Associate Bonus Watch 2009

Associate Bonus Watch: Sullivan & Cromwell Matches
(But raises the ceiling: $35K for Class of 2002)

2009 Associate bonus watch above the law.JPGJudge 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.

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