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Once Davis Polk decided to announce bonuses — and come over the top of the scale set by Cravath via an additional round of special bonuses — we knew it’d only be a matter of time before the floodgates opened. And boy, the rapid clip at which firms are announcing bonuses of their own is something to behold. It sure feels like Biglaw was waiting for the market standard to be set just as anxiously as we were!
Proskauer Rose, a firm which took in $989,981,000 in gross revenue last year, making it 43rd in the Am Law 100, announced their own scale of both year-end and special bonuses for associates. And whaddya know? As is completely expected, the firm matched both the annual and special numbers that make up the prevailing market rate.
For those who have yet to commit the scale to memory:
The full memo is available on the next page.
Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks for all of your help!
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
