Sullivan & Cromwell takes heat for silence on spring bonuses
Sullivan & Cromwell lawyers are waiting for an announcement from the firm on the issue of spring bonuses, having been promised in December of 2011 that bonuses would be paid. The firm has thus far remained silent on the issue, and the folks at Above the Law are indignant on behalf of S&C fee-earners. Here’s what they had to say:
‘Honestly, I think this spring bonus cheapness is being driven by the low performing partners who are staring off de-equitization right in the face. It just doesn’t make sense for a comfortable and secure Sullivan & Cromwell partner to be this cheap and casual with the firm’s reputation as a market leader. The partners at S&C who are going to be there for the long haul realize that saving whatever they’re saving by denying a 3rd year associate an extra $15,000 is a short term cash grab that makes the firm look untrustworthy in the long term.
‘But not all partners are created equal. For the ones who aren’t sure how much longer they’re going to be able to hang on before their fellow partners start wondering where the business is, they want to grab all the cash they can right now. And maybe if the firm has one less expense, the bean counters won’t take one more look at who isn’t generating enough income.’