Cleary Follows Cravath's Lead On Bonuses

Law360, New York (November 9, 2009, 1:05 PM EST) -- 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,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.