Lawyer Pay
Cravath lastly publicizes affiliate raises, and so they partly surpass Milbank scale
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It took three weeks of ready after Milbank introduced bonuses and raises for associates. However now, Cravath, Swaine & Moore has stepped into the BigLaw breach with its announcement.
Above the Regulation broke the news.
Like Milbank, Cravath is matching final yr’s bonuses. Like Milbank, Cravath is giving junior associates raises of $10,000. However Cravath is surpassing Milbank’s $10,000 raises for extra senior associates.
Cravath’s new pay scale ranges $225,000 for associates within the class of 2023 to $420,000 for these within the class of 2017, based on Above the Regulation. Bonuses will vary from $15,000 to $105,000.
Right here is Cravath’s new scale for pay and bonuses:
• Class of 2023: $225,000 pay (matching Milbank), $15,000 bonus
• Class of 2022: $235,000 pay (matching Milbank), $20,000 bonuses
• Class of 2021: $260,000 pay (matching Milbank), $30,000 bonus
• Class of 2020: $310,000 pay ($5,000 greater than Milbank), $57,500 bonus
• Class of 2019: $365,000 pay ($10,000 greater than Milbank), $75,000 bonus
• Class of 2018: $390,000 pay ($10,000 greater than Milbank), $90,000 bonus
• Class of 2017: $420,000 pay ($10,000 greater than Milbank), $105,000 bonus
Bonuses will probably be paid Dec. 15 and will probably be prorated for these with Cravath for less than a part of the yr. There isn’t any billable hour requirement for bonuses, though they are going to be “depending on appropriate efficiency,” Cravath mentioned in a memo revealed by Above the Regulation.
See additionally:
“Full BigLaw associate bonuses may not be for everybody”
“In ‘a bold move,’ Milbank announces associates will get raises along with bonuses”
“Boutique law firm will pay bigger-than-BigLaw bonuses; what will Cravath do?”
