After a pair weeks of eerie silence within the Biglaw world, we’re seeing some quick and livid motion relating to bonuses. Regardless of elevating the bar, the market didn’t appear fairly satisfied that Cravath hit the suitable observe when it launched its new, increased annual bonuses. However though Biglaw provided a collective “that ain’t it, bro,” nobody knew what “it” was going to be.
Earlier this morning, Davis Polk provided its reply to the query, matching Cravath’s schedule and elevating it to the tune of one other spherical of “particular” bonuses. Nobody needs to lift bonuses so excessive that it units an expectation for subsequent yr, so structuring the newest premium as a particular bonus permits companies to have their new recruit-enticing cake and eat it too. Has DPW discovered the suitable stability?
Paul Weiss appears to assume so, responding to the DPW information with an announcement roughly an hour later that it might be matching the brand new scale.
Keep in mind, Paul Weiss already had a pool of cash for discretionary top-off bonuses for attorneys — alleged to be a premium to assist retain attorneys in white-hot markets. So for those who’re an in-demand legal professional at Paul Weiss, there’s a complete lot of cash coming your means.
Will we see a groundswell of matches at this time? Will Cravath attempt to re-raise to grab again its place because the agency that units the market? It’s going to be a busy week!
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Earlier: High 20 Biglaw Agency Broadcasts Extra Particular Bonuses For Some Associates
Joe Patrice is a senior editor at Above the Regulation and co-host of Pondering Like A Lawyer. Be at liberty to e mail any suggestions, questions, or feedback. Comply with him on Twitter for those who’re eager about regulation, politics, and a wholesome dose of school sports activities information. Joe additionally serves as a Managing Director at RPN Govt Search.
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