Gonna have a hard time paying back those law school loans on that!
Posted by Huckster on 12/31/1969 at 03:00 PM
First Sullivan, Now Cravath: Bonus Freezes Contagious
Thursday, December 08, 2005 - 8:10 am
A couple of weeks ago, we reported that the senior partners at Sullivan & Cromwell had decided to stiff the younger staffers with bonus freezes at last year’s levels. Well, on Monday, Cravath Swaine & Moore followed suit, keeping bonuses at $30,000 for first-year attorneys and $60,000 for senior associates; both numbers are in line with other major law firms. So despite all those M&A deals that enriched bankers and law firm partners, those at the bottom of the pyramid are getting the shaft. We wonder how many of these younger folks are going to be looking to cross over to the banking side come January.
Cravath Reveals 2005 Bonuses [Legal Week]
No New Bonuses [Under The Counter]
Comments:
pfft, I have no sympathy. Lawyers have much bigger base salaries comapred to the level of experience, not to mention better job security.
Posted by on 12/31/1969 at 03:00 PM
Oh, that couple years of experience as an analyst and that oh so difficult two years of an MBA (so called graduate degree). Do those associates at banks really get paid what they are worth? At least a first year associate at a law firm bills out a couple of thousand hours (2000x250=500k). That’s three times their base salary. I think they earn their keep.
Posted by on 12/31/1969 at 03:00 PM
This is old news. Paul Weiss upped the numbers by $5k. Hey, it’s something. Other firms have matched these levels, leaving S&C;behind.
Posted by on 12/31/1969 at 03:00 PM
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