Associate Bonus Watch: Simpson Thacher Matches S&C Spring Bonuses!
Wow, it’s starting to feel like 2008 (pre-Lehman) up in here! Earlier today, the Dow Jones broke the 12,000 mark. And now law firms — law firms that could treat their associates like dirt and still have have no problems with retention, according to some people — are once again competing with each other in terms of associate bonuses.
Multiple sources report that Simpson Thacher has matched the springtime bonuses announced last week by Sullivan & Cromwell. The STB bonuses will be paid on Friday, April 29, 2011.
What does this mean for associates at so-called “peer firms” of S&C and STB?
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Well, what do you think it means? More money, hopefully!
In a reader poll taken earlier this week, reader sentiment was pessimistic. Over 70 percent of respondents said that their firms would definitely not or probably not match the S&C spring bonuses.
But the Simpson announcement changes things, doesn’t it? Will Cravath, Skadden, and Davis Polk sit idly by, while Sullivan and Simpson pay associates substantially more in bonuses?
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We’ll keep you abreast of all the action in what we expect will become a new round of bonus announcements. Say hello to Springtime Bonus Watch 2011!
Earlier: The State of Biglaw: With Layoffs Down Dramatically, Will Spring Bring Bonuses?
Associate Bonus Watch: Sullivan & Cromwell Pays Generous Spring Bonuses!
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