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….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
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