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….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.