Law360, New York (April 26, 2012, 9:57 PM ET) -- Sullivan & Cromwell LLP has announced spring bonuses of up to $5,000 for associates starting from the class of 2006, a roughly 60 percent drop for that class from their 2011 spring bonus payout, according to news reports Thursday.
Associates from the class of 2011 and 2010 will receive $1,000, while those from the classes of 2009, 2008 and 2007 will receive $2,500, and associates from the class of 2006 will get $5,000, legal blog Above The Law reported.
The numbers are a steep decline from its spring bonus awards in 2011, when it reportedly handed out $10,000 for associates in the class of 2007, $12,500 for the class of 2006, $15,000 for the class of 2005, $17,500 for the class of 2004, and $20,000 to associates who joined in 2002 or earlier.
Sullivan & Cromwell had kicked off a trend of generous spring bonuses in 2011, when firms including Cleary Gottlieb Steen & Hamilton LLP hewed to its scale, while others including Cravath Swaine & Moore LLP handed out $20,000 to associates who began working at the firm between 2004 and 2006, while offering $15,000 to associates from the 2007 class and between $2,500 and $10,000 to those who started later.
Sullivan & Cromwell’s spring bonus payout this year follows its 2011 end-of-year payout, which had topped out at roughly $42,500 to the class of 2003 and earlier, in a scale reportedly followed by firms including Debevoise & Plimpton LLP, Cleary Simpson Thacher & Bartlett LLP and Clifford Chance LLP.