Freshfields and Linklaters match US associate bonuses set by Wall Street elite
Magic circle firms to pay senior US associates $100,000 end-of-year bonuses
December 06, 2016 at 04:53 AM
2 minute read
The original version of this story was published on Law.com
Freshfields Bruckhaus Deringer and Linklaters have both announced their 2016 US associate bonus scales, with top-level associates taking home $100,000 (£78,000).
The two firms have matched the bonus scale set by New York's Cravath Swaine & Moore, which led the market with its announcement last week.
The magic circle firms will pay first-year US associates a bonus of $15,000 (£12,000), with the scale stretching up to $100,000 for associates who started in 2008 or 2009.
Clifford Chance (CC) and Allen & Overy (A&O) have both already confirmed that they will pay their US associates end-of-year bonuses on the Cravath scale.
The bonuses announced this year match the rates paid in both 2015 and 2016.
A spokesperson for Linklaters said the decision was communicated to associates last week, with bonuses paid on 30 December. Freshfields also reportedly informed its associates last week, with bonuses to be paid on the same date.
A number of US firms have also followed suit, including Paul Weiss Rifkind Wharton & Garrison and Milbank Tweed Hadley & McCloy.
The bonus payments follow on from a hike in associate pay at top US firms during the summer, which kicked off after Cravath announced that its first-year associates would be paid $180,000 (£141,000), with eight-year associates earning $315,000 (£247,000).
This was swiftly followed by a wide range of US and UK firms, including A&O, CC, Linklaters, Freshfields, Milbank, Paul Weiss, Weil Gotshal & Manges, and Cahill Gordon & Reindel.
Freshfields and Linklaters 2016 US associate bonuses in full
Class of 2016 – $15,000 (pro-rated) Class of 2015 – $15,000 Class of 2014 – $25,000 Class of 2013 – $50,000 Class of 2012 – $65,000 Class of 2011 – $80,000 Class of 2010 – $90,000 Class of 2009 – $100,000 Class of 2008 – $100,000
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