Money, money, money, and much more money: That seems to be the theme this week throughout Biglaw, as bonus announcements are made one after the other, ad infinitum, in the wake of Davis Polk’s Cravath match with the addition of special bonuses for all associates. This is now the new market bonus standard, and law firms are quickly lining up to make their matches. After all, this lateral market is still hot like fire, so firms need to prove that they’re up to snuff — and fast.
The latest firm to speak up on bonuses is Shearman & Sterling, which made its announcement just before 6 p.m. last night. Of course the firm matched market, and here’s the 2021 bonus scale, in case you’ve forgotten what it looks like:
David J. Beveridge, the firm’s senior partner, noted in his memo that Shearman’s counsel are “very important,” and that while their bonuses are more individualized, they would be in line with the market. (Speaking of counsel, how is your firm handling bonuses for these attorneys? Please get in touch with us and let us know.)
Everyone at the firm will receive their bonuses on December 22. Congratulations!
(Flip to the next page to read the full memo from Shearman & Sterling.)
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.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
