Associate Bonus Watch 2010, Biglaw, Bonuses, Money

Associate Bonus Watch: Cleary Raises to Cravath Spring Bonus Scale

This news shouldn’t come as a shock, since all the cool kids are doing it. But for the record, Cleary Gottlieb will be paying spring bonuses, following the top-of-the-market Cravath scale.

Cleary had previously announced spring bonuses on the Sullivan & Cromwell scale. In fact, CGSH was one of the first firms to follow S&C’s lead. But now that S&C’s spring bonus scale has been eclipsed, Cleary is stepping up to the plate and matching Cravath.

The news was announced today at an associate lunch, where Above the Law got a little shout-out….

The announcement was made by the chair of the associates committee, corporate partner Jeffrey Karpf, at a weekly associates’ lunch. Said a source: “He actually told us all to take out our Blackberries because he wanted to see how long it would take for the news to get to ATL.”

The answer: under five minutes. Karpf announced the Cravath match at around 1:20 p.m., and we had the news before 1:25 p.m. (We held off on publishing until now, however, because the Cardozo Law fitness fracas was next on our publication schedule.)

If you have spring bonus news to share — in addition to the Cleary update, this morning brought word from Fried Frank, so bonus season is still in full swing — please email us or text us (646-820-8477). Danke.

Earlier: Springtime Bonus Watch 2011

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