Yes, you read that headline correctly. Out of nowhere, Cahill Gordon & Reindel has decided to give out a mid-year bonus. Not Cravath, not S&C, but Cahill Gordon. The same Cahill Gordon that is one of the few firms to have significant layoffs in 2010. This is the firm that could push the market towards mid-year bonuses?
Apparently so. A tipster reported the bonus scale to Above the Law. It’s not a huge amount of money, but it’s something….
Here’s the bonus Cahill Gordon associates learned about today:
Cahill has given out pretty generous mid-year bonuses to all of its classes.
*1 years – $2,500
* 2-3 years – $5,000
* 3-6 years – $10,000
* 7-8 years – $15,000
Bonuses were announced by phone today.
Was it nice for Cahill to shell out some extra dough to the survivors, or was it cruel of them to conduct layoffs when they could have kept some extra associates around?
According to our sources, this is the first time Cahill has made a mid-year bonus in six years, at least.
But the mid-year bonus phenomenon isn’t totally alien to Biglaw. We’ve been hearing rumblings about a sizable mid-year bonus coming from a very well-known litigation shop around town (send us an email if you can confirm the news). And remember just last year, Sullivan & Cromwell paid out a springtime bonus.
This year, S&C hasn’t said anything. The firm’s associates are worried that no spring (now summer) bonus will be coming from the firm. But if Cahill Gordon is paying out a summer bonus, maybe S&C will decide to loosen the purse strings just a little bit this July.