Full Bonuses for Clifford Chance US Associates? Fat Chance.

admin — Mon, 08 Dec 2008 20:53:48 +0000

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.

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Full Bonuses for Clifford Chance US Associates? Fat Chance.