New York: CravathsTop New York firms look set to slash bonuses for the second year running following this week’s announcement by Wall Street leader Cravath Swaine & Moore that it has once again cut its annual bonus.

An internal memo sent out on Monday and seen by Legal Week confirmed that Cravaths will this year pay associates bonuses of $15,000 (£9,484) to £25,000 (£15,807) depending on seniority, a further reduction on 2001 levels when the maximum pay-out was $50,000 (£35,420).