Cravath Swaine & Moore has drastically cut back associate bonuses for its most junior lawyers as the firm this week became the first major US practice to reveal its hand, writes the New York Law Journal.
Second-year associates will receive a $7,500 (£4,600) bonus, down from $17,500 (£10,700) last year, according to a memorandum obtained by the New York Law Journal. Senior associates at the leading Wall Street law firm will earn $30,000 (£18,400), the same as in 2008, but first-year associates, who earn $160,000 (£98,000) a year, will not receive a bonus.
