Tipsters have been using our text message line (646-820-TIPS) to report the news. Here’s one two-part text message we received:
Milbank matched shit bonuses, but in… sh**tier fashion, paying in January instead of December.
Other sources have confirmed that news.
We don’t have the full memo yet, but in case you’ve forgotten already, here is the Cravath scale that Milbank will be matching in January:
Class of 2009 – $7,500
Class of 2008 — $10,000
Class of 2007 — $15,000
Class of 2006 — $20,000
Class of 2005 — $25,000
Class of 2004 — $30,000
Class of 2003 — $35,000
Will this be a day of crappy Biglaw bonus dumps? We’ll see. But when other people comment that associates should be “happy” with whatever payment they are lucky enough to receive, remember this: the firms aren’t even proud of what they are doing. They’d rather downplay the announcement than use it as an opportunity to express thanks and gratitude for a profitable year of hard work.
MEMORANDUM TO ASSOCIATES
The Firm is pleased to announce that we will be paying year-end bonuses to associates in
the classes of 2009 – 2002. Bonuses will be paid to associates in good standing and will
be subject to the usual pro-rations for 2010 start dates, part-time schedules and unpaid
leaves of absence. Bonuses will be paid on or before January 15, 2011.
The bonus amounts for 2010 are:
Class of 2009: $7,500
Class of 2008: $10,000
Class of 2007: $15,000
Class of 2006: $20,000
Class of 2005: $25,000
Class of 2004: $30,000
Class of 2003: $35,000
Class of 2002: $35,000
Bonus decisions for specials will be determined on an individual basis and communicated
On behalf of the Firm, we sincerely thank you for your many efforts this past year. Your
commitment and dedication, excellent client service, and contributions to mentoring,
recruiting, diversity and pro bono are greatly appreciated.
The Executive Committee
November 24, 2010
Earlier: Associate Bonus Watch 2010