Simpson Thacher & Bartlett announced smaller year-end associate bonuses Monday, continuing the slashing seen at other elite law firms. The bonuses, which range from a pro-rated $17,500 for first-year associates to $32,500 for eighth- and ninth-years, matched the reduced rates announced Thursday by Cravath, Swaine & Moore. A firm memo cited "the current challenging business environment" as the reason for the bonus cuts.
Following Cravath's Lead, Simpson Thacher to Cut Bonuses in Half
The American Lawyer
November 25, 2008