Biglaw

Is Skadden Arps Handing Out Retention Bonuses To Only *Some* Associates?

If you can stay at the firm for another year, you could get a bunch of extra money.

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We know the Biglaw lateral market is super hot right now. So if associates are unhappy for even the slightest reason, they’re probably looking at other opportunities. And firms *know* that, hence they’re throwing money at associates (in the form of special bonuses and raises). But is that enough to keep valuable associates at the firm?

Well, it looks like Skadden is giving associates even more money to keep them at the firm — but there’s a catch. According to numerous tipsters, associates are getting retention bonuses — on top of all the money previously publicized — but there’s a catch. It only goes to associates in certain, highly sought after practice groups, namely M&A and capital markets in the New York office. According to insiders, the firm is making the payments on the DL so as not to rock the boat with practice groups left out of the largesse. That means there is no memo — bonuses have been communicated individually by phone.

We are hearing reports of *lots* of six-figure bonuses going out to junior (though not first-year) through senior associates, but truly the midlevels appear to be the target of the move. And finally the real kicker: associates have to be employed at the firm as of June 30, 2022 to get the bonus.

Skadden has not responded to inquiries about the bonuses.

So… Skaddenites, we have some questions for you: Are other practice groups getting these retention bonuses? Are first-year associates truly left out in the cold? Are other offices besides New York getting in on the action?

The other query is: how widespread is this in the industry? Can we expect other elite firms to do the same — or are they already doing so?

You know the drill — hit us up! Please don’t hesitate to let us know whatever details you have on retention bonuses. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).

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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. 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).

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