Bonus season is generally divided into three phases. In the first phase, every likely suspect tags along in seriatim, offering not a single surprise and eliciting most knowing Jeremiah Johnson nods from everyone.
In the second phase, we see firms make their swinging genitalia moves. This is where someone announces they’re giving big premiums on the scale, paying 1.5x or 2x over the prevailing scale. We all talk up the firm and marvel at their financial prowess. It’s a great run of recruiting press.
In the third phase — the most interesting phase — solid but not quite elite firms start announcing bonuses and we all rush to the tea leaves. A match? Wow, they must be doing better than we thought! Falling short? Uh oh, trouble on the horizon. Or the most common out: A match but paid out next July with a 3000-hour minimum billables requirement making you wonder if this is a “match” in anything but name only.
Well, we’re still in the first phase a mere week into bonus season so there will be no surprises that Davis Polk agreed to follow the Milbank scale precisely.
Class of 2019 – $15,000 (pro-rated)
Class of 2018 – $15,000
Class of 2017 – $25,000
Class of 2016 – $50,000
Class of 2015 – $65,000
Class of 2014 – $80,000
Class of 2013 – $90,000
Class of 2012 and senior – $100,000
All U.S. associates in good standing will be paid out on December 13.
So… Davis Polk:
Memo reproduced on the next page.
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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.