WOW!!! Davis Polk Raises The Bar On Bonuses
This is going to put a lot of pressure on the market.
That cheering you hear is coming from the offices of Davis Polk, where associates were just handed a cascade of good news beginning with some special bonuses. Remember when we were applauding Cooley LLP for giving senior associates $7,500? Well, Davis Polk decided to blow up that scale like they were making a Michael Bay movie.
Domestic associates in good standing will be receiving special Fall bonuses in recognition of their hard work throughout [gestures wildly at everything]. Here’s what we’re looking at:
- Class of 2019: $7,500
- Class of 2018: $10,000
- Class of 2017: $20,000
- Class of 2016: $27,500
- Class of 2015: $32,500
- Class of 2014: $37,000
- Class of 2013: $40,000
Legal Knowledge Management To Drive Dealmaking
Yowza.
International associates will receive separate case-by-case bonuses.
But that’s not the end of the good news. The message to associates also assured them that these bonuses are NOT replacements for the traditional year-end bonuses and that the firm expects to be handing those out on schedule too. Oh, and the firm expects that these annual bonuses “will not be lower than those paid out in 2019.”
That would mean that in the worst case, a first-year associate is going to take home $22,500 in bonuses in a year of unprecedented economic upheaval. Biglaw firms tend to stick together when it comes to bonuses. DPW just put a lot of pressure on its peers to match.
Sponsored
Stuck Drafting A Tough Brief? This Tool Can Help.
What Do Millennials Think Of Law Firm Life?
What Do Millennials Think Of Law Firm Life?
We’ll say it again… Yowza.
You can read the firm’s full announcement on the next page.
Please help us help you when it comes to bonus news at other firms. As soon as your firm’s bonus memo comes out, please email it to us (subject line: “[Firm Name] Bonus”) or text us (646-820-8477). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
Sponsored
Legal Knowledge Management To Drive Dealmaking
The Global Legal News You Need, When You Need It
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
