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Just hours after we reported that Allen & Overy cut its associate bonuses in half, comes the news that New York’s Sullivan & Cromwell has informed its associates of the same cuts. But the firm indicated there may be additional money for them next April.
In memos distributed this afternoon, firm chairman H. Rodgin Cohen and vice chairman Joseph Shenker told associates they will receive regular year-end bonuses worth about half what they were last year. But the memos also said the firm intends to issue all associates another check in April, the size of which will depend on the firm’s overall financial performance.
Year-end bonuses for 2008 now range from $17,500 for first-years to $32,500 for eighth-year-associates, according to the memos. Â Last year the year-end bonuses, which are not tied to a minimum hours requirement, were twice that.
The news applies to all of Sulllivan’s roughly 450 associates worldwide.
Sullivan & Cromwell is one of the most prestigious and profitable law firms in the world, with approximately 700 lawyers in 12 offices, located in financial centers in Asia, Australia, Europe and the United States. As of 2006, it was the 15th largest law firm in the world.
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