Allen & Overy is the latest magic circle firm to announce bonuses for its US associates.
The firm has halved last year’s bonuses of $32,500 for junior lawyers, with most now receiving $17,500. Last year’s bonus for senior associates of $65,000 has also been halved, with most senior associates this year receiving $32,500.
Last month Allen & Overy US head Kevin O’Shea told The Lawyer that the firm would be taking a more financially prudent approach to bonuses this year due to the economic downturn (17 November ).
This month The Lawyer reported on Clifford Chance being the first magic circle firm to announce slahsed associate bonuses (8 December).