Apparently not. One of the sources who sent it our way had this one-word summary: “Ugh.” Said a second: “Bummed but not surprised.”
The Davis Polk bonus scale matches the Sullivan & Cromwell scale. It starts at $7,500 for the class of 2010 and tops out at $42,500 for the class of 2003 and more senior.
Is there a stub bonus for the class of 2011? What about mention of spring bonuses?
No, and no. Bonuses will be awarded to “associates in good standing who arrived at the firm prior to September 1, 2011,” which presumably excludes class of 2011 members (but let us know if we’re wrong). These year-end bonuses will be paid on December 23. There’s no mention of spring bonuses.
Here’s the full DPW bonus memo. There’s also additional coverage at Am Law Daily.
DAVIS POLK & WARDWELL — MEMORANDUM — YEAR-END BONUSES
We are pleased to announce that associates in good standing who arrived at the firm prior to September 1, 2011 will receive a bonus payment as outlined below. Bonuses will be paid on December 23, and will be subject to proration for those who arrived after January 1, 2011 and those on part-time schedules. Bonuses for counsel and other attorneys with special arrangements will be determined on an individual basis and will be communicated and paid according to the normal time schedule.
Class of 2010: $ 7,500
Class of 2009: $10,000
Class of 2008: $15,000
Class of 2007: $20,000
Class of 2006: $25,000
Class of 2005: $30,000
Class of 2004: $37,500
Class of 2003 and senior: $42,500
We thank you for your efforts over the past year, and wish you and your family a wonderful holiday season.
Davis Polk Announces Bonuses in Line With Cravath, S&C [Am Law Daily]