A Bold First Move

Cravath has long been known for being among the first to reveal compensation figures for associates, and this year is no exception. According to a memo first-year associates will receive a pro-rated bonus of $15,000, while the most senior associates could receive up to $115,000, also depending on class year and performance.

In addition, the firm is offering “special” bonuses, ranging between $6,000 and $25,000, aligning with payout levels recently publicized by rival firm Milbank LLP.

Ripple Effect Across the Industry

Not surprisingly, other top-tier U.S. law firms are moving quickly in response. Within hours of Cravath’s disclosure, Paul Hastings LLP announced a matching structure of year-end and special bonuses, using the same scale laid out by Cravath.

This phenomenon is familiar: large law firms tend to mirror each other when it comes to associate compensation, in order to remain competitive and retain top talent. Last year, Milbank was first to announce the 2024 bonuses; subsequently other firms followed in order to stay aligned.

Bigger Picture: Strong Demand, Steady Pay

There are broader industry factors at play. Data from the report that law firms experienced a “sharp spike” in client demand during the third quarter of 2025—particularly within transactional practices.

With that backdrop, it is no surprise that firms are feeling comfortable rewarding associates generously. Many associates at leading U.S. law firms already earn annual salaries between $225,000 and $435,000, depending on their class year. The bonus structure is therefore only one part of their total compensation.

Why It Matters to Associates

For associates at a firm like Cravath, the bonus announcement sends a clear message: this is a rewarding year. The pro-rated structure for first-year associates ensures that even those who’ve just joined the firm benefit, while the top-end bonus underscores the value placed on senior associate contributions.

Moreover, special bonuses provide an added incentive — and they help firms signal performance recognition beyond merely longevity or class year. For those associates who have gone above and beyond, the $6,000-to-$25,000 additional bonus may feel like a meaningful reward.

Implications for the Legal Labor Market

This development carries several implications. First, it reinforces a compensation arms race at the top end of the associate class: if one large firm raises the bar, others must respond or risk being seen as less attractive.

Second, talented associates now have more leverage—not just in negotiating bonuses but also when considering lateral moves. Firms that lag may find recruitment and retention more difficult.

Third, this could prompt ripple effects further down the market: midsize firms may feel pressure to boost their own bonus structures (or at least keep pace with expectations), which could lead to upward pressure on compensation across the board.

What to Watch Going Forward

As the season unfolds, the key metrics to watch will include:

• How many firms match or exceed Cravath’s scale. Will we see firms top $140k, or will they stick to that threshold?
• Whether special bonuses increase in size or frequency. Firms may use these discretionary payouts to differentiate themselves.
• How the demand-driven business environment sustains itself. If transactional demand continues to hold or grow, firms may feel confident maintaining or increasing compensation levels; if demand wanes, bonus sizes may be viewed more conservatively.

Final Thoughts

In short, Cravath has taken a decisive step in setting the tone for 2025’s year-end bonuses among U.S. law firms. By offering up to $140,000 to associates—and matching special bonus pools to those of major rivals—the firm has both rewarded its top talent and issued a signal to the rest of the market.

As many will note, the most senior associates stand to gain significantly; yet even newer associates are assured meaningful reward, which speaks to the overall confidence in the market. Given the strong transactional activity reported, it appears that the major law firms are in a good position to deliver on these compensation promises—marking a notable moment in the legal employment landscape.

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Cravath, known for its distinguished stature in Biglaw compensation, has historically lagged in clerkship bonuses compared to its counterparts. While litigation boutiques and select Biglaw firms have been setting the bar with six-figure bonuses for attorneys completing federal clerkships, Cravath is now stepping up its game.

Generous Bonuses at Cravath

Recent observations from keen-eyed insiders revealed an update on the Cravath website regarding clerkship bonuses:

• Incoming associates who have finished a qualifying clerkship are entitled to a bonus of $125,000.
• Those who have completed a two-year or two-year clerkship will receive a higher bonus of $150,000 (replacing the $125,000 bonus).
• Incoming associates gain a year of compensation credit, up to two years, for each year spent in clerking.
• Associates with a U.S. Supreme Court clerkship (alongside at least one other qualifying clerkship) receive an additional bonus and two years of class credit for all purposes.

This significant bonus increase marks a compelling incentive for attorneys eyeing Cravath’s post-clerkship.

