It’s the holidays, and that means it’s that time of year when law firms are doling out their annual bonuses. But despite the fact that law firms made more money in 2011 than they did in 2010, this year’s bonuses are nearly identical to the previous two years’ amounts.
On Nov. 28, Cravath, Swaine & Moore, which traditionally has set the benchmark for the bonuses that other firms give to their lawyers, announced its 2011 year-end bonuses. The Wall Street Journal Law Blog reported that Cravath’s first-year associates will receive $7,500, while seventh-year associates will receive $37,500. Shortly after the announcement, Skadden, Milbank, Proskauer Rose and other top firms announced similar bonus amounts.