Both Cravath Swaine & Moore and Skadden Arps Slate Meagher & Flom have announced that this year's associate bonuses will be the same as last year's, The Lawyer.com reports here.
Cravath stated it would pay first year qualified lawyers $17,500, second years at $19,000, third and fourth years at $24,000 with senior associates gaining a $25,000 bonus . . . .
[L]ast year Skadden Arps paid bonuses between $2,500 for first years up to $20,000 for senior lawyers. While its bonuses are relatively small compared to other New York firms, Skadden Arps pays a higher base rates for beginners at $140,000 as opposed to rivals� $125,000 salary.
It sounds like an awful lot of money, but those poor wretches work around the clock and have almost no chance of ever making partner.