Judge Halverson has sung. Associate bonus season for 2009 is effectively over, at least in New York. (What happens in the rest of the country — e.g., Washington, D.C. — remains to be seen.)
The venerable firm of Sullivan & Cromwell — the last best hope of associates for higher bonuses, due to its strong year in banking M&A work, led by the unstoppable Rodge Cohen — has basically matched the Cravath scale.
“Basically,” because there’s one catch: at the top of the scale, members of the class of 2002 get $35,000 each (instead of $30,000).
More details — what the full S&C scale looks like, the payable date for bonuses, etc. — after the jump.
So this is what the SullCrom bonus schedule for 2009 looks like:
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 — $35,000
It’s a far cry from what S&C paid out in bonuses in 2007. Back then, class of 2002 members got $95,000 (not counting supplemental bonus payments in spring 2008).
But hey, how much does it cost to lease a Subaru? If it’s good enough for Rodge, it’s good enough for you.
The Sullivan & Cromwell bonuses are payable on December 30.
We think we’ve covered the pertinent details, but if you have the full memo, please feel free to email us. Thanks.