Craig Medwick, CC’s regional managing partner for the
The bonus will be paid out in January along with the standard year-end bonuses, which will see newly-qualified associates trouser up to $30,000 (£15,200) with senior associates in line for as much as $65,000 (£31,220).
The move comes after Cravath Swaine & Moore announced last month that it would pay a special bonus to its associates.
In January, Simpson Thacher kicked off a salary war when it raised its associate base salaries 10% to a new benchmark of $160,000 (£81,000) – a move followed quickly by rivals.
At CC, however, the news follows the magic circle firm axing a six-lawyer structured finance team from its New York office earlier this week (5 November), as law firms continue to feel the repercussions of the sub-prime mortgage crisis.