New York firms announce bonuses
Simpson Thatcher & Bartlett instigated a slew of announcements about year-end bonuses for associates on Friday, with firms Paul, Weiss, Rifkind, Wharton & Garrison and Cleary Gottlieb Steen & Hamilton quickly following their lead. The bonuses range from $15,000 to $100,000, for associates of varying seniority.
The top level bonus of is an increase of $40,000 over last year's top bonus, $60,000. The annual salaries of these associates range from $160,000 for entry level associates to $300,000 for senior associates. Associates who have been at a firm for seven years or longer had a chance at the top bonus level.
In recent years, it had been Cravath, Swaine & Moore that led the bonus announcements. Cravath, which typically made its announcement after Thanksgiving (27 Nov.), has not yet made an announcement.