Cravath, Swaine & Moore has set the tone for year-end bonuses in the US, awarding associates unchanged figures between $30,000 and $60,000.
Senior associates at the Wall Street heavyweight will take home $60,000 when the bonuses are paid on 16 December, equal to last year’s maximum associate bonus. First-year associates will meanwhile receive $30,000.
This is in line with the market and key competitor Sullivan & Cromwell, which offers total first-year compensation of $155,000.
Sullivan announced last month that associates would also receive unchanged bonuses starting at $30,000 for first years, ranging up to $50,000 for senior associates.
Meanwhile, New York-based intellectual property boutique Kenyon & Kenyon has announced that it is increasing associate base salaries.
First-year associates at the 200-lawyer firm are set to receive $135,000 rather than $125,000. The firm’s average bonus for associates has also been increased to $40,000, up from $29,000 last year.