Clifford Chance to pay US associates up to $100k in bonuses
Magic circle firm matches US bonus rates set by market leader Cravath
November 27, 2018 at 12:11 PM
2 minute read
Clifford Chance (CC) will pay its most senior US associates bonuses of $100,000, matching the rates set by US outfit Cravath Swaine & Moore last week.
The magic circle firm has confirmed its US associate bonus rates will remain at the same rate for the fifth year running.
The firm's most junior US associates are eligible for a $15,000 bonus, while those who have more than seven years' experience will receive $100,000.
CC will pay out bonuses to eligible associates on 15 January next year.
The bonuses come after increased pay rates for US associates were announced across a majority of US-based firms, with many firms choosing to match Cravath's pay scale after rates surpassed the original benchmark set by Milbank Tweed Hadley & McCloy.
CC announced earlier this year that its London NQ lawyers will see their total compensation increased to £91,000, up by more than 4% from £87,300 last year.
The firm also raised trainee pay for both years by 4%, with first-year salaries hiked from £44,800 to £46,600 and second-year salaries increased by £2,000 to reach £52,500.
Clifford Chance US bonuses 2018
- Class of 2010 and senior: $100,000
- Class of 2011: $100,000
- Class of 2012: $90,000
- Class of 2013: $80,000
- Class of 2014: $65,000
- Class of 2015: $50,000
- Class of 2016: $25,000
- Class of 2017: $15,000
- Class of 2018: $15,000 (pro-rated)
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