Last week, Cravath kicked off bonus season for their associates and now Weil Gotschal (with over 1,200 attorneys) has announced that associates “will be paid 2010 bonuses that are commensurate with bonuses paid by peer firms.” So we're guessing that means it's going to exactly match Cravath, unless another firm decides to best them. We doubt that will happen, but we'd love to see a bonus war! Let's see some escalation! Moving on, here is the Weil Gotschal bonus memo in it's glorious, tepid entirety.
From: Wolf, Barry Sent: Monday, November 29, 2010 To: US Associates Subject: Associate Bonuses
The Management Committee has decided that Associate bonuses will be paid on December 23, 2010. The firm remains committed to compensating Associates at market rates. Accordingly, Associates will be paid 2010 bonuses that are commensurate with bonuses paid by peer firms. Evaluation meetings will take place in December 2010. The Management Committee will re-evaluate the timing of bonus payments next year.
Additionally, the Management Committee has determined that starting in 2011, there will no longer be a Distinguished bonus, which is a bonus in excess of bonuses paid by peer firms.
The Firm recognizes the importance of the Associate evaluation process. We will continue to focus on providing associates with timely and thorough feedback and providing a culture where all Associates have opportunities for professional development.
Barry M. Wolf
Weil, Gotshal & Manges LLP