Associate Bonus Watch: Willkie Follows the Plan of Cravath
Willkie Farr & Gallagher will be matching Cravath’s low bonuses this year.
The email didn’t bother to explain why, since it’s pretty clear that market conditions have beaten associates into submission with a giant, invisible hand.
The Executive Committee is pleased to announce the following year end bonuses for associates:
Class of 2008: $17,500 (pro-rated)
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 and senior: $32,500
Bonuses will be paid in December, consistent with our customary practices.
The Firm appreciates your efforts during these challenging times.
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Commentary and context, after the jump.
A tipster reports the utter lack of surprise from Willkie associates:
This comes as a shock. Oh wait, no it doesn’t. We’re just happy to have our jobs and colleagues that we for the most part really enjoy working with.
At least some people still feel goodwill for Willkie. But it’s probably not the staff. Last year, Willkie came through in a big way, offering “special bonuses” to staff as well:
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We are also pleased to announce that the firm will be paying a special bonus to our administrative staff, whose hard work, dedication and loyalty have been a critical part of our accomplishments.
Did the administrative staff work less hard this year? Probably not. Will they receive bonuses? Probably not (but keep us posted).
But our tipster is right. If you have a job, you just have to take it and like it.
The economic choke hold continues….
Earlier: Associate Bonus Watch: Willkie Matches