Lawyer Pay
Year-End Associate Bonuses at Simpson Thacher Are Cut by Half
Simpson Thacher & Bartlett is cutting associate year-end bonuses in half, following the lead of Cravath, Swaine & Moore.
The associate bonuses range from a pro-rated $17,500 for first years to $32,500 for those with the most experience, the American Lawyer reports.
Simpson Thacher chairman Philip Ruegger III told the publication that “the numbers were essentially half of last year’s.” He confirmed a memo, initially posted on the blog Above the Law that said the lower bonuses reflect “the current challenging business environment.”
Simpson Thacher and Cravath’s bonuses are lower than those at Skadden, Arps, Slate, Meagher & Flom, which is keeping year-end bonuses at last year’s levels.
