Bonus for Clifford Chance Associates

Clifford Chance announced its associate bonuses today just a few days after the firm laid off six associates in its New York office. According to the New York Law Journal, the six associates, who worked on Standard & Poor’s ratings of mortgage-backed securities (not the best practice to be in at the moment), were given severance packages of three months pay that, incidentally, did not include a bonus.

But for those lucky ducks without a pink slip, Clifford Chance has matched the market rate for year-end cash piles.

--Class of 2000 and up: year-end $65,000, special $50,000
--Class of 2001: year-end $60,000, special $50,000
--Class of 2002: year-end $55,000, special $40,000
--Class of 2003: year-end $50,000, special $30,000
--Class of 2004: year-end $45,000, special $20,000
--Class of 2005: year-end $40,000, special $15,000
--Class of 2006: year-end $35,000, special $10,000
--Class of 2007: year-end $35,000 (prorated)

Interested in what other big firms are doing? Check out Above the Law’s Associate Bonus Watch.