Last year, Cravath initially low-balled the bonus market, and Cahill Gordon made them look foolish by using the Cravath scale as a floor for its bonuses. This year, Cravath has come out with another crappy bonus scale, and Cahill is beating the bag out of it again.
This year, Cahill is making a “special bonus” payment right now, in time for everybody’s next paycheck. This is before they even delve into the regular year-end bonuses that Cravath has set at such a low mark.
So just how special are these special bonuses?
Our sources report that Cahill is offering a $10,000 special bonus to all class years, payable with the December 15th paycheck. Happy Holidays! That will be in addition to the year-end bonuses, which should be at least as good as the current Cravath scale. Think of this as a down payment on the total bonus.
Cahill partners called associates with the good news, today. If you haven’t gotten your phone call, get back to your office! There isn’t a bonus memo.
It’s worth wondering if some associates will also be receiving a year-end bonus that also beats the bag out of Cravath. Last year, some associates received bonuses that totaled $35,000 more than Cravath’s initial bonus for the relevant class year. It’s likely that the Cravath scale — plus $10,000 — represents the floor for Cahill associates. It can always get better from there.
Last year, even with spring bonuses, many Cahill associates did better than their Cravath brethren in the bonus market. And remember that Cahill also pays a mid-year bonus. The last one came out in June and ranged between $5,000 and $25,000.
Cahill associates are, understandably, happy as a pig in slop (only if the slop were made of money):
10k now plus cravath at year end (january as per normal). very happy. class of 2006 got 20k in june, 10k special now and 25k year end. 55k all in bonuses is a GREAT year.
To recap: Cahill associates should be getting $10,000 now, Cravath or better later, and another payment around June. I really hope those Cravath prestige points can be traded in for something just as valuable as Cahill cash.