Davis Polk & Wardwell has announced that it is to halve associate bonuses, following similar moves by other US firms over the last two weeks, reports The Am Law Daily.
The US firm says 2008 bonuses will range from a pro-rated $17,500 (£11,800) for first-year associates to $32,500 (£22,000) for eighth and ninth years. Those amounts match the reduced rates recently announced by Simpson Thacher & Bartlett. Last year, Davis Polk bonuses ranged from $35,000 (£23,700) to $65,000 (£44,000).
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