DAVIS POLK & WARDWELL — MEMORANDUM — 2014 ASSOCIATE BONUSES
From: Renee DeSantis On Behalf Of Management Committee
Sent: Tuesday, November 25, 2014
Cc: all.partners
Subject: 2014 Associate Bonuses
To our associates:
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The last time we wrote to you ahead of a major holiday it was July 4 when Tom expressed the partnership’s profound gratitude for your extraordinary diligence and skill from the very beginning of the year. At that point in time those efforts had helped clients to accomplish challenging timetable ambitions in many important deals and cases.
We are writing to you again today to thank you for maintaining that superb level of performance, positioning us very nicely for 2015, and to thank you more tangibly with announcement of our 2014 associate bonuses.
When you look at the attached schedule you may notice two important features.
First, we continue to adhere completely to our lockstep compensation model at all seniority points. That model, when combined with your quality and integrity, enables us as a team to rise to the challenge of the modern marketplace and deliver the highest and most consistent levels of service to our clients across multiple practices and offices. Those clients often tell us what a critical value add you are in a highly competitive market.
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Second, a key element of our strategy since the financial crisis has been to maintain our average starting class size and increase retention through intense focus on career development. This strategy was founded upon the confidence that clients would continue to look for our quality of lawyering through thick and thin. The strategy has clearly paid off. We have been able to serve record levels of demand and do so efficiently for our clients and we now have experience levels among our mid-level associates that are second to none. The attached schedule recognizes the contribution of those associates.
Finally, at this time of year for giving thanks, let’s be truly grateful for our clients who place their utmost trust in us and for our marvelous staff, who allow us daily to focus on exceptional lawyering without distraction.
Happy Thanksgiving!
The Management Committee
2014 Davis Polk Bonus Schedule
We are pleased to announce that associates in good standing will receive a bonus payment as outlined below. Bonuses will be paid on December 24 and will be subject to proration for those who arrived after January 1, 2014 and those on part-time schedules.
Class of 2014 $15,000
Class of 2013 $15,000
Class of 2012 $25,000
Class of 2011 $50,000
Class of 2010 $65,000
Class of 2009 $80,000
Class of 2008 $90,000
Class of 2007 and senior $100,000
Bonuses for attorneys with special arrangements will be determined, communicated and paid according to the normal time schedule.
The Management Committee
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