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Cravath, Swaine & Moore will pay year-end bonuses ranging from $30,000 for first-year associates to $60,000 for senior associates, according to a memo circulated at the firm Monday. The $30,000 for first-years is in line with the first-year bonus announced last month by Sullivan & Cromwell. The two firms are considered market leaders in New York associate compensation. The leading New York firms, most of whom pay first-year base salaries of $125,000, have generally matched each other in total associate compensation through the payment of bonuses. Most have shown a preference for discretionary bonuses over base salary increases. In a separate move, the New York intellectual property boutique of Kenyon & Kenyon announced last week it was increasing associate base salaries, with first-years set to receive $135,000 rather than $125,000. Citing a successful year overall, the firm also said its average bonus for associates this year would be $40,000, up from $29,000 last year. Several associates had received bonuses larger than $100,000, the firm said. The move by the 200-lawyer IP boutique echoes similar pay raises by similar-sized California litigation shops earlier in the year.

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