Cravath, Swaine & Moore announced sharp cuts in end-of-year associate bonuses in a memo to the firm's staff late Thursday. In an interview with the Am Law Daily, Cravath's presiding partner said the "principal driver is what's happening to our clients. Every day we're seeing them laying off people. Our conclusion was we needed to be as sensitive as we could be." Cravath's memo follows Skadden's announcement last week that it would pay the same base bonuses as 2007.
Cravath Cuts Bonuses, Hints at 2008 Financials
The American Lawyer
November 24, 2008