The US bonus season has begun gearing up, with Sullivan & Cromwell not only confirming it will match those announced by Cravath Swaine & Moore last month - and paid today (9 December) - but also confirming it will once again offer associates spring bonuses next year.
In a posting on US blog Abovethelaw.com, both New York firms are reported to be paying bonuses starting at $7,500 for class of 2011 lawyers.
The Wall Street firm is paying $42,500 for class of 2003 associates while Cravath is paying $37,500 for class of 2004, its most senior associates.
The US website reported earlier this week that litigation powerhouse Boies Schiller, which pays associates a bonus based on a percentage of the revenue they generate, is paying bonuses that put these larger firms to shame.
As the site’s editor Elie Mystal puts it, “Because of the individualised nature of the bonuses, we can’t tell you too much about how much more the Boies Schiller people are making without outing our sources. Generally speaking, though, we’re hearing figures that outpace the Cravath bonuses by a significant margin. It’s a good day to work at Boies.”