Davis Polk & Wardwell announced Monday that it plans to halve associate bonuses, following similar moves by other Am Law 100 firms announced over the past two weeks.
The firm says 2008 bonuses will range from a prorated $17,500 for first-year associates to $32,500 for eighth- and ninth-years. Those amounts match the reduced rates announced Nov. 24 by Simpson Thacher & Bartlett. Last year, bonuses began at $35,000 and topped out at $65,000. In a memo released to firm lawyers Monday at noon, the management committee thanked associates, and noted that the year posed a “challenging economic environment.”
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