It’s November, the time of year when associates used to start plotting how to spend their enormous bonuses — the question did not used to be how much, but how big?
Cravath is out first with the numbers.
And though the amounts disclosed today would be reason to rejoice for about 99% of the population, they are no where where they were two years ago.
The WSJ Law Blog has the numbers:
Class of 2008 — $7,500
Class of 2007 — $10,000
Class of 2006 — $15,000
Class of 2005 — $20,000
Class of 2004 — $25,000
Class of 2003 — $30,000
Class of 2002 — $30,000
Here’s the breakdown from 2007, also from the Law Blog:
Class of 2007: Year-end bonus 35K, no special bonus
Class of 2006: Year end 35K, special 10K
Class of 2005: Year end 40K, special 15K
Class of 2004: Year end 45K, special 20K
Class of 2003: Year end 50K, special 30K
Class of 2002: Year end 55K, special 40K
Class of 2001: Year end 60K, special 50K
Class of 2000: same as 2001
So, my fellow members of the Class of 2004 will take home $25,000; two years ago, most took home a total of $65,000. And the fifth year associates that year (like the class of 2004 is now) took home $95,000.
If you’ll recall, Cravath surprised everyone last year when it lowered bonues from the 2007 numbers. And some are effectively “lowered” this year, considering the class of 2004 will bring home the same as it did last year.
Still, a bonus is a bonus and in a year when most are just happy to keep their jobs, that extra $7,500 to $30,000 probably looks good. Probably.
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