The holiday season is shaping up to be a lucrative one for law firm lawyers.
Yesterday, Simpson Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom announced their year-end bonuses. The amounts, which are an increase from last year and range from $10,000 to $60,000, match those that rival firm Cravath, Swaine & Moore announced earlier this week.
The three firms’ announcements reflect an uptick in law firm year-end bonuses. Last year, Skadden and Simpson Thacher paid associates $7,500 to $37,000 and $7,500 to $42,500 in year-end bonuses, respectively. Although this year’s bonuses are sizably larger than those awarded in 2011, they still aren’t up to par with pre-recession amounts; in 2007, Skadden, Simpson Thacher and Cravath all gave $45,000 year-end bonuses to first-year associates, and senior associates received $110,000.
Over the years, Cravath has been the first big law firm to announce its year-end bonuses, with other law firms often following suit with similar amounts. Skadden’s and Simpson Thacher’s announcements follow this trend.
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