Davis Polk & Wardwell announced Thursday in an internal memo that the firm will match the bonus scale set Monday by Cravath, Swaine & Moore.
The memo was highly anticipated by associates both in and outside the firm. Last year, after Simpson Thacher & Barlett announced its bonuses and several other firms matched its rates, Davis Polk upset the market by revealing that some of its midlevel and senior associates would receive payouts that were $5,000 or $10,000 greater. That set the firm’s competitors—including Simpson—scrambling to revise their bonuses up.
