Image via WikipediaNate Raymond, The American Lawyer, November 25, 2008
Simpson Thacher & Bartlett announced smaller year-end associate bonuses Monday, continuing the slashing seen at other elite law firms.
The bonuses, which range from a pro-rated $17,500 for first-year associates to $32,500 for eighth- and ninth-years, matched the reduced rates announced Thursday by Cravath, Swaine & Moore.
'The numbers were essentially half of last year's,' says Philip Ruegger III, Simpson Thacher's chairman. He confirmed the contents of a memorandum that outlined the lower bonuses and first appeared on the blog Above the Law. The memo cited 'the current challenging business environment' as the reason for cutting the bonuses.
Special bonuses -- which last year ranged from $10,000 for second-years to $50,000 for seventh- to ninth-years -- went unmentioned in the memo. Their disappearance followed a trend established in earlier memos from Skadden, Arps, Slate, Meagher & Flom and Cravath."
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