Biglaw

Firms Follow Cravath’s $180,000 Base Pay Scale
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

MK-BY993_lawbon_G_20121126191922

Photo courtesy of Wall Street Journal.

Summary: Some New York law firms have announced they will match the new salary scale set by Cravath, Swaine & Moore. 

Yesterday, Cravath, Swaine & Moore announced that the firm will raise its associate’s base pay from $160,000 to $180,000, a 12.5% increase. Today, other New York firms announced they will match Cravath’s new initial offer, and other big firms are expected to follow suit.

  
What
Where


  • To learn more about Cravath, Swaine & Moore, read this LawCrossing profile.

Cahill Gordon & Reindel; Milbank, Tweed, Hadley & McCloy; Paul, Weiss, Rifkind, Wharton & Garrison and Weil, Gotshal & Manges announced today that they will match Cravath’s scale, which will affect first to eight year associates.

“We have consistently paid our associates at the same level as the top New York firms,” Milbank Chairman Scott Edelman said to American Lawyer. “We are fortunate to have a terrific group of associates and we want them to have compensation consistent with the top firms. It is as simple as that.”

Pay raises are expected to happen on July 1. Cahill Gordon said the class of 2015 will receive a $180,000 annual salary while the class of 2008 will receive up to $315,000/a year.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Janet Stanton, a consultant for Adam Smith Esq., said that she believed a lot of firms would follow because the industry had a “lemming-like” mentality. However, she added that raised salaries would not “endear these firms to their clients.”

While a slew of firms have pledged to change their salary scale, some firms outside of New York have stated they will match their city’s market scale, not New York’s. However, Kelley Drye & Warren of New York has stated they will remain the same.



“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” Kelley Drye & Warren’s new chair, James Carr said. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

  • To learn more about Kelley Drye & Warren, read this LawCrossing profile.

In Philadelphia, Drinker Biddle & Reath’s base pay is $160,000, and Duane Morris pays $150,000 for first year associates. In Washington, DC, Williams & Connelly pays first year associates $200,000, but other firms in the area have the potential to pay more with generous bonuses.

What do you think about the new salary increases? Let us know in the comments below.

Source: American Lawyer



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Union-Side Labor Law and Employee Benefits Associate Attorney

USA-HI-Honolulu

Honolulu office of our client seeks union-side labor law and employee benefits associate attorney wi...

Apply Now

RELEVANT JOBS

Associate - Mid-Level - GL Group

USA-NY-Valhalla

Defense firm seeking mid-level associate for Westchester office to fill General Liability position. ...

Apply now

Mortgage Compliance Analyst

USA-MN-Minnetonka

Job Description: Rubicon Mortgage Advisors LLC, a locally-owned, boutique mortgage lender is seeki...

Apply now

Litigation Legal Assistant

USA-CA-Los Angeles

Qualifications: Candidate should have 2+ years of previous experience supporting multiple atto...

Apply now

Litigation Legal Assistant (10+ Years Experience)

USA-CA-Los Angeles

Qualifications: Candidate should have 10+ years of previous experience supporting multiple att...

Apply now

SEARCH IN ARCHIVE

To Top