Sullivan & Cromwell has kicked off the year-end bonus season by informing associates they will receive additional compensation starting at $30,000 for first-years and ranging up to $50,000 for senior associates.
The bonus, which pushes total first-year compensation to $155,000, is unchanged from last year, a fact likely to disappoint many associates, especially since bonuses for investment bankers are expected to rise considerably this year.
A partner at Sullivan & Cromwell said the decision to hold steady on bonuses stemmed from the firm’s expectations that its overall financial results would be roughly the same as last year.
Sullivan & Cromwell, one of the nation’s most profitable and prestigious firms, has traditionally been among the leaders in setting associate compensation. But it remains possible other firms will pay higher bonuses, forcing Sullivan & Cromwell to pay a matching supplement.