, Christine
Sent: Wednesday, December 03, 2008 5:11 PM
Subject: Sent On Behalf Of The Executive Committee
MEMORANDUM TO ASSOCIATES
Classes 2008 – 2000
The Firm is pleased to announce that we will be paying year-end bonuses to associates in the classes of 2008 – 2000. Bonuses will be paid to associates in good standing and will be subject to the usual pro-rations for 2008 start dates, part-time schedules and unpaid leaves of absence. Bonuses will be paid on or before January 15, 2009.
The bonus amounts for 2008 are:
Class of 2008 $17,500
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
Class of 2002 $30,000
Class of 2001 $32,500
Class of 2000 $32,500
Bonuses for specials will be determined on an individual basis and communicated separately.
On behalf of the Firm, we thank you for your many efforts in this challenging business environment. Your commitment and dedication, excellent client service, and contributions to mentoring, recruiting, diversity and pro bono are greatly appreciated.
The Executive Committee