We have it on very, very good authority that Sullivan & Cromwell has issued associate bonuses that match the market. So consider the rumor from earlier today to be verified.
The only caveat from our source: at the most senior levels, the S&C bonuses do not “top out,” like those at Cravath. As explained by this Greedy NY post:
[A]t S&C there can be a high degree of variability at the highest associate levels, particularly (from what I’ve heard) for those who are told, “you didn’t make it this year, but we hope you’ll stick around and try again.”
But this is just a footnote, relevant only to the most senior of associates. The upshot is that S&C has matched.
So the fat lady has probably sung. At this point, it’s unlikely that anyone will go above market. If any firm was going to top the market, S&C was a good candidate. From a different Sullivan source, who opined yesterday:
I highly doubt we’ll be doubling [as ridiculously rumored by Ritalin Edge]. But I think the general feeling (despite our salary raise) is that there will be mutiny if they match last year’s bonuses. This is especially true given Goldman’s record year and our record M&A year.
Mutiny? Sullivan & Cromwell associates, sharpen those pitchforks. It’s time to storm the barricades at 125 Broad Street.
Update: Actually, nix that. The S&C folk are perfectly pleased with their holiday haul:
I think everyone is happy with our bonuses. Any grumblings I heard a few months ago about how great our year is have been replaced with elation at how big our bonuses are.
Boring boilerplate from the S&C bonus memo(s), after the jump.