Associates want more money. They’ve been working their asses off all year, and while they seem to be happy with their year-end and special bonuses, they wouldn’t mind more. Well, what if there were a firm that was willing to buck the market and offer associates a premium on their special bonuses? As luck would have it, one firm is doing that.
Cahill Gordon & Reindel just unleashed its annual bonus memo, and while it’s following market for its year-end bonuses, its special bonuses are above market. The firm even includes the Class of 2021 in its special bonuses — and this is something that no other firm has done thus far. Now this is what we like to see. Take a look at Cahill’s bonus matrix, below:
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Cahill is a firm that’s known to routinely give its associates a little extra on top, and the market generally doesn’t move. But in a year like this, where the lateral market is red hot, these money moves could actually matter. Cahill’s most junior associates are getting $6,000 more in special bonuses while the firm’s most senior associates are getting $37,000 more in special bonuses. Cahill is even offering its stub-years special bonuses, which no other firm has done.
Will this be enough to reset the market for special bonuses? Let’s wait and see.
Congratulations to Cahill and its associates on a great year!
(Flip to the next page to read the Cahill bonus memo in full.)
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Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.