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Simpson Thacher matches Cravath bonuses
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Date: October 31st, 2007 4:04 PM Author: diverse stage stain MEMORANDUM TO ALL ASSOCIATES AND COUNSEL
On behalf of the partners of the Firm, I am pleased to announce both a Special Bonus for 2007, as well as the year-end bonuses for associates and counsel. Associates in good standing will be paid as follows:
Year End Bonus
Special Bonus
Class of 2007 $35,000 (pro-rated) - Class of 2006 $35,000 $10,000 Class of 2005 $40,000 $15,000 Class of 2004 $45,000 $20,000 Class of 2003 $50,000 $30,000 Class of 2002 $55,000 $40,000 Class of 2001 $60,000 $50,000 Class of 2000 $65,000 $50,000 Class of 1999 $65,000 $50,000
Bonuses for counsel and other attorneys will be determined on an individual basis and communicated separately. Special Bonuses will be paid on November 30, 2007 and the year-end bonus will be paid on December 28, 2007. Associates and counsel who were on leave or worked part-time during any part of this year will be eligible for a pro-rated bonus.
On behalf of the Firm, thank you for your continued dedication and professionalism. You have all contributed to the Firm's extraordinary success this year.
Pete Ruegger October 31, 2007
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Date: October 31st, 2007 4:06 PM Author: Light property That's not matching Cravath, that's matching Debevoise. $5K more for 2000. (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8835615) |
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Date: October 31st, 2007 4:10 PM Author: diverse stage stain Cut me some slack, I gave myself all of 3 seconds to post it. (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8835627) |
Date: October 31st, 2007 4:06 PM Author: charismatic chrome institution yarmulke nice, good work (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8835616) |
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Date: October 31st, 2007 4:10 PM Author: charismatic chrome institution yarmulke what're people's thoughts on the special bonus? ttt for only being one year? solid? (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8835626) |
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Date: October 31st, 2007 4:11 PM Author: federal floppy indian lodge gunner i think its great. fuck the people who have been working 2 weeks. (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8835629) |
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Date: October 31st, 2007 4:13 PM Author: Light property Screw you. I'll have been here a third of the year. You didn't get short-shrifted when you started.
Not that I really feel short-shrifted. I'm happy. |
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Date: October 31st, 2007 4:13 PM Author: diverse stage stain I'm still not really sure as to the motivation behind them. (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8835633) |
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Date: October 31st, 2007 4:18 PM Author: charismatic chrome institution yarmulke it seems pretty obvious - firms had a great year, worked associates like dogs, but dont want to commit to raising again or raising 'real' bonuses, so they call it a 1 time thing
good for the firm, probably crappy for assocaits (down the line) |
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Date: October 31st, 2007 4:24 PM Author: federal floppy indian lodge gunner No, its a bonus to associates who have worked like dogs from January to August.
Its been slower since August - coincidentally the new associates who have not contributed at all started around september. makes perfect sense. |
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Date: October 31st, 2007 4:25 PM Author: charismatic chrome institution yarmulke i think we're talking about different things - stub years always got a shitty prorated bonus
i'm wondering why the 'special' bonus and not just saying, '6th years, you get 100k' rather than '6th years, you get 60k and oh look 50k!' |
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Date: October 31st, 2007 4:08 PM Author: Carmine Library Generalized Bond anybody who doesn't match is obviously second rate shit (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8835620) |
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Date: October 31st, 2007 5:20 PM Author: charismatic chrome institution yarmulke i was extremely skeptical that ppl would match the bifurcated structure but there you have it.
how constrained do firms feel to match previous years' bonuses? i.e., has the historical trend been only upward? |
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Date: October 31st, 2007 8:39 PM Author: Abnormal step-uncle's house jew Yes, the historical bonus trend has been only upward. Except when it's been downward.
I don't understand the bifurcated structure. It's all a bonus, and they're getting paid within a month of each other. Salary raises are effectively permanent bumps, but everyone recognizes that a bonus can go up or down based on the economy. That's why it's a "bonus." Seems like they're just playing semantics with the bonus on a bonus. |
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Date: October 31st, 2007 10:58 PM Author: Sick maroon chad I think they are worried that it would be hard to drop the bonuses now with ATL etc. (http://www.autoadmit.com/thread.php?thread_id=709761&forum_id=2#8837526) |