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.
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
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 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.
(152) 
Comments
firsT!
sweet
firsTTT!
Cadwalader > Latham
and Last
Too bad there are no associates left in the Charlotte office to collect. The Charlotte "boom times" are officially over.
Likewise, I wonder how many associates in NYC have enough ours to even qualify for these bonuses?
WOW, LAT TOTALLY *****-SLAPPED MYSTTTAL WITH THIS POST!
Lat's reference to "The NYC Market" is a clear signal that he's tired of MysTTTal's "half-skadden" references.
Go Lat, Go Lat, Go Go, Go Lat! MysTTTal=pwned.
Thank god I didn't go to that sweatshop. Any word on what the billable hour req. was?
Interesting. Amazed that they're paying anything at all, though I wonder how many (or how few) hit the hours requirement this year. Wonder if they'll freeze salaries. They must be expecting to save a ton of money when they send the rest of the Cap Markets and much of the Derivatives group packing, partners and all...
More importantly, what about salaries? Did CWT pwn Latham?
Enough with the "pleased to announce" bullshit. Ropes had the only memo that at least appeared genuine on its face.
Thank god I didn't go to that sweatshop. Any word on what the billable hour req. was?
No.7: Get a penis!
@7: I was thinking the exact same thing when I read this.
What is the CWT hours requirement, by the way? I'm sure it's in a previous post, but I'm being lazy and don't want to look.
Hours requirement is 1900 client hours + 100 marketing/pro bono. Things like mentoring and lunches with summer associates count for the latter.
1900
Anyone hear anything about bonuses at Mayer/Sidley Chicago or other similar firms with hours bonuses?
We're running out of time if we're going to get paid this year at Sidley. Weird. Personally, my 2400 billable will turn into about 2000 hours comprised of a lot of pro bono and other shit next year if I get fucked out of a bonus. I think that it would be a huge mistake for hours-based bonus firms to screw high billers this year. I didn't get $110k like my NY colleagues last year, so I had better not get $32 fucking thousand this year.
Do you think that the firms just cut and paste from ATL when they write these bonus memos? Or do they actually retype the words and amounts?
CWT pays bonuses to all who make at least 1800 hours. That's pretty low. Though some cap mkts people probably will struggle with it, most other departments anyone that actually derserves a bonus should get one.
My CWT NY 05 girlfriend was happy about this announcement. I am hoping for a sweet Christmas present!!
I was going to say -- what happened to the Half-Skadden?
The minimum to bonus at CWT is 2000. Also, CWT announced yesterday morning...why the delay?
In honor of CWT boni, I will nail a golden sheep.
there is actually only one memo that NALP creates ... every year all the managing partners get together and figure out what bonuses are and then they spin a gian wheel to see who has/gets to announce first that year depending on the situation .... rumor has it that a second year was going to sue the Skadden managing partner for sexual harassment and to keep her quiet he prematurely announced higher bonuses
22,
The partners are more concerned with infighting than giving associate bonuses. Bob Link is on one side and Chris is on another. Office politics as usual in CWT.
22 -- believe it or not, partners do not 'bcc' Abovethelaw. Dumbass.
What is wrong with you people? You obviously are all extremely smart -- you chose to go into this profession rather than something constructive like engineering or teaching or IT or medicine. You corporate lawyers get to make six figure salaries pushing paper around, some of you covering the asses of the banks and lenders who got us into this mess -- fine, I understand the economy needs people to do play such roles and preserve the system of laws that makes it all possible. But to WHINE ABOUT NOT GETTING BONUSES! No wonder Santa thinks you've been naughty this year.
welcome back lat.
nice slap!
Thank you, Lat, for finally calling this the "NYC Market" rather than another Half-Skadden-Mart lede.
welcome back lat.
nice slap!
I like the half skadden references. I'm not ready to capitulate.
27 = racist single parent from Tuscaloosa
#27 to ATL E-I-C!
Sidley will announce market bonuses at the last moment, cheese-eating wusses that they are.
Any word on compensation @ Jones Day? Seems like they are running out of time to announce ...
"half-Skadden" is funny, especially when employed to refer to CSM.
Welcome to the Suck, gentlemen.
Welcome.
@27: I am/we are the real devil's advocates. We make legal the nuclear bombs that destroyed the world economy. Then we help our clients get taxpayer money because they destroyed themselves and the world (and thus encourage government support of failure). We, the great capitalists, are socialists when it suits are needs--and we tricked the world into thinking it's necessary.
So, as someone on the inside, I'm totally in agreement with you. We failed and we want to get paid for it ...
Odd, isn't it?
Chicago offices are slashing bonuses despite the hours based system.
35 - No word, and I am starting to get worried about what they may try to pull on us.
WHO'S LAUGHING NOW, BIOTCHES?!
