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Cravath's Slashed Bonuses Could Set Trend

Law360 (November 25, 2008, 12:00 AM EST) -- New York powerhouse Cravath Swaine & Moore LLP is drawing heat for slashing associate bonuses in the midst of the economic crisis, but with law firms continuing to engage in public layoffs and stealth firings, others may now feel at liberty to follow the prestigious firm's example.

Days ago, Cravath revealed that due to the unprecedented financial situation, salaried lawyers would earn a maximum bonus of $30,000, marking a 50 percent drop from the $60,000 senior associates earned last year.

“While the firm believes that we...
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