The special bonus sees junior associates at Simpson Thacher bag up to $35,000 (£16,900), with senior associates pocketing between $50,000 (£24,100) and $65,000. The payment comes in addition to the usual end-of-year bonus.
Simpson Thacher chairman Philip Ruegger sent a memo to the whole firm yesterday (31 October) announcing payment of the special bonus, which will be paid on 30 November, with the year-end bonus delivered on 28 December.
The news comes after Wall Street rival Cravath announced on Monday (29 October) that it is to pay a special bonus for associates of between $10,000 (£4.300) and $50,000 (£24,100).
Cravath also unveiled details of its year-end bonuses, which will see associates trouser between $35,000 and $60,000 (£29,000) and will be paid at the same time as the special bonus.
In January Simpson Thacher kicked off a salary war when it raised its associate base salaries 10% to a new benchmark of $160,000 (£81,000) – a move followed quickly by rivals.
Last year
