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Clifford Chance has increased its bonuses for US associates to come in to line with Wall Street's leading firms.
Clifford Chance is the latest firm to announce bonuses for its US associates with the class of 2000 pocketing a $65,000 (£31,201) year end bonus in addition to a special bonus of $50,000.
For the class of 2006 the year end bonus totals $35,000 with a special bonus of $10,000. For the classes in between the year end bonus increases by $5,000 increments while the special bonus increases to $15,000 for the class 2005, $20,000 for the class of 2004 then rises by $10,000 increments.
This payments are exactly in line with those being offered by Shearman & Sterling (www.thelawyer.com, 5 November) and are marginally ahead of Cravath Swaine & Moore’s.
Last week (30 October) Cravath Swaine & Moore kicked off the spate of 2007 bonus announcements with new bonuses ranging from $35,000 for first year trainees to $110,000 for the classes of 2001 and 2000.
Clifford Chance Americas regional managing partner Craig Medwick said: “It is important to us to maintain our bonuses at rates that are competitive in the market and we are pleased to reward our associates for their continuing dedication and hard work.”
Bonuses will be paid in January 2008.
Yesterday (www.thelawyer.com 6 November) it emerged that Clifford Chance has laid off six structured finance associates in New York as the effects of the credit crunch kicked in.