Skadden, Arps, Slate, Meagher & Flom yesterday announced associate bonuses that fell significantly below what it paid in 2008 but matched other firms’ rates. Skadden will pay bonuses ranging from $7,500 for associates going into their second year to $30,000 for their most senior associates. The rates match what Cravath, Swaine & Moore and Cleary Gottlieb Steen & Hamilton announced earlier this month.
In 2008, Skadden was the first firm to announce bonuses, eliminating a special bonus it had given one year earlier but keeping discretionary bonuses at the same level, $35,000 to $60,000. Cravath followed, but did not match Skadden, instead announcing bonuses that ranged from $17,500 to $30,000. Other firms matched Cravath.
