Major U.S. law firms including Davis Polk & Wardwell, Paul, Weiss, Rifkind, Wharton & Garrison and Debevoise & Plimpton on Friday rolled out year-end bonus plans for associates, matching last year's bonus scale in a departure from the leap-frogging increases of past years.
Bonuses for associates at the firms range from $15,000 pro-rated to $115,000 based on seniority, according to internal memos viewed by Reuters. That range closely mirrors what Wall Street law firm Cravath, Swaine & Moore and others announced earlier this week.the bonus season last week, and other firms had been slower than usual to follow. The matching picked up speed on Friday after the announcement by Davis Polk, which has helped set associate compensation trends in past years.
Some firms start their scale at the $15,000 pro-rated amount for the class of 2022 while others begin at $20,000 for the class of 2021. Cravath's bonuses rise to $105,000 for the class of 2016 while most others reach $115,000 for the class of 2015 and above. The annual bonuses so far mirror the prevailing range set by Cravath last year; however, Davis Polk in 2021 also offered aranging from $4,000 to $23,000 by class year, which some competitors chose to match.
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