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Sullivan & Cromwell Is Latest Firm to Match Bonuses
New York Law Journal
November 07, 2007
Sullivan & Cromwell on Monday became the latest firm to match the bonus range announced last week by Cravath, Swaine & Moore, which said it would pay both year-end and one-time "special" bonuses to associates totalling $45,000 for first-years and going up to $110,000 for senior associates.
Cravath's announcement that it would pay two bonuses across the board had somewhat disrupted Sullivan & Cromwell's plan, announced back in September, to pay only to senior associates supplemental bonuses based on firm performance. At the time, a partner at the firm said a supplemental bonus would likely range from $15,000 to $30,000, a figure that was increased to match Cravath's figures. But while Cravath was clear that its special bonus was a one-time event, Sullivan & Cromwell has said it will continue its senior associate bonus program.
Several other firms have also matched the Cravath bonus, including Simpson Thacher & Bartlett; Debevoise & Plimpton; Davis Polk & Wardwell; Milbank, Tweed, Hadley & McCloy; and Paul, Weiss, Rifkind, Wharton & Garrison.
