Shearmans matches top NY bonus rate
Richard Tromans
December 06, 2002 at 09:31 AM
3 minute read
Shearman & Sterling has matched the associate bonuses set last month by Wall Street leader Cravath Swaine & Moore amid signs the $25,000 (£15,807) rate has now been accepted as the 2002 benchmark for top US firms.
Shearmans will now pay its New York associates between $15,000 (£9,484) and $25,000 (£15,807) depending on seniority. The bonuses will not be tied to billing targets or individual performance, and will go automatically to all the firm's New York-based associates.
The move follows the 18 November announcement by Cravaths which was expected to set the top of the market for 2002 bonuses after Fried Frank Harris Shriver & Jacobson matched the rate the same week.
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