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Law Firms Doling Out Hefty BonusesPOSTED December 15, 2004 Wall Sreet isn't the only one handing out big bonuses at the end of the year. New York's top law firms are also in the giving mood. According to New York Lawyer, Sullivan and Cromwell started it all in October when it announced law associates would get a bonus of $10,000-20,000. Then it increased this amount with additional bonuses of $20,000 to $30,000. Another prominent NY firm Simpson, Thacher & Bartlett came back with bonuses ranging from $30,000 for first-years on up to $60,000 for senior classes. And Cravath, Swaine & Moore is also paying out bonuses between $30,000 and $50,000. The bonuses come at the end of a great year for many top law firms with plenty of corporate work from mergers and acquisitions and investigations and lawsuits by the SEC and New York Attorney General's office. The extra money is the best way for firms to hold on to their associates in case they may flee to other higher-paying firms. The bonuses are about double what law firms paid out last year and the highest since 2000 when the stock market hit record highs. According to the Bureau of Labor Statistics, laywers earned on average $136,790 in 2003. Many lawyers at top firms make well over this amount. Partners at law firms enjoy a share in the firm's profits and likely make over $1 million per year. |
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