Allen & Overy matches Cravath US associate bonus rates for fifth year running
Magic circle firm's US associates to receive bonuses of up to $100,000
December 03, 2018 at 12:01 PM
2 minute read
Allen & Overy (A&O) has announced that it will pay US associates bonuses of up to $100,000, matching the rates set by US outfit Cravath Swaine & Moore last month.
The magic circle firm has confirmed its US bonus rates will remain at the same rate for the fifth year running.
The firm becomes the second of the magic circle to confirm its year-end bonuses, following Clifford Chance last week.
A&O'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. It is anticipated that the bonuses will be paid by 15 January 2019.
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.
A&O announced earlier this year that pay for newly qualified London lawyers was being increased by 2.5% to £83,000, up from £81,000, with first- and second-year trainee rates climbing by just over 2%.
The firm also raised trainee rates, with first-year pay rising from £44,000 to £45,000, and second-year pay increasing from £49,000 to £50,000.
Allen & Overy US bonuses
- 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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