New York law firms slashing associate bonuses this Christmas
lawcrossing
2008-12-05
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New York's Cleary Gottlieb Steen & Hamilton, Dewey & LeBoeuf and Milbank Tweed Hadley & McCloy have slashed their year-end associate bonuses, in keeping with industry practice this year..
The firms will pay associates bonuses ranging from $17,500 for the class of 2008, up to $32,500 for the class of 2000.
Milbank and Cleary have matched the precedent set by New York's Cravath Swaine & Moore, which last week cut bonuses in half, with first year associates receiving $17,500 this year compared to $35,000 in 2007.
Last week Simpson Thacher & Bartlett announced bonus cuts similar to those by Cravath.
New York's Cleary Gottlieb Steen & Hamilton, Dewey & LeBoeuf and Milbank Tweed Hadley & McCloy have slashed their year-end associate bonuses, in keeping with industry practice this year..
The firms will pay associates bonuses ranging from $17,500 for the class of 2008, up to $32,500 for the class of 2000.
Milbank and Cleary have matched the precedent set by New York's Cravath Swaine & Moore, which last week cut bonuses in half, with first year associates receiving $17,500 this year compared to $35,000 in 2007.
Last week Simpson Thacher & Bartlett announced bonus cuts similar to those by Cravath.
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