S&C Senior Associates to Reap Extra Bonus
Sullivan & Cromwell hopes to hold on to senior associates with a plan to pay supplemental bonuses tied to the law firm’s financial performance.
One partner told the New York Law Journal that the bonuses will probably range from $15,000 for associates in their fifth year at the firm and $30,000 for those in their eighth year. The amount is in addition to a base salary and regular year-end bonus.
The extra cash will put total compensation for the most senior associates at $400,000.
The Wall Street Journal Law Blog reports that the firm has seen an exodus of associates in past years. It lost 31 percent of its associates in 2004 and 30 percent in 2005, although retention has more recently improved.
A firm memo (PDF posted by the Wall Street Journal Law Blog) said about $2.5 million is expected to be paid in the extra bonuses, although the exact amount will be determined in February 2008.
