Associate Bonus Watch 2010, Biglaw, Bonuses, Money

Associate Bonus Watch: Clifford Chance Matches Cravath Spring Bonuses

Things have been a little quiet lately on the spring bonus front. For a while we were wondering whether this might be it — i.e., that any firm that hasn’t announced by now isn’t planning on announcing anything.

Happily, this speculation was wrong. The latest news comes from Clifford Chance, which this morning announced spring bonuses on the top-of-the-line Cravath scale.

Let’s look at the full memo, and see how CC sources are reacting….

Most seem pleased by the news, as well they should be. One tipster did complain about how long it took — and how the partners just got back from a fabulous retreat in Monaco. (But hey, better late than never. And what’s the point of being a law firm partner if you can’t jet off to Monaco every now and then?)

Here’s the full memo, from regional managing partner Craig Medwick. It does contain language about “an assessment of each associate’s overall performance,” which could conceivably be used to withhold bonuses from underperformers — but it seems, for the most part, to be a straight lockstep announcement.

Congratulations, Clifford Chance associates, and welcome to the club!

CLIFFORD CHANCE — MEMORANDUM — SPRING BONUSES

Earlier: Prior ATL coverage of spring bonuses

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