So who are we still waiting to hear from?
Two names that come to mind are Weil Gotshal and Debevoise & Plimpton. A rumor was making the rounds on Friday that Weil would be announcing spring bonuses imminently, but we haven’t heard anything yet out of WGM. If you have spring bonus news we haven’t reported, please email us or text us (646-820-TIPS).
Another open question: Will Sullivan & Cromwell, the firm that started the spring bonus trend among the big New York lockstep shops, go back and raise bonuses for the classes of
2006 2007 through 2004 (which receive less under the S&C scale than the Cravath scale)? And what about Simpson Thacher and Cleary Gottlieb, which followed S&C’s lead on spring bonuses, but before Cravath announced?
PAUL WEISS RIFKIND WHARTON & GARRISON — MEMORANDUM
To: Associates and Counsel
Subject: Spring Bonus
From: Brad S. Karp
Date: February 14, 2011
We are pleased to advise you that the firm will be paying associates and counsel a Spring bonus in the following amounts:
Class of 2010: $ 2,500
Class of 2009: $ 7,500
Class of 2008: $10,000
Class of 2007: $15,000
Class of 2006: $20,000
Class of 2005: $20,000
Class of 2004: $20,000
Class of 2003: $20,000
Class of 2002 and senior: $20,000
The bonus will be paid on April 29, 2011 to associates and counsel employed at the firm on that date and will be subject to our normal procedures regarding good standing and proration for those who joined the firm after January 1, 2011 or work less than a full-time schedule.
We thank you again for all your hard work and extraordinary efforts on behalf of our clients.
Earlier: Springtime Bonus Watch 2011