Associate Bonus Watch: A Cravath Match Makes Every Day Sunny For This Firm's Associates

The Gang Earns Their Bonuses.

2:04 p.m.
On a Monday
Philadelphia, PA

It’s been a couple weeks now since Cravath announced its bonuses, and while we’ve had our outliers, the majority of firms will dutifully fall in line behind their de facto better. Why do they all march to the same drum? In the words of Grand Moff Cravath, “Fear will bring the smaller firms in line. Fear of this bonus structure.”

In any event, here’s yet another firm that regularly matches the market that just announced that it will… match the market.

Earlier this afternoon, Philadelphia-based Dechert LLP informed its associates that it would be matching the Cravath scale. Well, not exactly. They informed their associates that completely independently and in no way reliant on the decisions of others, they have spontaneously arrived at a bonus schedule that precisely matches Cravath’s.

Anyway, you know what those amounts are, but if you needed your recollection refreshed:

2014 — $15,000
2013 — $25,000
2012 — $50,000
2011 — $65,000
2010 — $80,000
2009 — $90,000
2008+ — $100,000

The exciting news for Dechert folks is that the memo explicitly raises the possibility of a little extra in the stocking:

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Bonuses in excess of these amounts will be awarded to a number of our most productive associates.

As always, Dechert’s bonuses come with the usual caveats: U.S. associates must be in good standing with at least 1,950 bonus qualifying hours, “comprised of billable, pro bono and firm-as-client work, plus up to 25 hours of partner shadowing,” and bonuses won’t be paid until January 22, 2016.

We don’t have many reactions yet (and we will update as they come in). So far it seems as though associates are pretty happy, but visions of “bonuses in excess of these amounts” still dance in their heads:

I am hoping they follow through on bonuses in excess of the amounts listed since I heard this has been one of my group’s most productive years.

Congrats, Dechert associates!

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(The full bonus email is available on the next page…)

Earlier: Associate Bonus Watch: More Market Matches
Associate Bonus Watch: Cravath Scale ‘Blown Away’ By Rival Firm
5 Reasons These Biglaw Bonuses Suck


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