Bonus time brings joy to many — by which I mean a larger group of very select few — besides just the bankers, the dealshakers and bballers. Much like the relationship between those little pilot fish and sharks (you like that analogy, don’t you?), there’s a whole community just waiting for the bonuses to hit, with thoughts of sugar plums and trickle down dolla bills in their head.

Or as my good friend would say, “MO-NEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!”

Corporate lawyers, those people who work harder than you and get paid less, are one group. The WSJ covers this tale, but it’s not as rosy as you would think. Associates will potentially make less this year in bonuses because of the universal increase in base comp that happened recently (2005-2006?)

My friend and soon-to-be lawyer confirms that the increase was up to $145,000 in base comp, with some cities (DC at $135,000) and some firms (one firm at $155,000) as outliers.

For those who don’t know, law firms generally price match to stay competitive with all other law firms, so that no recruits are deterred by lower salaries. The WSJ explains it this way:

“The rules of the Big Apple law-firm-bonus game are simple: A white-shoe corporate law firm typically takes the lead by announcing the annual bonuses, which are pegged to associates’ seniority. Then, most of its peer firms follow suit, sometimes within days, by announcing nearly identical bonuses.

Last year, Sullivan & Cromwell LLP was first out of the gate, announcing bonuses ranging from $35,000 for first-year associates to as much as $65,000. Then, the chase began, with top firms such as Davis Polk & Wardwell and Cahill Gordon & Reindel LLP matching Sullivan’s bonuses.”

So far no firm has stepped out in front with a number, but apparently it could go either way — higher because of all of the dealmaking activity, or lower because of the higher salaries … lawyers — I know some of you read this — pls fill us in.