Yesterday we wondered: “[A]re associate bonuses and layoffs just two sides of the same coin?”
The answer, at least at Clifford Chance, would appear to be yes. Just one day after announcing layoffs (of admittedly small scale — six associates), CC has announced year-end and special bonuses. The bonuses are at market levels and not tied to hours (or being “reasonably busy,” whatever that might mean).
Memo after the jump.
Clifford Chance US LLP
TO: U.S. Associates
FROM: Craig S. Medwick
CC: Ira Frome, John Christian, Jay Connolly
RE: 2007 Bonuses
I am pleased to announce the 2007 bonus levels for U.S. Associates:
Class Year — Year-end Bonus / Special Bonus
Class of 2000 and more senior — $65,000 / $50,000
Class of 2001 — $60,000 / $50,000
Class of 2002 — $55,000 / $40,000
Class of 2003 — $50,000 / $30,000
Class of 2004 — $45,000 / $20,000
Class of 2005 — $40,000 / $15,000
Class of 2006 — $35,000 / $10,000
Class of 2007 — $35,000 (prorated) / N/A
Bonuses will be paid in January, following our year-end review process.
On behalf of all of our partners, thank you for your continued dedication and hard work throughout the year.
Earlier: Nationwide Layoff Watch: Clifford Chance