Davis Polk & Wardwell is paying its associates up to $140,000 in bonuses, matching moves by some of its competitors.
The Wall Street law firm will hand out year-end bonuses ranging from $15,000 to $115,000, based on seniority, according to a memo viewed by Bloomberg Law. Associates also will receive additional, special bonuses of up to $25,000. The firm will pay out its bonuses on Dec. 27.
Davis Polk in recent years has been an associate compensation leader among Big Law firms. Its decision to match the pair of extra payments first rolled out by Milbank LLP likely cements the Big Law associate bonus scale for 2024.
Several firms also have matched the bonuses:
- Cravath Swaine & Moore
- Paul Hastings
- McDermott Will & Emery
- Fried Frank
- Paul Weiss Rifkind Wharton & Garrison
- Ropes & Gray
- Cleary Gottlieb Steen & Hamilton
- Skadden, Arps, Slate, Meagher & Flom
The annual bonus scale has not changed since 2021, even as major law firms enjoy a busy year.
The 50 largest firms’ revenue jumped by nearly 15% through September, according to data from Wells Fargo’s Legal Specialty Group. The spike is thanks to increased demand, productivity, and billing rates, Wells Fargo said.
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