Associate Bonus Watch: Another Hour, Another Match
To any firm that plans on matching Cravath, speak now or forever hold your peace -- if you wait until next week, we'll all be expecting something exciting.
Biglaw’s biggest names are falling all over each other to match the 2015 Cravath bonus scale. Less than an hour after we published news of the Skadden match, we received word of Debevoise & Plimpton adopting the Cravath scale. As one tipster told us, “Debevoise just announced bonuses. Matched Cravath. Disappointing, but not surprising.”
Indeed. Debevoise is one of Biglaw’s finest firms — it has an A-minus as a workplace and an A for reputation from respondents to ATL’s Insider Survey — but it’s not a compensation leader. It would have been nothing short of shocking if Debevoise had announced bonuses better than Cravath’s.
Any other firms that announce today will surely match Cravath. The firms that can’t or won’t match Cravath are going to wait a little while before announcing their sneaky schemes. And any firm that’s going to beat Cravath — at this point, we’re talking about Davis Polk or Sullivan & Cromwell — will wait a while too. Last year, for example, Davis Polk let more than four days pass before besting Simpson.
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So to any firm that plans on matching Cravath, speak now or forever hold your peace. If you wait until next week to announce, we’ll all be expecting something materially better (or worse).
Earlier: Associate Bonus Watch: Cravath Announces Its 2015 Associate Bonuses!
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