Sullivan & Cromwell and Cadwalader Wickersham & Taft have told associates to expect leaner year-end bonuses this year. Sullivan chairman Rodgin Cohen and vice chairman Joseph Shenker told associates in individual memos distributed yesterday (18 December) that they will receive regular year-end bonuses worth around half what they were last year.Year-end bonuses for 2008 now range from $17,500 (£11,300) for first-years to $32,500 (£20,700) for eighth-year-associates. Last year, year-end bonuses, which are not tied to a minimum hours requirement, were twice that. The rates apply to all of Sulllivan's roughly 450 associates worldwide.
December 19, 2008 at 06:44 AM
1 minute read
The original version of this story was published on Legalweek
Sullivan & Cromwell and Cadwalader Wickersham & Taft have told associates to expect leaner year-end bonuses this year.
Sullivan chairman Rodgin Cohen and vice chairman Joseph Shenker told associates in individual memos distributed yesterday (18 December) that they will receive regular year-end bonuses worth around half what they were last year.
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