I’m revisiting the hell out of old posts this week. Not too long ago I posted about how Above the Law had an article detailing the horrendous burden of BigLaw associates possibly not getting the bonuses they expected. In the article it was touted as an example of all that was wrong with the world, the fact that these poor, beleaguered first-year associates may see a reduction in their discretionary compensation that they are awarded in addition to a six-figure salary and benefits. The world stood still, and people wept for them.
Actually, I’m pretty sure I just poo-poo’d the whole idea of this being a tragedy of some sort, because the vast amount of attorneys in the world aren’t in BigLaw and therefore have no expectation of receiving a bonus that’s pegged in any way to the Cravath Scale. The Cravath Scale, by the way, is the salary and bonus scale paid by Cravath Swaine & Moore, LLP, a two hundred year old white shoe firm that is considered the industry standard for BigLaw compensation. Let me point out that looking at the listing of law schools that Cravath attorneys hail from, very few of them are “for profit” law schools that exist outside outside of the top ranked schools in the country, and there are a number of foreign law schools on there.
The short read on this is for the vast majority of attorneys out there this holiday season, what Cravath does or doesn’t do won’t apply to you. You are not BigLaw. Your firm is not bringing in Cravath level money. You do not work the same number of hours at the same billable rate and in the same markets as Cravath associates. The Cravath Scale will have no effect on you, and is not a good benchmark for what you should expect bonus wise.
Hell, there’s a chance you shouldn’t expect a bonus at all, you lout.