NY firms in U-turn over bonuses

US firm Weil Gotshal & Manges has upped the ante for associate end-of-year bonuses, emerging as the biggest bonus payer on Wall Street and beating New York giants Cravath Swaine & Moore, Skadden Arps Slate Meagher & Flom and Simpson Thacher & Bartlett.

Until Weil Gotshal announced its figures of up to $20,000 (£13,900) for first year-qualifieds and up to $60,000 (£41,600) for senior associates, Cravath had been top with $50,000 (£34,600).

Other New York firms have reversed decisions to make either reduced bonuses or none at all. Davis Polk & Wardwell stated in October that it would not pay bonuses, but has now said that it will match Cravath.

Simpson Thacher has also reconsidered its bonuses. The firm announced that it will more than double the previously announced $10,000 (£7,000) to $25,000 (£17,300).

But amounts this year are still lower than last year: Clifford Chance&#39s bonuses of $20,000-$50,000 are down; Skadden Arps revealed that it would pay $2,500 (£1,700)-$12,000 (£8,300); and although Sullivan & Cromwell said that it will pay bonuses, figures have yet to be specified.