Cleary Matches Cravath Bonuses; Is a Trend Afoot?

Cleary Gottlieb Steen & Hamilton has announced associate bonuses ranging from $7,500 to $30,000.

The amounts may sound familiar. Last week, Cravath Swaine & Moore was the first major law firm to announce bonuses, and Cleary’s bonuses match those being paid by Cravath, according to Above the Law, the Wall Street Journal Law Blog and the New York Law Journal.

According to Above the Law, “the 2009 bonus market is probably going to coalesce around the Cravath-level bonuses—unless [Sullivan & Cromwell] shows up and trumps CSM. Stay tuned.”

Last year Cleary bonuses ranged from $17,500 to $30,000, according to the New York Law Journal.