Competitive Landscape

While Cravath’s enhanced bonuses make it a more attractive destination, other firms have also been offering lucrative incentives to former clerks:

• Susman Godfrey leads the pack with bonuses of $125,000 for one clerkship and $150,000 for two.
• Dovel & Luner, a California plaintiffs firm, offers an impressive $140,000 clerkship bonus.
• Quinn Emanuel provides a $105,000 bonus for clerkship experience, with an additional $20,000 for completing a second qualifying clerkship.
• Robins Kaplan offers $100,000 bonuses to former federal clerks.
• Fish & Richardson, although with stricter criteria, offers $115,000 bonuses to former clerks with Federal Circuit experience and two years of clerkship service.
• Munger Tolles pays $80,000 for a single federal clerkship and $105,000 for those with two federal clerkships.
• Hueston Hennigan provides $125,000 to former clerks.
• Boies Schiller offers a $110,000 signing bonus to federal law clerks.

Cravath’s strategic move to enhance its clerkship bonuses in this competitive landscape aims to position itself as a top contender in attracting and retaining top legal talent.

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Legal Talent Shift: Rory Leraris Joins Davis Polk from Cravath

In a notable development within the legal sector, Davis, Polk & Wardwell, a prominent law firm, announced on Monday that it successfully recruited civil litigator Rory Leraris from Wall Street counterpart Cravath, Swaine & Moore. This move marks the latest in a series of transitions, with at least four partners from Cravath taking the same path since 2021.

Leraris’ Expertise and Tenure at Cravath

Having spent an impressive 15 years at Cravath, Rory Leraris specializes in litigation related to mergers and acquisitions. Her legal repertoire extends to securities, shareholder derivative actions, antitrust matters, and commercial disputes, as outlined by Davis Polk.

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Freshfields Bruckhaus Deringer Also Sees a New Addition

Simultaneously, another former Cravath partner, Sanjay Murti, found a new home at Freshfields Bruckhaus Deringer. Murti, an experienced M&A lawyer based in New York, joined the ranks of Freshfields, adding to the growing list of Cravath alumni making strategic career moves.

A Shift in Cravath’s Traditionally Low Turnover

Historically, Cravath has been recognized as one of the country’s most profitable law firms with a reputation for low partner turnover. However, recent years have seen a shift in this trend, with several partners opting to explore opportunities elsewhere. Firms like Davis Polk, Latham & Watkins, and Paul, Weiss, Rifkind, Wharton & Garrison have successfully lured Cravath partners in 2023.

Cravath’s Evolving Hiring Strategy

Known for infrequently hiring partners from external firms, Cravath has made exceptions in recent years. In 2023, the firm added two partners from Shearman & Sterling based in London. Additionally, Cravath expanded its ranks with former government lawyers, establishing a Washington, D.C. office in 2022.

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Leraris’ Noteworthy Cases

Over the past few years, Rory Leraris has been involved in high-profile litigation matters, representing clients such as Buckeye Partners, American Express, Grubhub, and Alarm.com. Her expertise and contributions solidified her position at Cravath, where she initially joined as an associate in 2008 and later ascended to partner status in 2017.

Cravath’s Best Wishes and Broader Legal Landscape

In response to Leraris and Murti’s departures, a spokesperson from Cravath conveyed the firm’s well-wishes. This trend of partner movements reflects a changing landscape in the legal industry, where top-tier firms increasingly compete for and invest in top talent.

Davis Polk’s Recent Additions

Beyond the acquisition of Rory Leraris, Davis Polk has been actively expanding its team. Raul Yanes, former head of non-financial risk at Morgan Stanley, is set to rejoin the firm as the chair of its white-collar defense and investigations practice. Additionally, William Hochul, Jr., the former general counsel of Delaware North Companies, recently joined Davis Polk’s white-collar team as counsel.

As law firms continue to strategically position themselves in the competitive legal market, these recent developments underscore the dynamic nature of talent acquisition and retention in the legal profession.

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Milbank Responds to Market Dynamics

In a strategic move responding to recent developments in the legal industry, Milbank, a prominent U.S. law firm, announced on Tuesday that it would align its associate compensation scale with that of rival Cravath, Swaine & Moore. This decision comes on the heels of Cravath’s recent adjustment of salary structures, which had initially overshadowed Milbank’s earlier salary increases for its associate lawyers.

