Associate Bonus Watch: Without A Billable Hours Requirement, All Associates At This Firm Got Bonuses

This firm eliminated billable-hours requirements from its bonus eligibility standards, and associates seem happy with their bonuses.

Bonus announcements continue to pour in from Biglaw firms across the country, and most have one thing in common: they’re straight Cravath matches. That said, no one should be complaining about all of the extra cash they’ll be receiving from their firms this holiday season.

Today’s Cravath match comes from Cadwalader Wickersham & Taft, a firm that did something noteworthy last year by eliminating billable hours requirements from its bonus eligibility standards. That doesn’t mean that associates were excused from sleepless nights, of course, but it does mean that everyone received a bonus, regardless of their specific performance when it came to their billables. Here are some reactions:

  • “No surprise that the firm matched. Of course I would like to get the bonus sooner, but this has been the policy for quite some time now.”
  • “Cadwalader matched the Cravath scale. Cadwalader has stood by its word to pay ‘market’ bonuses. This is the second year of the firm’s new bonus policy under which all associates get a bonus. Last year, I didn’t hear about any associates not receiving a bonus and hopefully that trend will continue.”

All of Cadwalader’s U.S. associates will receive their bonuses in February, but good things come to those who wait. Here’s the memo from managing partner Pat Quinn:

On behalf of the Partners, I am pleased to announce that year-end bonuses for qualified Special Counsel and Associates will be as follows:

Class of 2015: $15,000 (prorated)
Class of 2014: $15,000
Class of 2013: $25,000
Class of 2012: $50,000
Class of 2011: $65,000
Class of 2010: $80,000
Class of 2009: $90,000
Class of 2008: $100,000
Class of 2007 and senior: $100,000

Bonuses will be awarded in accordance with the Firm’s bonus policy. Attorneys who were with the Firm for only part of the year or worked part-time may be eligible for a pro-rated bonus. Bonuses for Counsel and Senior Attorneys will be determined on an individual basis and communicated separately. Bonuses will be paid the last full week in February 2016. On behalf of the Partners, I thank you for your many contributions to the Firm and our clients, and I wish you and your families a very Happy Holiday Season.

Congratulations to everyone at Cadwalader. Look at it this way: at least you’ll be able to celebrate the Leap Year in style when you get your bonus checks.

If you have compensation news that we haven’t covered yet, please email us or text us (646-820-8477). We’ll continue to keep you informed this bonus season.

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Earlier: Associate Bonus Watch: No Billable Hours Requirement Still Equals High Bonuses At This Firm

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