What Will Happen to Bonuses This Year?

Will legal firm bonuses follow the leaders this year?

 Cravath, Swaine and Moore and Sullivan & Cromwell are usually the first 2 large law firms to announce associate bonuses and set the standard that many large firms follow.  Last year Cravath paid a year-end bonuses of $35,000 to $60,000 in addition to special bonuses of $10,000 to $50,000.

 As clients seek discounted legal fees in the midst of an economic downturn this year may not see $100k bonuses for associates.  During a meeting of law firm managing partners hosted by Citigroup Intimate Bank in August (before the economic crisis) one legal firm leader came to the conclusion, based on talks at the meeting, that while year-end bonuses would remain unchanged, special bonuses will be eliminated at many firms.

As for Cravath, Swaine and Moore and Sullivan & Cromwell, they’re not saying yet.