Large law firms likely to award spring bonuses again this year, say experts
January 27, 2012
Legal industry experts predict that large law firms will again award spring bonuses in 2012, following on from a trend begun in 2011, but that spring bonuses are unlikely to expand through the industry to smaller firms in the as the economy remains shaky. Last year, Sullivan & Cromwell announced payouts up to $20,000, while Cravath Swaine & Moore offered $20,000 payouts along with higher payments for specific associate classes.
Edward Poll, principal of LawBiz Management Co., said: “The only thing that drives firms to give out bonuses is fear of losing the talent,” adding: “If they perceive that other firms are going to do this, they are going to match.”