Simpson Thacher & Bartlett has announced that it is to halve its year-end associate bonuses, following similar moves by other elite US law firms. The bonuses, which range from a pro-rated $17,500 (£11,600) for first-year associates to $32,500 (£21,500) for eighth and ninth-years, broadly match the reduced rates announced on Thursday (20 November) by Cravath Swaine & Moore."The numbers are essentially half of last year's," says Simpson Thacher chairman Philip Ruegger. The staff memo, sent out on Monday (24 November) cited "the current challenging business environment" as the reason for the cuts.
November 25, 2008 at 10:02 AM
1 minute read
The original version of this story was published on Legalweek
Simpson Thacher & Bartlett has announced that it is to halve its year-end associate bonuses, reports The American Lawyer.
The bonuses, which range from a pro-rated $17,500 (£11,600) for first-year associates to $32,500 (£21,500) for eighth and ninth-years, broadly match the reduced rates announced on Thursday (20 November) by Cravath Swaine & Moore.
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