Dear US Associates,
As I noted in my recent email and on our global cohort call last week, we are firmly committed to being a market leader in compensation—and above market for our highest performers. We are a meritocracy that rewards excellence and performance, and we are delighted that our Associates have continued to raise the bar in 2021. In addition to the high productivity that we’re seeing across
the cohort, we also fully recognize the extraordinary circumstances that we are continuing to experience.
Against this backdrop, our approach to compensation continues to lead the pack: Earlier this year, we provided mid-year salary increases and special bonuses in April and October. As we round out 2021, our regular year-end bonuses, which will be paid on 2,000 bonus-eligible hours and class year, are above the Cravath scale. We are also providing a special year-end recognition bonus (AKA, the
“Davis Polk bonus”), which is based on class year and with no hours requirement (see below).
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In terms of timing, your year-end bonus and special “Davis Polk” bonus will hit your accounts on Dec. 29th, in two separate payments. Details with your regular year-end bonus will be available on ACE later today. (Note that to be eligible for the year-end bonus, Associates must have joined the firm prior to August 1, 2021; however, lateral Associates who joined us at any point in 2021 will receive the special bonus. Please contact your practice group director with any questions.)
As always, our regular year-end bonuses also include additional compensation for Associates who exceed the 2,000-hours target—a group that constitutes the significant majority of our cohort. These Associates will earn, on average, $40,000 more than the purported “top” of market firms, where Associates are generally expected to bill significantly more hours. Those in the upper quartile will earn, on average, $85,000 more. We believe our model is truly top of market and will continue to help us attract, retain and support the very best talent in our profession.
Our Firm is on track for another strong year, with many thanks to your extraordinary efforts and talent, and we are so very pleased to show our gratitude In this way. It is, of course, just the starting point for our broader commitment to you in terms of providing you with the most enriching experience possible.
On behalf of our entire leadership team and partnership, we wish you all the best for a wonderful holiday season.