That it’s matching the Cravath scale. Sigh. Dammit DPW, you used to be cool.
The delayed announcement had some wondering — and hoping — that Davis Polk would do to Cravath what it did to Simpson last year. But that didn’t happen. Perhaps Davis just wanted to wait to announce until after its holiday party, which took place last night.
But delay didn’t stop disappointment. “Not pleased,” said one of our sources.
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This year’s memo strikes a very different tone than last year’s memo, which was much more celebratory. This year’s memo seems designed to forestall bellyaching over disappointing bonuses — but in that passive-aggressive genteel, Davis Polk sort of way (emphasis added):
We thank you for your hard work and many successes for our clients over the past year. At this time, please do think about our clients whose loyalty to us enables our firm’s success and your development and who, in some cases, are facing very difficult business and market conditions. Also, in your holiday giving plans, bear in mind the many good and needy causes in our cities and countries which benefit from the generosity and community support that is a hallmark of our firm. We wish all of you a wonderful holiday season.
It sounds like DPW didn’t want to become known among its clients — especially its clients going through tough times — as the Biglaw bonus leader for the second year in a row.
If bonuses are to go higher this year, then someone else will have to do it. All eyes on Sullivan & Cromwell, the final member of the Fab Five to weigh in.
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Associates around the country right now are saying, “Help us, Joe Shenker. You’re our only hope!”
(Flip to the next page for the Davis Polk bonus memo — read it and weep, associates.)