Clifford Chance will pay its most senior U.S. associates bonuses of $100,000, matching the rates set by Cravath, Swaine & Moore last week.
The Magic Circle firm has confirmed its U.S. associate bonus rates will remain at the same rate for the fifth year running.
The firm’s most junior U.S. associates are eligible for a $15,000 bonus, while those who have more than seven years’ experience will receive $100,000.
Clifford Chance will pay out bonuses to eligible associates on Jan. 15 next year.
The bonuses come after increased pay rates for U.S. associates were announced across a majority of U.S.-based firms, with many firms choosing to match Cravath’s pay scale after rates surpassed the original benchmark set by Milbank, Tweed, Hadley & McCloy.
Clifford Chance announced earlier this year that its London NQ lawyers will see their total compensation increased to £91,000 ($116,000), up by more than 4 percent from £87,300 ($111,000) last year.
The firm also raised trainee pay for both years by 4 percent, with first-year salaries hiked from £44,800 ($57,000) to £46,600 ($59,000) and second-year salaries put up by £2,000 ($2,550) to reach £52,500 ($66,890).
Clifford Chance U.S. bonuses 2018
- Class of 2010 and senior: $100,000
- Class of 2011: $100,000
- Class of 2012: $90,000
- Class of 2013: $80,000
- Class of 2014: $65,000
- Class of 2015: $50,000
- Class of 2016: $25,000
- Class of 2017: $15,000
- Class of 2018: $15,000 (pro-rated)