CC and A&O freeze associate bonuses in US
Clifford Chance and Allen & Overy (A&O) have opted to freeze bonus levels for associates based in the US. Under the current bonus structure, associates made up in 2009 and 2010 will receive bonuses of $100,000 (£74,493). Meanwhile, associates from this year’s intake are slated to receive bonuses of up to $15,000 (£11,159).
Both firms raised US salaries to $180,000 in 2016, following the lead of Cravath Swaine & Moore. As of 2010, Clifford Chance revamped its bonus system to discontinue a system in which bonuses were tied to number of hours worked.