Lawyer Pay

Cravath Bonuses Signal Lackluster Year for M&A Work, WSJ Says

While they are more than some ordinary workers make annually, the year-end bonuses for associates just announced by Cravath Swaine & Moore show that mergers and acquisition work isn’t booming, according to the Wall Street Journal (sub. req.).

The bonuses, which will range from $7,500 to $37,500 when they are paid out Dec. 9, are much the same as what the top New York law firm paid not only last year but in a number of recent years, the newspaper points out.

“This year has steadily gone downhill for a lot of firms,” says legal consultant Peter Zeughauser, who describes M&A work as considerably reduced in the latter half of 2011. “Frankly, it’s gotten worse each quarter.”

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