Cravath Cuts Associate Bonuses

For the second year in a row, one of New York's leading BigLaw firms has cut associate bonuses Cravath Swaine & Moore will pay associates bonuses of $7,500 to $30,000 this year, reports Bloomberg. Last year, the firm cut first-year bonuses from $35,000 to $17,500. Only a year earlier, before the economy began to nosedive, Cravath associates also received a special bonus that upped the ante by as much as $115,000 more, the news agency notes.

Cravath Cuts Associate Bonuses abajournal.com Tue, Nov 3, 2009