Read Our Lips, Lawyers: No New Bonuses

StockJockey's avatar
by StockJockey
Wednesday, November 23, 2005 - 9:04 am

While the bankers whose deals they help facilitate are raking in six- and seven-figure bonuses this year, the young lawyers at Sullivan & Cromwell will have to make do with the same dink bonuses they got last year, the 600-lawyer firm announced last week. For first-year slaves associates this means a bonus of $30,000 for total comp of $155,000. From what we here, this announcement is likely to have a trickle-down effect in the legal profession as the pressure for a pay war is now off. Your move, Cravath. Wall Street Leader Dashes Pay Hike Hopes [Legal Week]
Comments:

Yo, that’s why so many of those guys leave to come work on Wall Street!

Posted by The Fridge  on  12/31/1969  at  03:00 PM

Typical management from partners.  This is why they lose their best after just a few years to either wall street or lesser firms that offer less hours with the same pay.  The shittiest part about it at least for associates is that the partner’s take has doubled or tripled since the last pay increase five years ago mostly due to increased billing rates and fewer partners.  This is why you see so many law degrees on the street.

Posted by  on  12/31/1969  at  03:00 PM
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