A&O Halves Year-End Bonuses for US Lawyers; Only $17.5K to $32.5K
Joining a growing list of law firms that have significantly cut year-end bonuses for associate attorneys, London-based Allen & Overy has announced that its bonuses this year for those in its U.S. offices will be only about half of what they were last year.
American associates working for the Magic Circle firm will get bonuses of between $17,500 and $32,500, reports Legal Week. That compares to a January payout of between $35,000 and $65,000 for last year’s largesse.
“The majority of Wall Street firms this year have decided to halve their bonuses and scrap the additional bonuses paid out in last year’s bonus war,” the legal publication writes.
As discussed in an earlier ABAJournal.com post, at least one major firm has also announced an associate pay freeze, and others may follow Latham & Watkins’ lead.
