The bonus news is coming fast and furious today. Simpson Thacher & Bartlett is trying to nail down the market at the Cravath level. Multiple tipsters sent in the STB bonus announcement and the firm is following Cravath at all class levels.
Regular Above the Law readers will note that there is absolutely no surprise about Simpson’s bonus. Last year at around this time — when there was still a clear separation between Skadden’s bonus and Cravath’s bonus — Simpson rushed in to follow Cravath.
Given that history, we don’t know a lot of people that expected Simpson to do anything other than follow Cravath. Long gone are the days when Simpson led the charge to $160K.
But don’t forget about Sullivan & Cromwell. The firm’s had a good year, and with all of its competitors falling in line behind Cravath, they could get some real market separation here with a bonus that is still smaller than what they paid out last year.
What a fun Friday. I wonder if anybody else will rush out a bonus announcement before five o’clock? I’m going to need another Red Bull.
Read the STB bonus memo, after the jump.
SIMPSON THACHER & BARTLETT — MEMO — 2009 ASSOCIATE BONUS
On behalf of the partners of the Firm, I would like to announce that year-end bonuses for associates in good standing will be as follows:
Class of 2008: $ 7,500
Class of 2007: $10,000
Class of 2006: $15,000
Class of 2005: $20,000
Class of 2004: $25,000
Class of 2003: $30,000
Class of 2002: $30,000
Class of 2001: $30,000
Bonuses for counsel and other attorneys will be determined on an individual basis and communicated separately. Bonuses will be paid on December 30, 2009. Associates and counsel who were on leave or worked part-time during any part of this year will be eligible for a pro-rated bonus. To be eligible for a bonus, an associate must have been employed at the Firm prior to September 1, 2009.
On behalf of the Firm, thank you for your dedication and professionalism.
November 20, 2009
Earlier: Associate Bonus Watch: Simpson Announces Bonuses … And You’re Not Going To Be Happy
Prior ATL coverage of 2009 associate bonus watch