Cleary Gottlieb Steen & Hamilton on Friday announced associate bonuses with rates that were at most half what the firm paid its most junior lawyers last year. The Cleary bonuses matched levels announced last week by Cravath, Swaine & Moore. Associates going into their second year in January will earn $7,500, down from $17,500. The most senior associates will earn $30,000, the same as in 2008.
Cleary is only the second major firm so far to announce bonuses this year. A memo to associates from partners Jeffrey Karpf and Derek Bush thanked the lawyers for their “terrific work” over the last year and “for demonstrating time and again your ability to adapt to the rapidly changing legal landscape presented by global economic conditions.” The law firm declined to comment on the bonuses. - Nate Raymond
SEC Adds Veteran Lawyers to Financial Markets Unit
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