YEAH THAT'S RIGHT I PICKED CADWALADER
@ 7 & 28
I'm with you. The half-skadden joke was getting old.
27 = out of work GULCer fuming mad at all the UVA grads with jobs.
Sorry about your little T-14 bro, try not to scratch it or infection might set in.
So normally, paying a bigger bonus is better right?
So who should feel better now, Skadden because they paid the best out to their associates, or CSM because they set "the market"?
V&E>CWT>Latham
Suck it, carpet-faggers!!!
@45: Even as a New York attorney, I concur.
For the rest of my sad little career, Cravath is always going to be "Half-Skadden." But only Cravath.
Chicago offices are slashing bonuses despite the hours based system.
41 - talk to me in 6 months when you don't have a job...
What about pay raises?
-Disgruntled Latham associate.
43 --
You want to hurt me? Go right ahead if it makes you feel any better – I'm an easy target. Yeah, you're right: I talk too much; I also listen too much. I could be a cold hard cynic like you, but I don't like to hurt people's feelings. You think what you want about me, I'm not changing. I like me, my wife likes me, my customers like me, because I'm the real article: what you see is what you get.
Based on firms who have announced, the NYC market seems to be lower than the Boston/DC/CA market, save Skadden. Woe is NYC.
Cahill Gordon Bonus Info?
Even I wouldn't want to work for Cadwalader.
- Nervous T10 1L
51
nice
are needs?
17, I'm with you. Firms that pay hours-based bonuses are already saving money b/c many associates did not make hours this year. They can't justify cheaping out on those associates who did work hard and perform well in '08. Luckily Orrick and OMM seem to understand this, so hopefully others will too.
Did fatty's breakfast last longer than the customary three hours? Oh yeah - Thursday is bacon day.
where is kirkland?
SO GLAD I PICKED CADWALADER OVER LATHAM
Sidley will be attending the salary freeze party -- you heard it here first.
51 = bald
61 --
You want to hurt me? Go right ahead if it makes you feel any better – I'm an easy target. Yeah, you're right: I talk too much; I also listen too much. I could be a cold-hearted cynic like you, but I don't like to hurt people's feelings. You think what you want about me, I'm not changing. I like me, my wife likes me, my customers like me, because I'm the real article: what you see is what you get.
???? Sidley???
The fact that a CSM first year who billed over 2600 hours this year and made boatloads of money for her partners will get the same bonus as some minimum hour maker at CWT is pathetic.
What kind of puerile jackasses make fun of Elie's weight ANONYMOUSLY? Low-class cowards.
BITCH SPREAD THE CWTNY BUTT CHEEKS SO I CAN SMELL THE JUICY BONUS INSIDES!
@66 - You want to hurt us? Go right ahead if it makes you feel any better – we're an easy target. Yeah, you're right: we talk too much; we also listen too much. we could be a cold-hearted cynics like you, but we don't like to hurt people's feelings. You think what you want about us, we're not changing. We like us, your wife likes us, our customers like us, because we're the real article: what you see is what you get.
Sidley = salaray freeze. Merry Christmas!
Ellie is fat.
Sincerely,
Alan Choadely
Hoftsra3L
Who's Ellie?
And yes, Sidley = salary freeze = TTT = mmmmm = tomato tuna tacos
What's Hofstra? Is that some type of west coast oyster or something?
JONES DAY??
65 - any lawyer at CSM clearly had options, and knowingly chose an environment of Type-A work-a-holics, so you can go straight to hell.
The "Half Skadden" sounds like some kind of goddamn figure skating move.
Sidley matched Skadden!!!
Yeah Bitches!!!!
BITCH SPREAD THE CWTNY BUTT CHEEKS SO I CAN SMELL THE JUICY BONUS INSIDES!
I would rather GULC a sheep than set foot in CWT. Place is a pit. And to all of those posters talking about how hot CWT NY associates are, I feel really bad for you and your lifetime of low expectations.
Macaca?
76 - Sid the kid is still out to lunch. No bonus yet
I know a couple of extremely hot associates at CWT. And I only know a handful of people there.
I just grew dumber reading this thread.
My law firm may have an actionable case against you all.
82 = GULCer lashing out
82 - Why do you hate America? Is your name John Walker Lindh?
66 -
I have a feeling a lot of people here would make fun of Elie's fatness to his face if they had the chance. There's only so much non-anonymous, non-face-to-face ridiculing you can do via the internet, you know?
V&E>CWT>Latham
Suck it, carpet-faggers!!!
38: You da bomb
Sidley is NOT freezing salaries
@85 - Perhaps ATL should set up some kind of live video-conference so that we could test your theory out?
That or we could just have some kind of New Year "Help Elie get studdly and buff so that self-hating losers on the internet can finally shut the fuck up" campaign?
