In a move to copy their across-the-pond counterparts, London-based Clifford Chance has slashed the bonuses of their US associates in half. This means that instead of receiving last year’s $32,000 to $65,000 employee reward, firm associates will receive $17,500 to $32,500.
Other US firms that have cut their bonuses this year were have included: Cravath Swaine & Moore (who set the precedent with its cuts last month); Simpson Thacher & Bartlett;Dewey & LeBoeuf; and Cleary Gottlieb Steen & Hamilton.
The firm’s been going through some rough times lately. Two huge partner defections last week (three partners moving to Skadden Arps Slate Meacher & Flom and one defecting to Morgan Lewis & Bockius) and the layoffs of 20 US employees in October have made the life at Clifford Chance all the more difficult. No word yet on whether bonuses for employees in Clifford Chance’s non-US offices.
Related posts:
- Clifford Chance to Associates: Maybe You Should Quit Before We Fire You
- Clifford Chance Lays Off 24 New York Associates
- Clifford Chance to Lay Off New York Litigation Associates
- Fates to Be Decided for Clifford Chance Litigation Associates
- Clifford Chance Freezes and Cuts Pay
- Associates’ Bonuses Drop In Bad Year For Legal Biz
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[...] Other US firms that have cut their bonuses this year were have included: Cravath Swaine & Moore (who set the precedent with its cuts last month); Simpson Thacher & Bartlett;Dewey & LeBoeuf; and Cleary Gottlieb Steen & Hamilton. …[Continue Reading] [...]
[...] The move mirrors that of rival Clifford Chance, which publicly announced earlier this month that it was cutting its bonuses. [...]
[...] remains to be seen is how other big firms will react. Will this trigger a race to the bottom with other firms using Cravath’s low bonus rates as an excuse or will other firms pay out bonuses more in keeping with their own bottom line? Either way, [...]
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