Slaughter and May cuts bonuses

Magic circle law firm Slaughter and May said yesterday it is cutting bonuses it pays trainees and associates, blaming economic uncertainty. The firm will pay a discretionary bonus for this year of five per cent to associates, down from eight per cent last year, and 2.5 per cent to all trainees ­– down from four per cent for first-year recruits and six per cent for second-years. Executive partner Graham White said the cut “strikes the right balance between rewarding hard work and maintaining our prudent approach”