The Am Law Daily reports that New York players Paul Weiss Rifkind Wharton & Garrison, Proskauer Rose, Simpson Thacher & Bartlett and Skadden yesterday announced they would yet again follow in Cravath’s bonus wake.
The report adds that the early adopters of the bonus scheme appear to be having a solid year despite a general slowdown in the legal sector. Paul Weiss associates are expected to bill an average of 2,000 hours, compared to the national average of fewer than 1,800 hours.

Reasonably busy

In a note sent to associates on Wednesday, Skadden executive partner Eric Friedman told the firm's more than 1,000 associates that payments will go out December 21 to ‘associates in good standing who have been reasonably busy over the course of the year’.
Meanwhile, Proskauer released a boastful message to its associates: ‘We served our clients with distinction; worked on significant and high-profile matters; welcomed new colleagues of enormous talent; and maintained our momentum across all practice areas and offices… While we are immensely proud of our 137-year history we remain relentlessly focused on our future, which has never been brighter.’

Competitive edge

Other leading US firms are also expected to fall in line with Cravath’s bonus benchmark. Washington DC-based legal recruiter Matt Schwartz told the web site that the bonus scale is important for keeping a competitive edge when recruiting first-year associates.
‘There certainly can be grumblings if people feel bonuses are not high enough,’ he said.