When I worked at your typical big firm, I did not particularly enjoy everyone knowing exactly how much I made.
So maybe a little privacy will be of comfort to Fried Frank associates, who found out today that the firm’s bonuses will top out at $35,000, but that they will be in varying amounts based on “seniority, levels of activity, quality of and hours worked, client service and contributions to pro bono activities.”
Above The Law broke the news and has a copy of the memo here.
This plan is, of course, different than the bonuses paid strictly by seniority as originally announced by Cravath and then followed by basically everyone else. The only firm (of those who take the lead in these sorts of things) that made any changes was Sullivan & Cromwell, who rasied Cravath’s $30,000 to $35,000 for its most senior associates.
Fried Frank went the bonus-based-on-seniority route last year, so this represents a pretty big change.
Usually when a firm employs this sort of system it results in at least some people making a lot less. This seems especially likely to be true in a year where people spent weeks and months scraping by on minimum hours.
But perhaps it will come out that all the associates are pleased with their bonuses and almost everyone got paid on the Cravath or Sullivan scale. Here’s hoping.
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