DollarsClifford Chance Holds US Associate Bonuses To Match Cravath, Milbank Rates
The Magic Circle firm's announcement follows that of U.S. heavyweight firms Milbank and Cravath, Swaine & Moore.
November 12, 2019 at 11:55 AM
2 minute read
Clifford Chance's associate bonus rates will stay stagnant for a sixth year, matching the rates set this week by U.S. heavyweight firms Milbank and Cravath Swaine & Moore.
First-year associates at the Magic Circle firm who are based in the U.S. will take home a bonus of $15,000.
For lawyers who started at the firm in the classes of 2011 and 2012, they have the opportunity to pick up bonuses of $100,000 – the same as the firm has offered for the past five years.
All bonuses are to be paid in January 2020.
The firm follows in the footsteps of Milbank, which beat the rush of firms announcing associate bonuses last Thursday (November 7), with Cravath following suit yesterday (November 11) to match Milbank's rate.
A battle to offer the best compensation packages to junior lawyers has been growing fiercer in recent years. Earlier this year, CC boosted its pay for its newly qualified lawyers in London to £100,000 inclusive of bonuses, as law firms battle to stay competitive in the City by raising rates for junior lawyers.
Clifford Chance U.S. associate bonus scale in full
2019 – $15,000 (pro-rated)
2018 – $15,000
2017 – $25,000
2016 – $50,000
2015 – $65,000
2014 – $80,000
2013 – $90,000
2012 – $100,000
2011 and senior – $100,000
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