Time for a belated bonus announcement. A few weeks ago, associate bonuses were announced at Cadwalader, Wickersham & Taft.
The bonuses were basically on the Cravath scale, provided you meet “the bonus criteria set forth in the bonus policy.” We’re advised that the bonus criteria focus for the most part on hours, with bonuses triggered at around 2000 hours (1900 billable).
In other CWT news, we hear that two real estate partners — Alan Lawrence and John Busillo — are leaving the firm for Arnold & Porter. Sources describe them as “heavy hitters” who “still have some business.”
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The CWT bonus memo, after the jump.
CADWALADER, WICKERSHAM & TAFT — MEMORANDUM — ASSOCIATE BONUSES
2009 BONUSES
Chrometa: Turning Time Into Billable Value For Modern Lawyers
Adoption of Chrometa represents more than a technological upgrade; it reflects a professional philosophy that values accuracy, transparency, and efficiency.
The Management Committee is pleased to announce the 2009 bonus awards for Associates as hereinafter set forth. Bonuses for Counsel, Special Counsel and Senior Attorneys will be determined in connection with year-end reviews.
If an Associate satisfies the bonus criteria set forth in the bonus policy, then the Associate will be eligible for a bonus as follows:
Associates
Class of 2009: No bonus award
Class of 2008: $ 7,500
Class of 2007: $10,000
Class of 2006: $15,000
Class of 2005: $20,000
Class of 2004: $25,000
Class of 2003 and prior: $30,000
Counsel, Special Counsel, Senior Attorneys and Associates who joined the Firm after January 1, 2009, and before October 1, 2009, will receive a pro rated bonus. Attorneys who joined the Firm subsequent to October 1, 2009, will not receive a bonus. The Management Committee anticipates paying bonuses in January 2010.
On behalf of the Partners, I would like to thank you for your hard work and many contributions to the Firm and our clients in this challenging year and I wish you and your families a very Happy Holiday Season.