Bonuses Going Down at Skadden
Bob Sheehan, the executive partner of Skadden, sent an email to every associate and partner in the firm today discussing his plans to pay bonuses similar to 1997 levels without the addition of a special bonus:
“We will pay the year-end discretionary bonus at the same levels by class seniority which associates received in 2007 and 2006. However, we do not think it is appropriate to repeat the “special” supplemental bonus that was instituted last year. That bonus reflected a strong and growing economy that contributed to a record level of profitability.”
I have a feeling we are going to be seeing a lot more of this as other firms follow suit. Things are getting very scary in the legal market for many attorneys and the level of people being asked to leave firms for economic reasons is the highest I have ever seen. I am surprised many firms are paying bonuses at all.
I know of a small firm that several years ago wanted to pay Christmas bonuses but had no money. They decided to fire an associate they did not like and then paid every associate in the firm a $2000 bonus representing the fired attorney’s annual salary divided by the number of lawyers in the firm. Let’s hope this does not happen at many firms this Christmas!
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