Clifford Chance slashes US bonus

<a class=Clifford Chance slashes US bonus” />Clifford Chance has followed the New York trend and halved year end bonus pay-outs for its US associates.

The magic circle firm will provide bonuses ranging from $17,500 (£12,000) for first year associates to $32,500 (£22,000) for the most senior class. Last year bonuses ranged from $32,000 (£24,000) to $65,000 (£45,000).

A number of US firms have halved associate bonuses this year due to the challenging economic environment.

Cravath Swaine & Moore set the precedent when the New York firm slashed bonuses last month (24 November). Simpson Thacher & Bartlett, Dewey & LeBoeuf, Cleary Gottlieb Steen & Hamilton also cut bonuses this year.

The move comes after The Lawyer revealed significant partner defections last week (1 December) with John Carroll, David Meister and Warren Feldman moving to Skadden Arps Slate Meagher & Flom and James Moyle defecting to Morgan Lewis & Bockius.

The magic circle firm has had a turbulent year in the US, making 20 litigation associates redundant earlier this year (14 October ).