Allen & Overy is the latest magic circle firm to announce bonuses for its US associates.
The firm has halved last year’s bonuses of $32,500 for junior lawyers, with most now receiving $17,500. Last year’s bonus for senior associates of $65,000 has also been halved, with most senior associates this year receiving $32,500.
Last month Allen & Overy US head Kevin O’Shea told The Lawyer that the firm would be taking a more financially prudent approach to bonuses this year due to the economic downturn (17 November ).
Last month Cravath Swaine & Moore became the first US firm to halve 2008 year-end bonuses followed by Simpson Thacher & Barlett, Davis Polk & Wardwell and Cleary Gottlieb Steen & Hamilton (24 November).