Just when we thought this day couldn’t get any better for law firm bonuses, we’ve got more good news from Cahill Gordon & Reindel, a firm that has consistently proven that it truly values all of its associates’ hard work.
Once again, the firm has announced “special” bonuses that will be paid this month, in advance of usual year-end bonuses in January. Keep in mind that these “special” bonuses are on top of the summer bonuses that were paid out in July. This firm doesn’t make it rain — it makes it pour.
So how much is Cahill paying out this month, in advance of Cravath-level bonuses in January?
Please note the UPDATE at the bottom of the post.
We’ve heard from several tipsters that this year’s “special” bonuses look a lot like last year’s “special” bonuses, pushing Cahill’s bonus comp way above market. But how much above? This much:
Class of 2013: $10,000 (pro rated)
Class of 2012: $10,000
Class of 2011: $10,000
Class of 2010: $15,000
Class of 2009-2005: $25,000
Yay! So with the Cravath-scale bonus, plus the “special” bonus, plus the summer bonus of $10,000 across all classes (FYI: Cahill was the only firm to pay a mid-year bonus of any kind in 2013), what’s the total amount of bonus compensation that we’re looking at here? Let’s use someone from the class of 2005 as an example. That person got $10,000 in July, $25,000 today, and will get $60,000 in January. Their total 2013-related bonus comp will be $95,000. Your Biglaw brethren are all green with envy, as they should be.
Associates are thrilled. One source reports that folks are “very pleased,” and another tipster is “very happy,” noting that “[the] firm has been killing it and it’s nice [that] the partners decided to buck the Biglaw trend and pay out some additional cash.” We here at Above the Law think it it was really nice, too.
Cahill Gordon is a firm that has lots of wealth and likes to spread it around. According to the latest Am Law 100 rankings, the firm ranked #13 in revenue per lawyer, with $1.15 million RPL, and #3 in profits per partner, with $3.6 million in PPP (behind only Wachtell Lipton and Quinn Emanuel). It’s really too bad that more firms that are doing this well aren’t rewarding their associates in kind (coughSullCromcough).
Congratulations, Cahill associates, on some of the best bonuses in Biglaw. Go out and celebrate!
UPDATE (3:25 p.m.): Cahill hasn’t sent out an actual bonus memo in years, but this year, the firm did, and thanks to a loyal tipster, now we’ve got it. Flip to the next page if you’d like to see it.