Associate Bonus Watch: Simpson And Cravath Follow Davis
So what other leading law firms will follow the Davis Polk bonus scale?
In my story just now about Paul Weiss retroactively adjusting its bonuses, I wrote that “it’s a foregone conclusion that Cravath and Simpson will match the Davis scale.”
And it took less time than I expected. Shortly after the Paul Weiss story was published, we received word that Simpson and Cravath matched the Davis Polk scale.
“Simpson and Cravath matched Davis.” Words I never thought I’d type. Props to Davis for bumping up bonuses for certain associate classes.
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And praise to Simpson for getting this party started in the first place — with generous bonuses that Simpson announced before Thanksgiving (and before Cravath). As one of our STB tipsters told us:
Simpson matched the higher scale from 2008-2011. They didn’t need to, given they opened this all up this year.
Perfect timing, too: three hours before holiday party. Which will be at Cipriani, on 42nd Street.
Seriously, STB deserves props for this — the whole thing was opened up by them, and the uplift is a phenomenal gesture.
It will be interesting to see what other major law firms announce raises to the Davis scale. Drop us a line, by email or by text message (646-820-8477), when your firm makes its move.
(Flip to the next page for the complete Simpson Thacher memo. It differs in style from the Paul Weiss memo; it’s more matter-of-fact and contains no acknowledgment of outside market forces.)
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