Davis Polk & Wardwell has announced that it is to halve associate bonuses, following similar moves by other US firms over the last two weeks, reports The Am Law Daily. The US firm says 2008 bonuses will range from a pro-rated $17,500 (£11,800) for first-year associates to $32,500 (£22,000) for eighth and ninth years. Those amounts match the reduced rates announced on 24 November by Simpson Thacher & Bartlett. Last year, Davis Polk bonuses began at $35,000 (£23,700) and topped out at $65,000 (£44,000).In a firmwide memo sent out yesterday (1 December), the management committee thanked associates, and noted that the year posed a "challenging economic environment."
December 02, 2008 at 04:52 AM
1 minute read
The original version of this story was published on Legalweek
Davis Polk & Wardwell has announced that it is to halve associate bonuses, following similar moves by other US firms over the last two weeks, reports The Am Law Daily.
The US firm says 2008 bonuses will range from a pro-rated $17,500 (£11,800) for first-year associates to $32,500 (£22,000) for eighth and ninth years. Those amounts match the reduced rates recently announced by Simpson Thacher & Bartlett. Last year, Davis Polk bonuses ranged from $35,000 (£23,700) to $65,000 (£44,000).
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