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Both firms matched market rates, announcing end-of-year and special bonuses starting at $35,000 for class of 2007 associates and rising to a total of $115,000 for class of 2001 or older associates. The latter figure includes a $50,000 special bonus.
In a memo to the firm yesterday (Wednesday, 14 November) evening, A&O New York partner Ian Shrank said the firm’s associates would receive the special bonuses on 15 December while the regular end of year awards would be paid a month later.
At Freshfields, in a memo dated today (15 November), New York head Brian Rance said the firm’s New York and Washington DC associates would receive their special bonus on 30 November with the end-of-year bonus hitting their bank accounts on New Year’s Eve.
Rance took the opportunity of the memo to not only thank the firm’s associates for their contribution to the firm’s financial success, but also to highlight what he called Freshfields’ “increasingly positive reputation in the US legal market”.