11/07/07 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.'' 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. 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." 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.

Rate This Article 1 2 3 4 5 6 7 8 9 10 Select    View top rated articles

On The Net Cravath, Swaine & Moore www.cravath.com/Cravath.html Simpson, Thacher & Bartlett www.simpsonthacher.com    Printable Version    PDF Version    Email to a Friend    Post A Comment    View Comment    Discuss

	Popular Tags
	structures  salaries  Cravath, Swaine & Moore  matters  Simpson, Thacher & Bartlett

Featured Testimonials

I like LawCrossing as it is a very well managed job site and has a humongous database.  Kevin

Facts

LawCrossing Fact #109: With LawCrossing’s industry-specific, sister Crossing sites, no matter what field of work you want to pursue, we’ve got relevant jobs.

"We want to hear your thoughts. Please comment on this article (below)!" Comments

Article ID: 3714     Article Title: Cravath, Swaine & Moore Gives Associates Two Year-End Bonuses Comment not found for this article. Comment

Facebook comments:

Enjoyed reading this article? Click here to sign up for News Wire, our weekly newsletter, and you'll receive articles just like this right in your inbox.

Enter your email address and start getting breaking law firm and legal news right now! Every Alert Alert once a day