17:09, June 14 28 0 abajournal.com

2018-06-14 17:09:06
Several firms follow Cravath after it beats Milbank on associate pay raises and adds bonuses

Cravath set a new standard for associate pay on Monday when it announced it was paying salaries ranging from $190,000 to $340,000. Now several other law firms have announced they are matching Cravath’s salaries.

Cravath’s scale beat Milbank, Tweed, Hadley & McCloy, which announced the prior week it is also paying $190,000 to new associates, but it is topping out associate pay at $330,000. In addition, Cravath beat Milbank when it announced special bonuses ranging from $5,000 to $25,000.

Above the Law keeps a running tally of pay announcements here, and also covers them individually. After Cravath’s announcement, these firms announced pay raises in the United States that match Cravath, along with special bonuses up to $25,000:

This is Cravath’s salary structure for associates, including special bonuses:

Here is Milbank’s scale:

Several firms matched Milbank’s scale last week, including Proskauer Rose (for associates in Boston, Chicago, Los Angeles, New York and Washington, D.C.); Winston & Strawn; Simpson Thacher & Bartlett (which is also paying bonuses ranging from $5,000 to $25,000); Jones Day (for new associates; compensation is not lockstep); Irell & Manella; and Selendy & Gay, formed with lawyers from Quinn Emanuel.