After doubling the bonuses of Cravath, Swaine & Moore last year, Skadden, Arps, Slate, Meagher & Flom will match Cravath (and Cleary Gottlieb Steen & Hamilton) by giving out a bonus that represents a sharp cut for younger associates. The news was first reported Thursday at The Wall Street Journal's Law Blog, and sources at Skadden confirmed the accuracy of that report.
The bonuses will go as follows:
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
Last year, Skadden handed out bonuses at 2007 levels -- $35,000 for junior associates and up to $60,000 for senior associates.
The market appears to be set, despite some initial reaction from at least one anonymous managing partner that giving out any bonuses at all was irresponsible in this climate.
This article first appeared on The Am Law Daily blog on AmericanLawyer.com.