Either your New York firm is paying spring bonuses, or your firm is counting on you being too much of a beta to leave. Today Shearman & Sterling announced that it will be paying spring bonuses, and the bonuses will match the Cravath scale for the spring payout. As with other firms, the Shearman’s spring bonus will be paid out on April 29th.
Man, I hope hookers and coke dealers are prepared for the increased demand for their services that will be coming at the end of April.
You do wonder what kind of effect these spring bonuses are having on the lateral market in New York. Usually, people look to move firms right after the end-of-the-year bonus, making February a really hot month for lateral hires. But now with spring bonuses, people will be compelled to stay at their firms through April. And by then people will feel rejuvenated by the spring, and the next thing you know, associates will tell themselves “you know, if I just hang on a few more months I’ll get a whole new 2011 year end bonus.” Mwahahahaha, only now, at the end, do you understand that true power of Biglaw.
Sorry, didn’t mean to be a downer. The point here is that if you work for a firm that is not paying a spring bonus, leave now. Leave now, while you can, while your lateral competitors are busy planning how they are going to spend their spring bonuses.
Full memo after the jump, congratulations to our Shearman & Sterling friends…
Shearman & Sterling 2011 Spring Bonuses
I am pleased to announce that we will be paying a spring bonus to US Track associates. The bonus for US Track associates is as set forth below.
Class of 2009 — $7,500
Class of 2008 — $10,000
Class of 2007 — $15,000
Class of 2006 and above — $20,000
Bonuses will be paid on April 29, 2011 to US Track associates in good standing who are actively employed on that date, were employed as of January 1, 2011, and received a full or above-market bonus for 2010. Bonuses will be prorated for those associates on leaves of absence or reduced work schedules.
If you have any questions about the bonus, please contact Azam H. Aziz, Eliza Swann or Barbara Gannett.
On behalf of the partners, I thank you for your continued hard work and dedication.