Associate Bonus Watch: Cleary Gottlieb
A new managing partner, new partners and counsel, and a new bonus memo (on a familiar scale).
What’s new at Cleary Gottlieb? Several things. A new managing partner (Michael Gerstenzang, who takes over from Mark Leddy on January 1). New partners and special counsel (also effective January 1). And a new bonus memo, as of this morning.
The scale is not exactly new; it’s the one announced yesterday by Cravath, and used by much of Biglaw in 2015 and 2014 as well. “No surprises,” said one of our sources. “As expected,” said another.
But people are not complaining. When combined with the raise news from the summer, total compensation is up.
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“People seem pleased,” one tipster told us. “Nobody expected a bump after the salary raise, and I think we’re all just happy firms aren’t using the raise as a reason to cut back on bonuses.”
So far, at least. But of course top-tier firms like Paul Weiss, Milbank, Simpson Thacher, Debevoise, and Cleary would match Cravath. It will be interesting to see how deep into the Am Law and Vault 100 this bonus scale will go.
Please help us track that. When your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”). We always keep our sources on bonus stories anonymous. There’s no need to send the memo using your firm email account; your personal email account is fine. Please be sure to include the memo as proof; we like to post complete bonus memos as a service to our readers. You can take a photo of the memo and attach as a picture if you are worried about metadata in a PDF or Word file. You can also text us if you prefer, at 646-820-8477.
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(Flip to the next page for the complete Cleary bonus memo, from partners Rich Lincer and Brian Byrne. The CGSH bonuses will be paid on December 23.)
Earlier: Associate Bonus Watch: Cravath Announces Its 2016 Associate Bonuses!
Associate Bonus Watch (2015): Two More Matches — Including One From A Major Player
David Lat is the founder and managing editor of Above the Law and the author of Supreme Ambitions: A Novel. He previously worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz; and a law clerk to Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit. You can connect with David on Twitter (@DavidLat), LinkedIn, and Facebook, and you can reach him by email at dlat@abovethelaw.com.
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