Dechert’s bonuses for 2009, though lower than those paid out for 2008, are in line with what market-setting Cravath Swaine & Moore announced in November.
In a memo obtained by The Legal Intelligencer, Chairman Barton J. Winokur told associates the class of 2008 would receive $7,500, the class of 2007 would get $10,000, the class of 2006 would receive $15,000, the class of 2005 would be paid $20,000, the class of 2004 would get $25,000 and the class of 2003 and more senior associates would receive $30,000.
And just for good measure, Dechert will pay for a super bonus to a few lucky associates:
According to the memo, associates with “exceptional performance” will receive bonuses up to $25,000 above the outlined grid “and in a couple of truly extraordinary circumstances even more.”
These may not be Wachtell Lipton bonuses, but I’m sure whoever receives Dechert’s largesse will not complain.
The firm also announced that it would make raises — for the most part.
However, a couple of Dechert offices will be taking a huge salary cut.
If you work for Dechert in Charlotte or Hartford, I’m sorry:
The situation is different in the firm’s Charlotte, N.C., and Hartford, Conn., offices where associates will be paid in accordance with “the salary grid that was in effect in those offices for the bulk of 2007.”
A firm spokeswoman said those offices were raised to the New York salary grid in 2008 and will be brought back to the grid they had used for the bulk of 2007.
According to the firm’s Web site, there are eight associates in Charlotte and 10 in Hartford.
That is one hell of a market correction. But elsewhere at Dechert, raises are bountiful:
“As you know, unlike many other firms, Dechert did not freeze or roll-back salaries in 2009,” Winokur said in the memo. “This has caused our salary structure to be above many of our peers in many cities where we have offices. We have carefully considered whether we should freeze progression for 2010, and have concluded that we will progress associate salaries.”
If you survived Dechert’s 2009 layoffs, and don’t work in Charlotte or Hartford, I guess this is Dechert’s way of saying “thank you.”
Dechert Matches Market Bonuses, Raises Salaries for 2010 [Legal Intelligencer]
Earlier: Associate Bonus Watch: Wachtell Lipton Bonuses Go Down Again
Prior ATL coverage of associate bonuses