The Wall Street Journal Law Blog is reporting that associate bonus season has been opened by Cravath. While the announcement is positive in one way (there are going to be bonuses this year!), the numbers truly pale in comparison to last year's.
First years (class of 2008) will receive $7,500. Second years (class of 2007) will receive $10,000. By contrast, when the class of 2007 were all a bunch of first years, they got $35,000. Let's all take a moment to reflect on the difference 365 days can make.