The memo is just coming in now, but the news is not shocking. Willkie Farr has decided to match the Cravath bonus scale, continuing the trend of everybody mindlessly doing whatever Cravath tells them to do.
The bonuses will be paid on December 17th, so Willkie associates will still have some time to put the bonus towards holiday shopping.
Let’s check out the full memo…
Here’s the Willkie bonus memo. Note how the firm “greatly appreciates” the work of its associates. But something tells me they appreciate the work of Cravath’s bonus committee just a little bit more:
The Executive Committee is pleased to announce the following year-end bonuses for associates:
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 and senior: $35,000
Bonuses will be paid on December 17, 2010, consistent with our customary practices.
As always, the Firm greatly appreciates the hard work and commitment of our associates.
Best wishes for a happy holiday season.
Aside from a lavish holiday season, I’m not sure what else Willkie associates will be able to do with the money. If you went to Willkie thinking that you’d pay off your law school debts in three years by living cheaply and putting your bonus towards your loans, you’re going to have to recalculate your plans. After taxes, this money is going to be good for pouring down your throat or putting up your nose and not much else. Nobody is building towards a down payment on a house with these numbers.
Check that. I’m sure these bonus numbers are helping Willkie partners with their real estate dreams.
Kudos to partners, humbug to associates, and have a wonderful holiday. Please try to avoid stepping on the staff on your way home, stepping over them will do just fine.
Earlier: Associate Bonus Watch 2010