Last night, Davis Polk shattered the bonus market by beating Simpson Thacher’s already generous scale as to four class years. Biglaw firms that have waited on doling out additional dollars to their associates now have a decision as to who they’ll follow. Will it be Simpson’s scale, or will it be DPW’s beautiful bonus bounty?
Today we bring you news on bonuses from two more firms, both of them following Simpson (although note that these firms announced before Davis Polk’s evening surprise).
Fried Frank gave associates word yesterday that bonuses would be paid on December 29, with the promise that “additional bonus amounts” could be given to associates who “demonstrated exceptional performance.” Hopefully you performed well, so you’ll be able to make money money, make money money money. The firm’s bonus memo from chairman David J. Greenwald can be found on one of the following pages.
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Willkie Farr also announced its bonus structure yesterday, and it too is following in Simpson’s footsteps. Associates will receive extra funds in their paychecks on December 19, 2014. The firm’s bonus memo from the executive committee can be found on one of the following pages.
That’s a wrap on today’s bonus news (thus far). If we missed your firm’s bonus announcement, be sure to email us or text us (646-820-8477). And remember, we appreciate memos, so please send one if you can. Thanks!
(Flip through the following pages to see Fried Frank’s and Willkie Farr’s bonus memos.)
UPDATE (12/17/2014, 6:06 p.m.): Fried Frank increased bonuses so they will go “up to” the Davis Polk scale (with additional bonuses that could beat DPW by “up to $15,000”).