Associate Bonus Watch 2009, Stroock & Stroock & Lavan

Associate Bonus Watch: Stroock Strokes Associates With Cravath Bonus

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Stroock’s bonus news is out. The firm will be paying the Cravath scale, if you hit 1900 hours. If you missed that target, you’re out of luck. Here’s the statement from the firm:

2009 bonuses are consistent with the “Cravath scale” with a presumptive threshold of 1900 hours to qualify for consideration. Merit has always been a factor in our bonus program and plays a significant part in determining the level of bonus awarded. In addition, associates who have made extraordinary contributions to the firm in 2009 will be getting more than the Cravath scale.

Our tipsters seem satisfied with the bonus. They are more concerned about Stroock’s pay scale.
Details on that, after the jump.


The bonus is nice, but according to a firm spokesperson, Stroock is also lifting the salary freeze:

In terms of salaries, we are not cutting any of our classes. We did not matriculate classes last year; this year we are matriculating our associate classes except for the class of 2008. We have not yet set the salary for the incoming class.

My condolences to the class of 2008. For everybody else, congratulations on your unfrozen matriculation! Getting a pay raise is like getting a little tiny bonus every week.
In terms of the firm not setting salaries for the incoming class, I wouldn’t worry too much about it. As one tipster reminds us:

There are no first years here.

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Stroock nominally has incoming associates set to start in January. But remember, the firm offered incoming associates $75,000 to go away, back in May. The program was voluntary, but the writing was clearly on the wall. With the class of 2008 still frozen in place, it sure seems like the salary for incoming associates is about to get cut.
Earlier: Stroock Offers $75,000 in Stay Away Money

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