Skadden sets pace by ditching special bonus” />Skadden Arps Slate Meagher & Flom has abandoned special bonuses for associates due to the economic downturn.
Skadden executive partner Bob Sheehan sent a firm-wide email today outlining plans for associates to receive bonuses in line with 2007 levels without last year’s additional special bonus.
Skadden’s approach to associate bonuses is widely expected to be followed by other leading US firms over the coming weeks.
In the email, first published on US blog AboveTheLaw.com, Sheehan said: “We will pay the year-end discretionary bonus at the same levels by class seniority which associates received in 2007 and 2006. However, we do not think it is appropriate to repeat the “special” supplemental bonus that was instituted last year. That bonus reflected a strong and growing economy that contributed to a record level of profitability.”
A Skadden spokesman confirmed the email but made no further comment.