It’s like bonus season all over again! And we don’t mind writing repetitive stories as long as we’re repeating good news.
To recap: Simpson Thacher announced nice bonuses, Davis Polk announced nicer ones, Sullivan & Cromwell matched Davis, Cleary Gottlieb retroactively matched Davis, and now Paul Weiss is weighing in.
In news that should shock no one, Paul Weiss is replacing its original, Simpson-based bonus scale with the higher, more generous DPW-based bonus scale. Why? It’s pretty simple, according to Paul Weiss chair Brad Karp: the enhanced bonuses reflect PW’s “commitment that associate compensation be at the top of the market.”
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At this point it’s a foregone conclusion that Cravath and Simpson will match the Davis scale. Skadden probably too. We do wonder about some of the other firms, though.
Flip to the next page for the full Paul Weiss memo. If and when your firm matches Davis, let us know by email or by text message (646-820-8477). Thanks!