Biglaw

Cravath Sets the Scale for This Year’s Bonus Season
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Summary: Cravath announced its annual year-end associate bonus on Monday.

On Monday, Cravath Swaine & Moore LLP announced its year-end associate bonuses, and the numbers were in line with those given the past two years. Within hours, other law firms matched the Big Law firm, which famously set the recent scale for associate pay.

  
What
Where


According to Law.com, Milbank Tweed Hadley & McCloy LLP and Paul Weiss Rifkind Wharton & Garrison LLP followed Cravath’s lead and offered year-end bonuses to its associates that matched Cravath’s structure of $15,000 to $100,000. The amount will be paid in December, and the bonus structures are based on the associates’ entering class.

Cravath Bonus Structure 

Class of 2017 — $15,000 (pro-rated)
Class of 2016 — $15,000
Class of 2015 — $25,000
Class of 2014 — $50,000
Class of 2013 — $65,000
Class of 2012 — $80,000
Class of 2011 — $90,000
Class of 2010 — $100,000
Class of 2009 — $100,000

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!!




Cravath is known in the legal industry as setting the standard in pay. In 2016, the firm announced that it was upping its associate scale, with first-year associates earning $180,000 a year, up from $160,000. Many firms quickly followed suit, although some in the industry such as Kelley Drye & Warren pushed back, stating that the raise did not match the market.

According to LawCrossing, New York-based Cravath was formed in 1819, and it has grown to a multi-office firm with almost 400 associates and almost 100 partners. The firm’s primary practice is corporate, litigation, tax, executive compensation and benefits and trusts and estates.



JD Journal reported that last year some law firms were generous with their associates, while others filled their stockings with lumps of coal.

For instance, Milbank and Paul Weiss matched Cravath’s scale in 2016 while Kirkland & Ellis reportedly paid out more than Cravath by almost 20 percent. Houston-based Susman Godfrey went the extra mile and doubled what Cravath was giving, offering a minimum year-end bonus of $40,000 to its first-year associates. In contrast, Morgan Lewis reportedly slashed bonus amounts that year.

In 2016, Cravath was also the leader in announcing its year-end bonuses, and in a short period of time, associates learned whether or not their firms matched, surpassed, or gave less than the nearly 200-year-old law firm.

What do you think of Cravath’s bonuses this year? Let us know in the comments below.



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Senior Labor and Employment Attorney

USA-CA-Mountain View

Mountain View office of our client seeks senior labor and employment attorney with 4+ years of exper...

Apply Now

Mid-Level Corporate Associate

USA-CA-San Francisco

San Francisco office of our client seeks mid-level corporate associate with 3 years of experience. T...

Apply Now

Junior to Mid-Level Corporate Associate

USA-WA-Seattle

Seattle office of our client seeks junior to mid-level corporate associate with 2 years of experienc...

Apply Now

Litigation Labor and Employment Associate

USA-CA-Sacramento

Sacramento office of our client seeks labor associate with 2-4 years of employment litigation experi...

Apply Now

RELEVANT JOBS

Full-Time Associate Attorney (Work From Home - New Jersey)

USA-NJ-Sewell

Virtual “New Jersey” Law firm seeks a full-time Associate Attorney to join our growing p...

Apply now

Associate Attorney

USA-NY-New York City

MIDTOWN MANHATTAN BOUTIQUE FIRM SEEKS ASSOCIATE ATTORNEY FOR IMMEDIATE HIRE. Must bring book of b...

Apply now

Experienced Attorney

USA-NY-New York City

Small, dynamic, highly successful firm, with a focus on commercial and entertainment litigation, see...

Apply now

Attorney

USA-SC-Gaffney

Established small niche firm seeks attorney Guardian ad Litem licensed to practice law in the state ...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top