Cravath cuts back year-end bonus for associates
Cravath Swaine & Moore has cut back its end-of-year bonuses for associates as the tough economic climate pushes more US firms into cost-cutting measures. The firm's bonuses will now start at a pro-rated $17,500 (£11,600) for first-year associates and rise to $30,000 (£20,000) for seventh and eighth-years - roughly half of the base bonuses the firm paid during the last two years. In addition, the firm will not repeat the special bonus it paid out in 2007, a decision that follows a similar move by Skadden Arps Slate Meagher & Flom last week (20 November).
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now