WOW!!! Once Again, Davis Polk Raises The Bar On Bonuses
Holy crap! This is a lot of money.
On Friday, Willkie Farr surprised associates with special spring bonuses. Those bonuses matched the appreciation bonus scale that Davis Polk handed out in September 2020 — ranging from $7,500 to $40,000 — but would be paid out in two parts (once on June 30, and once on September 30). Associates were thrilled about the extra cash, and we wondered when the spring bonus craze would catch on across America’s Biglaw firms.
Pay attention, everyone, because that time is now.
Davis Polk really liked being Biglaw’s compensation leader, and the firm has once again entered the scene to fatten associates’ bank accounts with a bigger, better, more inclusive special bonus scale. Here’s what we’re working with (turn to the next page to see the full memo from the firm):
Holy crap! Not only will Davis Polk associates — and counsel, too — see the first installment of their bonus bucks in April instead of in June, but the firm is handing out thousands of more dollars than Willkie. This is how much more bonus cash DPW is handing out, by class year:
- Class of 2020: $4,500
- Class of 2019: $6,000
- Class of 2018: $12,000
- Class of 2017: $16,500
- Class of 2016: $19,500
- Class of 2015: $22,200
- Class of 2014 and senior, including counsel: $24,000
The great news doesn’t end there, because Davis Polk has already committed to paying year-end bonuses in “at least” the same amounts paid last year. That means associates at the firm — and potentially all other peer firms — are looking at a potential bonus compensation scale ranging from $27,000 to $164,000. That is an eye-popping amount of money.
Which firms will step up to share the wealth with associates for their hard work during the pandemic? Stay tuned to see which Biglaw firms are true peer firms to the compensation titan that is Davis Polk.
(Flip to the next page to see the full memo from Davis Polk.)
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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.
