Morrison & Foerster Matches Cravath Bonuses, with Caveats
Morrison & Foerster might pay bonuses to its associates, and in New York the amounts might match the Cravath scale with a top payout of $35,000.
Associates received word about the possible bonuses Thursday in two vague memos full of “caveats and out-outs,” Above the Law reports. According to the memos, associates will earn bonuses if the firm meets its net income budget, and the amounts paid could be adjusted downwards based on associate contributions.
In New York, the bonuses are based on the Cravath scale. Elsewhere, they will be based on the “non-New York U.S. structure.”
Cravath bonuses range from $7,500 for first-year associates to $35,000 for seventh-year associates. But not everyone at Morrison & Foerster will get those amounts.
“While the New York discretionary bonus is not contingent on achieving a specific hours target, should bonuses be paid,” one memo says, “the amount may vary based on significant differences in levels of contribution, either as to quality or commitment, and an individual discretionary bonus may be adjusted downwards or withheld.”
Above the Law criticizes the memos for their vagueness and their tone. “You can tell that a lawyer (as opposed to a PR professional) wrote the MoFo bonus memo,” the blog says.
