Cleary, Dewey, Milbank cut associate bonuses

Cleary Gottlieb Steen & Hamilton, Dewey & LeBoeuf and Milbank Tweed Hadley & McCloy have matched the new market rate for year-end associate bonuses.

Both firms will pay associates bonuses ranging from $17,500 for the class of 2008 and up to $32,500 for the class of 2000.

Milbank and Cleary have matched the precedent set by New York elite firm Cravath Swaine & Moore, which last week cut bonuses in half with first year associates receiving $17,500 this year compared to $35,000 in 2007 (24 November).

Last week The Lawyer reported on Simpson Thacher & Bartlett following suit, announcing bonus cuts to match Cravath (25 November ).

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