CC matches Cravath associate bonuses

Clifford Chance has announced that it is to match the benchmark year-end bonus rates set by its US competitors Cravath Swaine & Moore and Sullivan & Cromwell.

The magic circle firm is to also pay $30,000 for first-year associates, scaled upwards to $60,000 for senior associates, unchanged from last year.

This is in line with the bonus rates announced by Cravath earlier this week and Sullivan last month of $30,000 for first-year associates. Added to basic pay of $125,000, the bonuses give first-year associates a total remuneration package of $155,000.

The stagnant bonus rates follow last year’s unprecedented bonus levels, when the $30,000 to $60,000 benchmark was first set.