We have confirmed the news of a Cravath bonus match with multiple sources at Cleary Gottlieb. One exchange went something like this:
ATL: Any good news today?
CGSH: No. Cravath news. Bonus FAIL.
So the 2009 bonus market is probably going to coalesce around the Cravath-level bonuses — unless S&C shows up and trumps CSM. Stay tuned.
The timing of the announcement is telling. Usually bad news is saved for Friday afternoons, so it gets lost in the pre-weekend shuffle. Did CGSH view its bonus numbers as potentially disappointing to the recipients?
Perhaps. In our reader poll on the Cravath bonuses, a majority of respondents said the CSM bonuses made them either “unhappy” or “very unhappy” (the most popular choice). Approximately 30 percent said the bonuses made them “neither happy nor unhappy.” Under 20 percent said the bonuses made them “happy” or “very happy.”
The Cleary memo and another READER POLL, after the jump.
Here’s the poll:
And here’s the text of the Cleary memo. We also have posted a screenshot of the PDF that was sent to us.
CLEARY GOTTLIEB STEEN & HAMILTON — MEMORANDUM
MEMORANDUM FOR ALL ASSOCIATES ON THE U.S. SALARY SCALE
Re: 2009 Bonuses
On behalf of the partners of the Firm, we are pleased to announce year-end
bonuses for associates in good standing on the U.S. salary scale, at the amounts set forth below.
To be eligible for a bonus, you must have been employed at the Firm prior to August 1, 2009 and be actively employed at the Firm on the day bonuses are paid. Bonuses will be paid on Tuesday, December 15th. Bonuses will be prorated for those on reduced schedules and for those who joined the Firm after January 1, 2009.
2002 and more senior $30,000
We thank you all for the terrific work you have done for our clients over the past
year, and in particular, for demonstrating time and again your ability to adapt to the rapidly
changing legal landscape presented by global economic conditions.
For the New York and Washington
Earlier: Breaking: Cravath Bonuses Are Out (and Down)