Associate Bonus Watch 2009

Associate Bonus Watch: Paul Weiss Follows SullCrom's Lead

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Last year, Paul, Weiss, Rifkind, Wharton & Garrison based its bonuses on the Cravath scale. This year, it has decided to buck Cravath and “upsize” to the Sullivan & Cromwell scale. That means seventh year associates get $5,000 more in their stockings than those at Cravath-scale firms.
Associates at Paul Weiss got the bonus news yesterday. Here’s the scale:

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 and up — $35,000

A source at the firm says that, though the payment date is not noted in the memo, bonuses are traditionally paid the Friday between December paychecks.
Language from the memo, as well as a bit of bad news received today — no Children’s Holiday Party! — after the jump.


Today the firm announced that there would be no Children’s Holiday Party. But it’s not a budget issue. It’s being canceled “due to concerns about the spread of swine flu.”
We greatly appreciate the information and memos provided by our readers. As always, tips are completely anonymous. Send them to us at tips@abovethelaw.com.
Happy holidays. Here’s the memo.
PAUL WEISS BONUS MEMORANDUM
Thank you for your contributions to the Firm and for your important role in helping accomplish the extraordinary results we achieved for our clients this past year. Below is a schedule of 2009 associate bonuses by class.
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 and up — $35,000
The payment of bonuses is subject to our normal procedures regarding good standing and pro ration for those who joined the firm during 2009 or who work less than a full-time schedule. Counsel bonuses will be announced separately. On behalf of every partner in the firm, I extend my personal thanks to each of you.

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