Associate Bonus Watch: Simpson Thacher Matches Cravath

And another one bites the dust. Simpson Thacher just announced associate bonuses, and they’re using the Cravath scale.

Here is one source’s concise communication: “Simpson Thacher bonus memo just released — matching Cravath. A**holes.” Says a second: “I feel like I got punched in the gut.” From a third: “People here are livid. Can’t believe they announced a month later than normal and matched. What BS.”

Another top firm matching Cravath? Honestly, it doesn’t sound shocking.

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By The MyCase Team

But the Simpson match might be slightly more newsworthy than the recent Cravath matches by Davis Polk, Cleary, and Debevoise. Here’s why….

Simpson can, on occasion, be a market leader on associate compensation. Remember that it was Simpson, almost ~~three~~ four years ago — on January 22, 2007 — that raised starting salaries to $160,000 (and created the Biglaw salary scale — 160/170/185/210/230/250/265 — that’s still widely used today).

The Simpson pay raise spread like wildfire, first throughout New York, and then around the rest of the country. If you’re enjoying a salary on the $160K scale right now, you have STB to thank.