Associate Bonus Watch 2008

Associate Bonus Watch: Cleary Matches Cravath Et Al.

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The latest major law firm to fall short of Skadden in terms of bonuses: Cleary Gottlieb.

Here’s the official CGSH bonus scale. The specific numbers should look quite familiar to you by now:

2008 and participants in the International Lawyer Program: $17,500 (prorated)

2007: $17,500

2006: $20,000

2005: $22,500

2004: $25,000

2003: $27,500

2002: $30,000

2001 and more senior: $32,500

The Cleary memo concludes by thanking associates for “demonstrating time and again your ability to adapt to the rapidly changing legal landscape presented by current global economic conditions.” E.g., by happily and gratefully accepting Half-Skadden bonuses.

Full memo, after the jump.


CLEARY GOTTLIEB STEEN & HAMILTON — MEMORANDUM — 2008 ASSOCIATE BONUSES

December 3, 2008

Sponsored

MEMORANDUM FOR ALL ASSOCIATES ON THE U.S. SALARY SCALE

Re: 2008 Bonuses

On behalf of the partners of the Firm, we are pleased to announce year-end

bonuses for associates in good standing on the U.S. salary scale, at the amounts set forth below.

Bonuses will be prorated for those on reduced schedules and for those who joined the Firm after January 1, 2008, and will be payable on December 24.

Sponsored

Class Bonus

2008 and participants in the

International Lawyer Program

$17,500

2007 $17,500

2006 $20,000

2005 $22,500

2004 $25,000

2003 $27,500

2002 $30,000

2001 and more senior $32,500

We thank you all for the terrific work you have done for our clients over the past year, and, in particular, for demonstrating time and again your ability to adapt to the rapidly changing legal landscape presented by current global economic conditions.

Jim Bromley

Derek Bush

For the New York and Washington Associates Committees

Earlier: Prior ATL coverage of associate bonuses

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