Clifford Chance and Freshfields will pay their US associates bonuses of up to $100,000 (£67,000).
Both firms are matching the bonus scale set by US firm Cravath Swaine & Moore, which is normally the first firm to announce its bonuses in the US each year. Lawyers at Clifford Chance's offices in Washington DC and New York received a memo on Tuesday revealing that the firm would award associates who qualified in 2008 or earlier up to $100,000, with later qualifiers receiving smaller amounts. The actual bonuses paid will depend on individual performance, with pro bono hours being counted as billable.
Clifford Chance's US associates posted to London will also receive the payouts, but not their UK colleagues. They will have to make do with their summer bonuses, which were raised this year to a maximum of £14,000 for NQs, £22,650 for 1PQEs, £26,400 for 2PQEs and £29,550 for 3PQEs. This month Slaughter and May also increased its bonus range, with associates picking up 9-16% of their salary (dependant on their performance), up from 7.5-15% last year.
Meanwhile an increasing number of US firms are awarding their London fee-earners the same bonuses as their American peers.
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Both firms are matching the bonus scale set by US firm Cravath Swaine & Moore, which is normally the first firm to announce its bonuses in the US each year. Lawyers at Clifford Chance's offices in Washington DC and New York received a memo on Tuesday revealing that the firm would award associates who qualified in 2008 or earlier up to $100,000, with later qualifiers receiving smaller amounts. The actual bonuses paid will depend on individual performance, with pro bono hours being counted as billable.
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When pro bono can earn you a six figure sum |
Clifford Chance's US associates posted to London will also receive the payouts, but not their UK colleagues. They will have to make do with their summer bonuses, which were raised this year to a maximum of £14,000 for NQs, £22,650 for 1PQEs, £26,400 for 2PQEs and £29,550 for 3PQEs. This month Slaughter and May also increased its bonus range, with associates picking up 9-16% of their salary (dependant on their performance), up from 7.5-15% last year.
Meanwhile an increasing number of US firms are awarding their London fee-earners the same bonuses as their American peers.
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