Cravath, Swaine & Moore Gives Associates Two Year-End Bonuses

11/07/07

Law firm Cravath, Swaine & Moore has set the bonus tone for the year with its announcement that it will not only give associates their "traditional" year-end bonuses but "special one-time" bonuses as well. Bonuses belonging to the latter group (excluding bonuses for the newest associates) will range from $10,000 to $50,000, depending on seniority.

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According to Evan R. Chesler, Cravath's presiding partner, the firm wanted to "thank our lawyers for the hard work this year and the good year we've had."

"It's a one-time event based on the performance of the firm and the contribution," he continued. "We had decided it now, and since we made the decision, there was no reason not to tell people and give them the money."

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While other firms have yet to add "special one-time" bonuses, Simpson, Thacher & Bartlett raised its associates' salaries from $145,000 to $160,000. And other firms quickly followed.

However, "the structure matters," says NYTimes.com. "By awarding a special bonus, Cravath is not tied to the amount for next year," unlike other firms that raised salaries.