Cravath announced its year-end bonus scale on Monday, and ever since, matches have slowly but surely started rolling in. The latest firm to spread the wealth is doing so under much less turbulent circumstances than it did when it announced its 2020 year-end bonuses.
Cadwalader — a firm that brought in $452,572,000 gross revenue in 2020 — had particularly unfortunate timing last time around, announcing its bonuses during the insurrection at the U.S. Capitol. With Thanksgiving just a day away and lots of money on the table for associates and special counsel, things are looking much more cheerful for the firm in 2021.
Not only has Cadwalader matched the Cravath bonus scale, but it’s also offering extra cash for big billers. In case you’ve forgotten, this is the current market scale:
On top of that, the firm is offering bonuses “equal to 120% of the amounts listed above” for those who billed 2200 hours or more (which can’t have been too difficult during the wild year that was 2021). At the bottom of the totem pole, attorneys can earn up to $18,000 (pro-rated), and at the very top, attorneys can earn up to $138,000. That said, we imagine Cadwalader will be dumping a lot of extra bonus money on its associates and special counsel this year.
The firm will may its bonus payouts sometime in February 2022. Congratulations!
(Flip to the next page to read the full memo from Cadwalader.)
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
