Clifford Chance (CC) and Allen & Overy (A&O) are the first magic circle firms to reveal associate bonuses in the US, handing out top-level associate bonuses of $100,000 (£74,000) for the fourth year running.
CC and A&O have laid out a scale for associate bonuses that matches the rates revealed by US firm Cravath Swaine & Moore on Monday (27 November), meaning the trio will both pay out $15,000 (£11,000) to its most junior associates and $100,000 (£74,000) to those who joined in 2009 and 2010.
Within hours of Monday’s Cravath announcement, US firms Milbank Tweed Hadley & McCloy and Paul Weiss Rifkind Wharton & Garrison told associates they were matching the scale.
Paul Weiss said in a memo that it will pay bonuses on 22 December, while Milbank said bonuses will be paid on or before 29 December. The bonuses follow a rise to junior associate pay, who will now receive £87,300 a year in total compensation, up from a maximum of £85,000 last year.
Paul Weiss said in a memo that it will pay bonuses on 22 December, while Milbank said bonuses will be paid on or before 29 December.
Earlier this year, CC also increased trainee remuneration by 3%, with those in their first year set to earn £44,800, up from £43,500, while those in their second year will earn £50,500, up from £49,000.
Bonuses in full
Class of 2017 — $15,000 (pro-rated) Class of 2016 — $15,000 Class of 2015 — $25,000 Class of 2014 — $50,000 Class of 2013 — $65,000 Class of 2012 — $80,000 Class of 2011 — $90,000 Class of 2010 — $100,000 Class of 2009 and senior — $100,000