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Tuesday, November 23, 2010

This season, I am thankful for…

Yesterday, Cravath, Swain & Moore announced associate bonuses that largely match last year’s rates.   According to an article in the New York Law Journal, bonuses will range from $7,500 for associates in the firm's 2009 class to $35,000 for senior associates.  

It was not that long ago that I anxiously awaited Cravath’s announcement, knowing that most other firms (including the one where I worked) would follow Cravath’s lead.  To be sure, bonuses were higher when I was in practice.  In fact, in my last year at a large NYC law firm, bonuses started at $35,000.  But even this year, $7,500 for first year associates, on top of a $160,000 starting salary is a nice chunk of change (although it seems that associates at these firms do not agree). 

A Holiday Bonus.  That is one thing that I miss from my days in practice.  On the other hand, after three years in the academy, I still cannot believe that I get paid to think and write about the law and teach students to do the same.  So, this season, I am thankful for my job.   

 

Posted by Ashira Ostrow on November 23, 2010 at 02:17 PM | Permalink

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Comments

Do you ever muse about the incredible disconnect between your career at your firm and the careers of your graduates, many of whom will be lucky to earn your last year bonus as their salary?

Posted by: DaBiz | Nov 23, 2010 5:00:56 PM

You mean Hofstra doesn't have faculty bonuses? At GW they kick in at 2200 hours.

Posted by: Orin Kerr | Nov 23, 2010 2:27:50 PM

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