‘Tis the season to be jolly. At least it is if you are an associate at elite US firm Cravath Swaine & Moore.
Cravaths’ decision last month to hand out across-the-board bonuses of $40,000 (£28,000) for first years and $100,000 (£70,000) for seven-year-qualifieds saw other leading NY practices including Sullivan & Cromwell follow suit.
The size of the bonuses means that first-year lawyers at these firms get an overall annual pay packet of $165,000 (£115,000). For now, leading City firms, including the magic circle, have avoided the use of bonuses to such a dramatic extent.
