Legal Commentary

Yesterday, Cravath, Swain & Moore announced associate bonuses that largely match last year?s rates.   According to an article in the New York Law Journal, bonuses will range from $7,500 for associates in the firm's 2009 class to $35,000 for senior associates.  

It was not that long ago that I anxiously awaited Cravath?s announcement, knowing that most other firms (including the one where I worked) would follow Cravath?s lead.  To be sure, bonuses were higher when I was in practice.  In fact, in my last year at a large NYC law firm, bonuses started at $35,000.  But even this year, $7,500 for first year associates, on top of a $160,000 starting salary is a nice chunk of change (although it seems that associates at these firms do not agree). 

A Holiday Bonus.  That is one thing that I miss from my days in practice.  On the other hand, after three years in the academy, I still cannot believe that I get paid to think and write about the law and teach students to do the same.  So, this season, I am thankful for my job.