Dechert announced a match of the Cravath bonus scale, for all U.S. associates. Dechert has an hours cut off at 1,950 billable hours (which includes qualified pro-bono work). But if you hit the hours, here’s your scale, same as nearly everybody else:
Class of 2016 — $15,000
Class of 2015 — $25,000
Class of 2014 — $50,000
Class of 2013 — $65,000
Class of 2012 — $80,000
Class of 2011 — $90,000
Class of 2010 (or more senior) — $100,000
Thing is, Dechert is a Philly firm. I know, I know, I’ll pause now so Dechert people can scream that they have people in their New York office now. “Dechert is a full-service, intergalactic law firm with expertise in tri-parte incorporation rules of the Zoltar Nebula” — is an email I’m sure somebody there is writing to me now.
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But, come on, when you think of Dechert you think of Philly and the firm’s all-U.S. bonuses is a good place to highlight how screwed New York associates are compared to their peers of yesteryear. It might be shocking to younger readers but, back in the day, the New York bonus scale was more generous than anywhere else, because New York is more expensive than anywhere else. A decade ago, it would have been weird for people in Philly to be making the same bonus as people in New York.
Now, it’s all but standard: every associate, in every office, gets the same bonus scale. From a purchasing power standpoint, New York associates are losing out.
On the other hand… have you seen Hamilton yet? It’s really very good.
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Elie Mystal is the Executive Editor of Above the Law and the Legal Editor for More Perfect. He can be reached @ElieNYC on Twitter, or at [email protected]. He will resist.