Slaughter and May's best friend in New York Davis Polk & Wardwell has cancelled Christmas for its lawyers.
The firm will not be paying end-of-year bonus payments. A memo circulated throughout the firm told lawyers not to expect bonuses, which have been up to $40,000 (£27,660) for first-year associates. Managing partner John Ettinger had no comment to make on the memo. A source said: "It's a reaction to this year. It didn't seem appropriate. The bonuses paid in 1997, 1998 and 1999 were for extraordinary years. This year hasn't been exceptional." The first half of this year witnessed Davis Polk advising on just 10 M&A deals involving US companies that were valued at more than $150m (£103.7m); in the same period last year, the firm handled three times as many.