That means a little extra money for those at the very top of the scale.
But does it mean spring bonuses?
The fact that both firms are rushing to match S&C emphasizes the point that Cravath will have to come out with another bonus offer to keep up. The top figure is $42,500 for the class of 2003 and beyond. Cravath will at least have to get around to that.
Cleary is giving a stub year bonus. It doesn’t look like STB is doing the same. If you’ve got the full memos from either of these firms, send them our way.
But on the big question, both Simpson Thacher and Cleary remained silent on the question of spring bonuses. Silent. I love it! Everybody knows these Cravath/S&C bonuses are weak, as is. Everybody is waiting to see if spring bonuses are coming to rectify this situation. Sullivan & Cromwell says yes, and today, Cleary and STB play deaf mute when responding to spring bonuses. Go to the mirror, boys.
For now, they can get away with that. I’m sure we’ll all be hearing from Cravath soon enough.
In the meantime, try not to be too depressed by your tiny regular bonuses, Cleary and STB friends. There really should be more on the way.
UPDATE: Click on the next page for the Cleary memo.