Sullivan & Cromwell is upping the ante once again in the associate salary war, The New York Law Journal, a sibling publication, reports.
The firm’s not raising base salaries again (thank God). Instead the firm will pay senior associates supplemental bonuses based on the firm’s end-of-the-year profits — kinda like partners.
This would be on top of base salaries and regularly-scheduled bonuses, for those of you looking for a loophole.
The article quotes an anonymous partner who says the bonuses would probably range around $15,000 for fifth years and $30,000 for eighth years.
Will this spark the next round of “We pay our associates a lot of money” chest-beating? Or is it just a little thing that those fancy New York firms are doing? (You have our number, Mr. Baxter.)
— Zusha Elinson