Skadden Announces Year-End Bonuses And Makes Up For Lost Time
That's an impressive payday coming associates' way -- especially for senior associates!
Once Cravath decided to open up their pocketbooks with their 2020 bonus scale, we knew it was just a matter of time until the rest of Biglaw followed suit.
So count Skadden as an early adopter. It’s not surprising that the elite Biglaw has decided to come out with bonuses that largely match the prevailing market rate (the class of 2014 and more senior may receive an optional additionally $10,000 over the straight market rate) with year-end bonuses ranging from $15,000 to $110,000, depending on class year. But they also ponied up the extra cash to match the COVID appreciation bonuses that swept through Biglaw this fall, which is sure to make December 18th — the date Skadden will pay bonuses — extra special.
The bonus scale is as follows (you can read the full memo on the next page):
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Back in October, Skadden was among the Biglaw firms to pump the breaks on the COVID appreciation bonuses. It’s nice to see the firm’s promise to make it up at year-end has been kept.
As always, we depend on 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.
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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