This news shouldn’t come as a shock, since all the cool kids are doing it. But for the record, Cleary Gottlieb will be paying spring bonuses, following the top-of-the-market Cravath scale.
Cleary had previously announced spring bonuses on the Sullivan & Cromwell scale. In fact, CGSH was one of the first firms to follow S&C’s lead. But now that S&C’s spring bonus scale has been eclipsed, Cleary is stepping up to the plate and matching Cravath.
The news was announced today at an associate lunch, where Above the Law got a little shout-out….
Spring bonus news seemed to slow down last week. But New York firms are still having their feet held to fire of spring payments. On Friday afternoon, Fried Frank announced that it would be joining the spring bonus parade.
Fried Frank will be matching the Cravath scale for spring bonuses.
I hate to bring this up, since Sullivan & Cromwell was nice enough to start the spring bonus trend in the first place. But really S&C, Fried Frank is now paying a bigger bonus than you guys. Isn’t it just about time to step up?
UPDATE: Bonus memos for New York and for D.C. — where spring bonuses are also being paid — after the jump.
This is a little bit surprising. Not that Linklaters matched spring bonuses. We’re getting to the point that pretty much every firm that wants to be taken seriously is going to have to match spring bonuses.
In a postcript to our detailed post speculating about the future direction of the spring bonus phenomenon, we noted “an isolated report of one firm on the S&C spring bonus scale going back and raising to the Cravath scale,” but said we required additional corroboration.
We’re starting to worry that California might be left out in the cold. Last week, Morrison & Foerster announced it was still “monitoring” the New York market. Today we have news that O’Melveny is doing the same.
Guys, read Above the Law. The major New York dominoes have fallen. California associates read Above the Law, and they’re waiting for you to get with the program…
One of my favorite law firm names is Freshfields — Freshfields Bruckhaus Deringer, to be precise, but I prefer Freshfields. It makes me think of rolling green hills, crisp laundered linens, or a dairy, producing the creamiest milk in all the land.
As it turns out, Freshfields is a law firm — a top international law firm, a member of the elite Magic Circle. And this Freshfields is rolling out the green, doling out crisp bills, and ladling out the cream — to its associates. As reported earlier today by Am Law Daily, yesterday Freshfields announced spring bonuses, on the top-of-the-market Cravath scale.
Freshfields isn’t alone. This afternoon, Cadwalader, which was publicly toying with the idea of spring bonuses, announced that it too would pay them, again on the Cravath scale.
These two moves are significant — far more significant than the earlier spring bonus announcements….
In terms of the Above the Law publishing schedule, it would have been nice for firms to spread out their springtime bonus announcements. Then we’d have spring bonus posts to write up throughout the entire week. In case of emergency, break glass; in case of slow news day, write spring bonus post.
Alas, with no consideration for the convenience of your ATL editors, many major firms decided to act today. This morning brought spring bonus announcements from Paul Weiss and Weil Gotshal.
And this afternoon brings spring bonus news from Debevoise & Plimpton. Congratulations, Debevoise associates; now you can spring for Château Margaux at your Valentine’s Day dinners.
The memo, plus a quick summary of which firms have paid spring bonuses at which levels, after the jump.
Last week, we told you that Weil Gotshal was waiting to see how the other top-tier dominoes fell before deciding on spring bonuses. Well, since that time, many dominoes have fallen, all in line behind Cravath. Davis Polk, Skadden Arps, and now Paul Weiss have all matched the Cravath spring bonus scale. Cravath’s bonuses are a little bit more generous than the spring bonuses previously announced by Sullivan & Cromwell.
Weil was trying to figure out which firm, Cravath or S&C, the market would follow. It looks like that’s going to be Cravath.
Tipsters report that earlier today, Weil decided to fall in line….
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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