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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Sullivan & Cromwell has upped the ante in the annual New York associate bonus war by topping Cravath Swaine & Moore's rate for first year qualifieds
Sullivan & Cromwell is set to add $17,500 (£11,000) to its first year associates' pay packets, compared with the $15,000 (£9,400) that Cravath, and subsequently Fried Frank Harris Shriver & Jacobson and Shearman & Sterling, will award their lawyers.
New York firms which have so far announced bonus levels will all pay senior associates $25,000 (£16,000), compared with $50,000 (£32,000) last year and with the astronomical $100,000 (£63,000) awarded in 2000.
Overall, firms are anxious to keep bonus rates for first and second year qualifieds close to previous rates of around $20,000 (£13,000) as a ruse to attract new recruits.
Sullivan & Cromwell's decision to pay slightly more at the bottom end is seen as a new benchmark for firms such as Dewey Ballantine and Cleary Gottlieb Steen & Hamilton, which are likely to pay slightly more than firms such as Cravath.
The higher rate is also expected to put Sullivan & Cromwell on a level pegging with Skadden Arps Slate Meagher & Flom which, although it awards the very minimum in terms of bonuses, pays first years $140,000 (£88,000). This is compared with the rest of the New York market which pays $125,000 (£79,000).