Biglaw, Bonuses, Money

Associate Bonus Watch: Sullivan & Cromwell Bonuses Are Here!

Is bonus season officially over now that SullCrom has sung?

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Before Thanksgiving, Simpson Thacher broke the news of its impressive bonuses, and a slew of firms were quick to match. Then, out of the blue, like a phoenix rising from the ashes of bonus seasons gone by, Davis Polk & Wardwell one-upped the Simpson scale to become the leader in associate compensation, with bigger and better bonuses.

But the big question was, and has always been: what would Sullivan & Cromwell do? Back when Davis Polk announced it’s big and beautiful bonuses, we wondered:

Will Sullivan & Cromwell match — or perhaps even exceed — the Simpson Thacher scale? And if that happens, will the rest of the market then match S&C, just as they followed SullCrom’s lead on spring bonuses back in 2011?

Associates have been waiting with bated breath for this moment, and now it’s here. SullCrom has finally broken its silence on bonuses, and it looks like the firm has matched the Davis Polk scale. We asked for the firm to show us the money, and Big Papa Joe Shenker just made it rain on his associates. Bonuses will be paid next Friday.

In case you need a reminder, here’s the DPW bonus scale that S&C just matched:

Class of 2014 $15,000 (prorated)
Class of 2013 $15,000
Class of 2012 $25,000
Class of 2011 $50,000
Class of 2010 $65,000
Class of 2009 $80,000
Class of 2008 $90,000
Class of 2007 $100,000
Class of 2006 $100,000

Associates seem to be really, really happy. Here’s what a few of them had to say:

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* Considering I went into November planning for less than half of this, I’m quite pleased. I think this new scale will give pause to folks otherwise looking for an imminent in-house exit. No one here actually believed S&C would come in below DPW. Too much pride and maybe it really is a competitive market again for top legal talent?

* It makes all those midnight seamless sushi dinners and weekends barely seeing my kids awake seem worth it! Honestly though, first time in 3 years I’ve felt paid what I’m worth so I do appreciate it.

Congrats, Sullivan & Cromwell associates. Your firm may have made only one person partner this year, but it just bankrolled its associates into 2015 for a very, very happy new year.

Is bonus season officially over now that SullCrom has sung? Given how crazy it’s been this year, we can’t be sure. We suppose we’ll see what Biglaw does with this news.

(The Sullivan & Cromwell bonus memo from Joseph C. Shenker is on the next page.)

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