Skadden Matches Cravath Bonuses; Associates Will Get Up to $35K
Skadden, Arps, Slate, Meagher & Flom will pay its associates bonuses ranging from $7,000 to $35,000, matching the scale announced earlier this week by Cravath, Swaine & Moore.
The amounts match last year’s bonuses, except that the $35,000 to be paid to the most senior associates represents a $5,000 boost, the New York Law Journal reports. Above the Law was first with the news.
Sheri Michaels, a partner with legal consulting firm Major Lindsey & Africa, told Crain’s New York Business (reg. req.) that the bonuses signal that the legal market has stabilized. “They’re saying, ‘We weathered the storm and we feel comfortable here,’ ” Michaels said. “Nobody has a crystal ball, but I do expect other firms similarly situated to match the Cravath bonus announcements.”
The bonuses are well below the amount paid in 2007 before the recession. At that time, associates at large New York law firms earned $35,000 to $60,000 in bonuses, and additional “special bonuses” of $10,000 to $50,000, the New York Law Journal says.
