Law Practice Management
Cravath Cuts Associate Bonuses
Posted Nov 2, 2009 5:25 PM CDT
By Martha Neil
For the second year in a row, one of New York's leading BigLaw firms has cut associate bonuses.
Cravath Swaine & Moore will pay associates bonuses of $7,500 to $30,000 this year, reports Bloomberg.
Last year, the firm cut first-year bonuses from $35,000 to $17,500. Only a year earlier, before the economy began to nosedive, Cravath associates also received a special bonus that upped the ante by as much as $115,000 more, the news agency notes.
An Am Law Daily post lists this year's bonus for each class.
Senior associates will be paid the same bonuses as last year, the law blog notes, but bonuses have been cut sharply for junior associates.
Related earlier coverage:
ABAJournal.com: "Cravath Will Pay New Associates $80K to Stay Away for a Year"
ABAJournal.com: "$160K Starting Pay Unlikely to Be Cut by NY Firms, Experts Say"