Associate Bonus Watch 2008

Associate Bonus Watch: Winston & Strawn

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It’s a little bit late in the bonus season, but there are still firms trickling in with bonus news.

It’s not terribly surprising bonus news. Winston & Strawn has matched the Cravath scale:

I am pleased to announce on behalf of the Firm the amounts of year-end bonuses for eligible New York associates for fiscal 2009, as follows:

Class of 2008 (1st Year) $17,500 (pro-rated)
Class of 2007 (2nd Year) $17,500
Class of 2006 (3rd Year) $20,000
Class of 2005 (4th Year) $22,500
Class of 2004 (5th Year) $25,000
Class of 2003 (6th Year) $27,500
Class of 2002 (7th Year) $30,000
Class of 2001 (8th Year)
$32,500

There’s a 1900 hour billiable requirement.

Wonder if Obama will get pissed about that? Congratulations to Winston associates on your belated windfall.

Read the full Winston memo after the jump.


WINSTON & STRAWN — MEMO — ASSOCIATE BONUSES

Sponsored

I am pleased to announce on behalf of the Firm the amounts of year-end bonuses for eligible New York associates for fiscal 2009, as follows:

Class of 2008 (1st Year) $17,500 (pro-rated)

Class of 2007 (2nd Year) $17,500

Class of 2006 (3rd Year) $20,000

Class of 2005 (4th Year) $22,500

Sponsored

Class of 2004 (5th Year) $25,000

Class of 2003 (6th Year) $27,500

Class of 2002 (7th Year) $30,000

Class of 2001 (8th Year) $32,500

The bonuses will be paid shortly after January 31, 2009 to each full-time associate who is considered by the Firm to be in good standing as of the payment date. To be in “good standing,” an associate will be required to have recorded, for the year ended December 31, 2008, not less than 1,900 hours billed to clients (with actual billable hours being annualized for those associates for whom the bonus would be pro-rated) and to have received a satisfactory evaluation for the most recent review period. Bonuses for first-year associates (who are eligible for the bonus regardless of billable hours) and other associates who joined the Firm during 2008 will be pro-rated as appropriate. Bonuses for associates in years nine and above or on reduced hours schedules will be determined on a case-by-case basis. The Firm may award additional bonus amounts to associates who have performed at an extraordinary level.

The Firm greatly appreciates your strong contributions to the Firm’s practice in this very challenging economic environment, which has severely impacted many of our clients. Our bonus scale reflects your individual efforts, the Firm’s overall performance and our clients’ strong focus on their cost structures.

We thank you for your contribution to our practice and look forward to continuing to work with you to provide the finest legal services to our clients in 2009.

Earlier: Prior ATL coverage of associate bonuses

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