Either way, society would be a big winner.
LEAVE HIM ALONE! You are lucky he even performed for you BASTARDS!
LEAVE ELIE ALONE!
I hear that Sidley will announce a salary-freeze at the end of the working day tomorrow.
88 - Positive thinking can only get you so far.
Stealth layoffs at Sidley NYC....
Sidley Austin is going to file for bankruptcy tomorrow. Trust me.
You heard it here first.
Chicago is slashing bonuses, headcounts, and summer associate positions.
Sidley Austin is going to file for bankruptcy tomorrow. Trust me.
You heard it here first.
57, I'm not sure that Orrick is going to keep that high hours based bonus structure that they announced earlier this year. From what I can gather there is a decent amount of fear about this structure remaining.
jones day has yet to announce. real question is whether the traditionally below-market compensation will be below cravath-market or the old market... tons of work going around so you'd like to hope the latter, but who the hell knows
Sidley is going to merge with Mayer Brown which will then merge with Kirkland. The resulting mega-firm Kirkland Mayer & Sidley will then lay off 500 attorneys, pay 0 bonus, and reinstate 1992 salaries. Happy Holidays!
Sidley is going to merge with Mayer Brown which will then merge with Kirkland. The resulting mega-firm Kirkland Mayer & Sidley will then lay off 500 attorneys, pay 0 bonus, and reinstate 1992 salaries. Happy Holidays!
Sidley is paying the same bonus as last year and is not freezing salaries.
Sidley is paying the same bonus as last year and is not freezing salaries.
I call bullshit on anyone at Sidley billing 2400. Sidley has been well known for decades as a lazy, 9-to-5 shop.
Thank god for not calling it "half-Skadden!" It seems that we've finally reached maturity level again.
I'll gladly take a job at CWT.
- Michigan 2L, black
i wish Sidley was a lazy 9to5 shop. Im gonna be at 2200 this year but thats an exception- most of my colleagues wont hit 2000.
sidley is not freezing salaries, and will proabably dole out the same bonus as its peer firms: willkie, milbank, wc, friedfrank...
46/86:
"V&E>CWT>Latham"
What's the deal with V&E? Tell me what you know...
You forgot a word there, 85. I would call you a douchebag to your face.
106: sidley had below market bonuses last year (lower than Kirkland and Mayer at least) - not those of the firms you mention. Are you sure you work there?
103, you can call BS all you want, I used to work at Sidley and left because of crazy partners and 300 hour months, it is a swat shop. Not to mention partners sleep with associates and staff on a regular basis.
109: sidley paid market last yr, with an hours requirement. (2000 for full, 1/2 at 1900, etc...)
i cant speak for 106, but i do work here and if you made your hours, you got the same bonus as everyone else. i know i (and the people I work with) did.
300 hour months and regular casual sex? Hey now!
111, it is a fact that Sidley paid less than Kirkland or Mayer last year, at least in Chicago. Paying below your two biggest competitors is not "market."
110:
I know some female partners at Sidley I would not mind sleeping with
110, this is one of the perks of being a partner. I could never put up with some of these bitchy associates if I didn't get to hit it.
What firms are left to announce?
66 here.
68: We've all seen the Family Guy parody of Planes, Trains and Automobiles. It was funny when Scott McFarland did it. It was not funny when five people before you did it on ATL.
70: If you are not who you say you are (my bet), you really are a coward. If you are who you say you are, you are a moron for putting that in writing. When people google your name they will find that quote. Not good for you professionally. (But I don't think that's your real name.)
85: Oh yeah? You sort of proved my point by posting anonymously.
90: That was actually pretty funny.
116 - kirkland, sidley, jones day, basically the whole chicago market
No idea about Chicago bonuses- but given the firms listed, I think 106 was talking about SidleyNY's peer NY firm offices...
109, you are wrong.
Sidley was market in NY and "Chicago market (base bonus of $20k for 2000 hours, going up $5k-$20k per class per 100 hours past there)" in Chicago. That's not as good as Kirkland in Chicago, no one is anywhere save WLRK.
Sidley will pay market (half-Skadden) in NY; the only real question is whether hours-based bonuses are the same as last year. We'll find out soon - some already know.
113, you're right on Kirkland, but not on Mayer. Sidley bonuses have never been lower than Mayer's for the same hours and year. They don't send out a memo like Mayer does, though.
120: You say 109 is wrong but then in the next paragraph state that Kirkland paid more (which 109 asserted) and then listed a bonus structure that is less than Mayer's was last year (which was also asserted by 109). Just do the research; it's not that hard.
When the EFF is Jones Day going to send out compensation letters?
