‘Tis the Season: Cravath Kicks off Associate Bonus Period

[WSJ_law_blog]

We’ve turned the clocks back, the leaves are falling, and the World Series is on the brink of wrapping up. ‘Tis, in our opinion, the season of reflection and, yes, a bit of melancholy.

But, traditionally speaking, it’s also the season of law-firm bonuses. The season typically kicks off with an announcement made by an elite firm in New York, like Cravath or Sullivan & Cromwell.

This year, Cravath took the lead. The numbers:

Class of 2008 — $7,500
Class of 2007 — $10,000
Class of 2006 — $15,000
Class of 2005 — $20,000
Class of 2004 — $25,000
Class of 2003 — $30,000
Class of 2002 — $30,000

Click here for the memorandum. It’s a far cry from what the firm paid back in 2007, for instance, before the world-as-we-know-it changed. But it’s money in the pocket nonetheless. Congrats, Cravath attorneys.