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).
November 24, 2008 at 09:43 AM
1 minute read
The original version of this story was published on Legalweek
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.
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