Cleary Follows Cravath's Lead On Bonuses

By Anne Urda

Law360, New York (November 09, 2009, 1:05 PM ET) -- Cleary Gottlieb Steen & Hamilton LLP has decided to mimic Cravath Swaine & Moore LLP's recently announced associate bonus structure model and pay junior associates less than half of what they earned in 2008.

On Friday, Cleary announced in a memo to associates entering their second year in January that they will earn $7,500 in year-end bonuses, a drop-off from the $17,500 doled out last year, according to legal blog Above the Law.

Associates in the 2007 and 2006 classes will earn $10,000 and $15,000, respectively,...
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