I think Kirkland will not b e giving bonuses this year. Its too late for 2008 payroll
Sidley associates- both guys and girls- are a pretty good looking bunch. If I were a partner there, Id def expect a lil on the side.
As far as looks go, Sidley is a collection of trolls.
None of the people trolling about Jones Day above work for Jones Day. Jones Day doesn't "announce" bonuses, something which is widely known to every actual employee at the firm. They're not lockstep, comp is confidential and they simply pay them to those they think deserve them (and there is no hours target as a pre-req to a bonus) - people asking above don't work there (or don't get them and haven't taken the hint). .
Mayer Brown announces bonuses in February (see http://www.abovethelaw.com/2008/02/associate_bonus_watch_mayer_br.php) and they're always the same or lower than Sidley in Chicago. They vary in other offices.
Okay, they're giving the associates, special counsel, senior attorneys, and counsel end-of-year bonuses in January, 2009 -- WHAT HAPPENED TO THE STAFF END-OF-YEAR BONUSES!!!!!!!
117 -
70 is DEFINITELY Alan Choadely. I know him well.
Sincerely,
Haywood Jablome
Hofstra 3L
P.S. Idiot.
127 - you're an idiot. We're not asking when JD is announcing bonuses, we're asking when we're going to get our freakin comp letters (with our next year's salary and bonus number, if any). It was supposed to be mid-Dec, and the longer they take the more worried we get given JD's historic cheapness.
Locke Lord > V&E > CWT >Latham
Suck it, carpet-faggers!!! 2x
130 - If the comp letter doesn't go out tomorrow, I'm going to be worried.
hey 127, 98 here. when they hand out compensation letters (which are confidential, yes), that would be akin to an announcement.
they have yet to hand out letters, thus no announcements.
though they are confidential and not lockstep, they don't vary wildly within an individual class year, so i'd be interested to see if people in any given class are being given cravath-level or skadden-level bonuses (if at all)
also, anyone who says it's not hours based has been drinking the JD koolaid. no one i've talked to who hasnt hit the 2k hours mark that every atty is budgeted for has ever gotten a market bonus.
133 - non-NY JD associate here. Last year I didn't hit the 2k mark (or even close), and got a market bonus. Expecting the same this year (considering Cravath "market").
133 - Do you think tomorrow is the day?
130 & 132, 98 here... i suspect the letters were already drafted before LW froze salaries and now they're scrambling to revise...
136 - not sure if you're joking, but that's the situation I fear. Know how JD works all too well...
who woulda thought cadwalader and cravath would give the same bonuses...ahaha
JD is not revising the letters. Anyone who thinks that JD would change its letters based simply on one announcement from Latham does not know much about how JD operates. It is, in many ways, its own drummer. Sometimes that means you get screwed, but sometimes (hopefully this year), it means you get hooked up.
Hey attractive, young crowd.
Back at my firm, we would pay $17,500 bonuses too, plus a zero. That's right, $175,000 bonuses. Nevermind where we got the money. After bonuses were paid, I'd take all the attractive, young associates out to my Hamptons house on my yacht, to party with Maxim models and Michael Strahan.
Those were the days.
122, Kirkland pays more than everyone, except Wachtel.
My point was that it is wrong that Sidley's bonuses are lower than Mayer's. They have always been higher. It's also wrong that Sidley was lower than market last year. NY got regular + special, Chicago got the same scale as always. 2400 hours as a 2003 got me $73k. Not as much as NY, but pretty nice.
This year may be a different story - we'll know soon enough.
JD is cheap, but I sure as hell am glad I work at JD right now, as folks all over at firms that chased the almighty dollar at the expense of reason are getting laid off.
124, you made that up.
Anyone have any idea what's going on at S&C? Did anyone have their review there yet? That's typically how bonuses were announced at S&C in less than stellar years (don't expect a memo from S&C this year).
111- Sidley's bonuses in Chicago last year were roughly 20% less than 2007 for people who made their hours. While the rest of the world was paying special bonuses, Sidley DECREASED its bonuses.
CWT > LATHAM > SIDLEY > ATL
What could a first year associate possibly do to merit $160,000 and bonus? They aren't admitted, don't appear in court and have zero expertise.
147 -- Do the crap work that needs to be done that partners rely on to make their money.
WHERE IS THE STAFF BONUS - WRITE ABOUT THAT
Support staff do not deserve a bonus. They are essentially just tissues with legs.
Ergo, fuck you 149.
There is always good and bad in the staff. Some are excellent - and some are hiring mistakes. It is unfair to categorize us staff at Cadwalader as being the same. We are not getting bonuses - even the loyal - even the hard working - even the really good secretaries. We are scared there are staff layoffs coming as soon as the holidays are over. It isn't funny or clever to to make comments like that of poster #150.
Please, whatever you do this winter season, DO NOT eat yellow snow.