Friday, February 03, 2006

The Wages of Sin Is Now $145,000 a Year Before Bonus

Today's New York Law Journal reports that Sullivan & Cromwell has boosted first year associates' salaries to $145,000 a year before bonuses.
The raise, says the article, mostly shifts compensation toward salary and away from year-end bonuses.
Partner Benjamin Stapleton "said the firm was 're-balancing' its mix of base pay and bonus in recognition of the fact that most associates lived day-to-day on their salaries."
Even living in New York City, saving none of $125,000 a year while you wait for your $40,000 bonus seems kind of obscene.
Also, this means I'll probably be able to pay off my debt a little faster, when my firm follows suit.


Jack Roy said...

Bah, Brooklyn boy. Sammiches cost as much as, like, a hundred dollars here in Manha'an, and that $125K goes quick.

Doodles said...

I sold my hair to be able to afford rent. I'm gonna have to shoot me some VP advisor for dinner; the cops got all the food stamps.