Cravath sets static bonus trend

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.