Skadden, Arps, Slate, Meagher & Flom yesterday matched the associate bonus scale announced a day earlier by Cravath, Swaine & Moore (NYLJ, Nov. 23). Eric Friedman, Skadden’s executive partner, in an e-mail to partners said discretionary bonuses “will range from $7,500 to $35,000 and will be issued in mid-December.” While the e-mail and an accompanying memo to associates did not explicitly state the ranges for each class year, a source close to the firm confirmed it would match what Cravath announced on Monday.
The bonuses, the second to be announced by a major law firm this season, suggested the market was solidifying around Cravath’s scale, which was essentially the same as last year except for $5,000 more for the most senior associates. Recruiters and partners at rival firms said they expected other firms to also match Cravath. While the law firms have been recovering from the depths of the recession, fee pressure persists. Citi Private Bank said Monday that law firms nationally through the third quarter have reported flat revenue growth.
