Clifford Chance (CC) has become the latest firm to cut back bonuses for US associates, with the announcement that it is to halve its year-end payouts. The US arm of the magic circle firm will award bonuses ranging from a pro-rated $17,500 (£12,000) for first-year associates to $32,500 (£22,000) for eighth-year associates - a significant decrease on last year, when the firm awarded bonuses ranging from $35,000 (£24,000) to $65,000 (£44,500).The new figures put CC in line with its US competitors, after a raft of Stateside firms, including Davis Polk & Wardwell, Skadden Arps Slate Meagher & Flom and Cravath Swaine & Moore, slashed bonuses in response to the economic downturn.
December 08, 2008 at 08:53 AM
1 minute read
The original version of this story was published on Legalweek
Clifford Chance (CC) has become the latest firm to cut back bonuses for US associates, with the announcement that it is to halve its year-end payouts.
The US arm of the magic circle firm will award bonuses ranging from a pro-rated $17,500 (£12,000) for first-year associates to $32,500 (£22,000) for eighth-year associates – a significant decrease on last year, when the firm awarded bonuses ranging from $35,000 (£24,000) to $65,000 (£44,500).
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