New York firms announce bonuses

November 24, 2014 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.

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