Following Cravath's lead, Simpson Thacher to cut bonuses in half

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.

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.

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