Valerie Jacob

The week’s almost over, but we’ve got more bonus news for you. While Sullivan & Cromwell, by matching Cravath, might have dashed your hopes of the bonus market climbing higher, there’s still a chance — probably a one-in-a-million chance — that another very special firm could do it.

In fact, every time an associate says, “I don’t believe in higher bonuses,” there’s a would-be Boies-level bonus someplace that falls down dead.

Were Clifford Chance and Fried Frank daring enough to raise the bonus market? Let’s find out….

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Matt Kluger

Here’s a Fried Frank bonus for you: Matthew Kluger, the former Fried Frank associate who sued the firm for alleged discrimination, is going to prison. As you may recall, Kluger — who also worked as an associate at other top law firms, including Cravath, Skadden, and Wilson Sonsini — was charged in a massive insider trading case this past spring. A week ago, he pleaded guilty to all four counts against him. He’ll be sentenced in April 2012.

Now, on to the matter at hand: associate bonuses in the New York office of Fried Frank. How were they this year?

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On Friday, the firm of Fried Frank announced associate bonuses. This year’s announcement was just like last year’s, i.e., something of a black box. The firm memo, reprinted below, states that FFHSJ will be paying “year-end bonuses to New York associates in varying amounts up to $40,000″ — but doesn’t say much more than that.

So nobody at Fried Frank really knows how much anyone else is getting. According to one source, though, “the news is that bonuses are generally in line with other firms and are being paid by year end.” In addition, “[r]umor is that bonus structure may not be lock-step and might (heaven forfend) be based in part on performance.”

The full memo appears after the jump. Fried Frank folk, feel free to compare your bonuses in the comments.

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