From redundancy rounds to big bonuses in one year
Cravath, Swaine & Moore announced year-end bonuses of $7,000- $35,000, a host of other large law firms adopted the same bonus scale as a standard and followed almost to the dollar.
The uniformity across the sector made Cahill Gordon & Reindel’s bonus plan stand out, with the firm announcing year-end bonuses of $15,000-$25,000 in addition to the midyear bonus of $2,500-$15,000 and an upcoming January bonus equal to the Cravath year-end sum.
It is jarring, however, to realize that this largesse occurs less than a year after the firm’s latest redundancy round. Cahill did two rounds of layoffs in 2009 and 2010, letting go of around 60 lawyers.
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