Cravath Swaine & Moore, the perennial leader in associate compensation, is stepping into the bonus race, matching the dual awards Davis Polk & Wardwell announced that several firms followed.
The spring and fall bonuses range from $6,000 for those in their first year to $32,000 for the most senior associates, according to a Cravath memo viewed by Bloomberg Law. They will be paid April 30 and Sept. 30.
The firm isn’t applying a billable hour requirement to the bonus, the memo noted. Therefore, “virtually all our associates will receive the full bonuses,” though they must still be working at the ...