Well, so much for that! Time for me to end my short-lived career as a fortune teller or law firm consultant.
Within minutes of my wondering whether firms might not match the generous 2012 Cravath bonus scale — and my suggesting, ever so gently, that firms might want to at least put some thought into whether matching made sense for them financially — one major law firm announced a match of the Cravath lucre.
When it comes to bonus payments, Simpson Thacher will not take a backseat to Cravath. Let’s get the details….
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The memo from Pete Ruegger, chairman of the executive committee at Simpson Thacher, just went out. We’ve reprinted it in full on the next page. It’s a straight-up match of the Cravath bonuses; the only difference is that Simpson will pay bonuses on December 28, not December 21. (So if the Mayans are right, Simpson will save itself some money.)
Our Simpson sources didn’t have much to say about the news. Here’s a reaction that one tipster texted us (646-820-8477, for those of you who want to text us when your firm’s bonus news comes out):
It’s unsurprising, given our typical Cravath-following. Of course we were hoping for 2007 levels, but I’m still happy it’s better than last year.
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That pretty much sums it up. Congrats, Simpson associates, on your robust, Cravath-matching bonuses. No wonder Above the Law readers who work at Simpson are such happy campers, giving the firm a near-perfect grade as a workplace.
(For anyone who’s interested, flip to the next page for the full Simpson memo.)
Earlier: Associate Bonus Watch: Will Other Firms Refuse to Follow Cravath?
Associate Bonus Watch: Simpson Thacher and Cleary Matching S&C