Pop quiz, hot shot: When is a Cravath match not really a match?
One acceptable answer: When the bonus isn’t paid until the next calendar year, and the 2018 tax code is very much in flux.
Today, Weil, Gotshal & Manges announced they are going to pay their associates top-of-the-market compensation, and you’d think that good news would be the end of the story, wouldn’t you? But here’s the thing — Weil traditionally pays bonuses on January 31… of the following year.
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Weil (see what I did there?) that is usually crapy for holiday gift-giving purposes, this year, it could be even worse. With the radical changes to the tax code currently being considered by Congress, Weil associates could wind up paying more taxes on their 2017 bonuses than associates at peer firms. That’s got to sting.
That’s the bad news (potentially, the Senate may still save the day), but the good news is that their (January) payday will be a nice one:
Class of 2017 — $15,000 (pro-rated)
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 — $100,000
Class of 2009 — $100,000
So, Weil attorneys, how do you feel about the bonuses (or when you’ll actually see the money)? Feel free to sound off by email, by text message (646-820-8477), or by tweet (@ATLblog). A fun or insightful response — we’ll keep you anonymous — could find its way into an update to this story.
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What about the bonuses everywhere else? Please help us help you when it comes to bonus news at other firms. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text (646-820-8477), or tweet (@ATLblog). We always keep our sources anonymous — and that includes our sources for bonus stories. There’s no need to send the memo using your firm email account; your personal email account is fine. Please be sure to include the memo as proof; we like to post complete bonus memos as a service to our readers. You can take a photo of the memo and attach as a picture if you are worried about metadata in a PDF or Word file. Thanks for your help.
Do you like to be in the know? Do you love gossiping with friends and co-workers over the latest bonus news? Then you simply must sign up for ATL’s Bonus Alerts. It’s easy, just scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks!
Read the full memo on the next page.
Kathryn Rubino is an editor at Above the Law. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).