Revised Seniority-Based Compensation Scale

Under the updated compensation structure, associates at Milbank will now enjoy salaries ranging from $225,000 to $435,000, contingent on their seniority within the firm. This marks a notable adjustment from Milbank’s initial salary scale introduced in early November, which had capped senior associates’ raises at $425,000. The revised increases amount to $10,000 to $20,000, depending on the associate’s class year.

Uniform Year-End Bonuses

In addition to salary adjustments, both Milbank and Cravath disclosed identical year-end bonuses tied to associate class years. These bonuses range from $15,000, pro-rated, to an impressive $115,000.

Industry-Wide Trend

The legal landscape in the United States often witnesses a swift domino effect among significant law firms following notable compensation adjustments. On the same day, Cravath’s salary increases on November 28 triggered a cascade of matching announcements from various firms, including Paul Hastings and McDermott Will & Emery.

Ripple Effect Across Top-Tier Law Firms

Milbank joins a roster of prestigious law firms across the U.S. that have committed to matching Cravath’s elevated compensation scale. This includes notable names such as Baker McKenzie, Boies Schiller Flexner, Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell, Dechert, Kirkland & Ellis, Paul, Weiss, Rifkind, Wharton & Garrison, Quinn Emanuel Urquhart & Sullivan, and Skadden, Arps, Slate, Meagher & Flom.

In a highly competitive legal landscape, the synchronized salary adjustments and year-end bonuses underscore the industry’s commitment to attracting and retaining top-tier legal talent. The move by Milbank demonstrates a proactive approach to maintaining competitiveness and responding to market dynamics in the legal sector.

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Innovating to Reward Outstanding Talent

Cravath, Swaine & Moore, an esteemed US law firm renowned for setting industry pay standards, has introduced a non-equity partner tier, signaling a shift from its traditional structure. The new tier is aimed at retaining and promoting exceptional legal professionals sought after by competitors.

A Strategic Move to Nurture Talent

In an internal company-wide communication sent on Tuesday, Presiding Partner Faiza Saeed revealed that the firm had recently established the “salary partner role” to ensure the retention and promotion of exceptional individuals across all levels. This move allows the 204-year-old firm to financially recognize and motivate its junior staff more effectively. In contrast, the firm’s approximately 100 equity partners are required to purchase a stake in the firm after at least seven years of service and share in the firm’s overall profits.

Adopting a Proven Approach

Rivals like Kirkland & Ellis and Latham & Watkins, who have successfully lured talent from Cravath in recent years, have already adopted a non-equity system in tandem with a traditional equity partner tier. This shift is aligned with other Wall Street competitors who have embraced similar structures.

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Responding to Market Dynamics

In her communication to the staff, Saeed emphasized that Cravath is evolving in line with market dynamics. The goal is to reward individuals who align with the firm’s values and objectives. She noted that this adaptability is a cornerstone of the firm’s enduring success, which has spanned three centuries—an impressive feat in the business world.

Cravath has chosen not to comment further on this development, which Bloomberg Law initially reported.

A Prestigious Firm’s Evolution

Cravath, known for its benchmark-setting pay scale, has undergone a series of changes in recent years as younger, more commercially minded competitors have seen significant profitability growth. In 2021, the firm revamped its pay structure by departing from the pure “lockstep” model, which had been in place since 1976, and instead focused on rewarding partners based on merit.

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The decision to further distance itself from the pure lockstep model underscores the pressure to adapt and prevent the loss of talented lawyers to firms offering more attractive compensation packages.

The Talent Exodus

In 2016, Cravath lost star mergers and acquisitions lawyer Scott Barshay to Paul, Weiss, Rifkind, Wharton & Garrison. Since then, the firm has seen the departure of other promising talent, including Eric Schiele and Jonathan Davies to Kirkland & Ellis, Andrew Elken to Latham & Watkins, and Damien Zoubek to Freshfields. Firms like Kirkland & Ellis have been able to attract highly sought-after partners by promising generous rewards based on performance—a model often referred to as “eat what you kill.”

Expanding Horizons

In addition to these internal changes, Cravath recently expanded its presence into Washington and hired its first English law practitioners, Korey Fevzi and Philip Stopford, in London. The firm is also planning to move from its Midtown Manhattan location to Hudson Yards next spring. Saeed mentioned that this move will offer more social spaces and reduce separation among team members, aiming to replace the traditional partner suites and mahogany interiors.

Cravath, Swaine & Moore’s move to establish a non-equity partner tier underscores its commitment to adapting to the evolving legal landscape while nurturing and rewarding exceptional talent. This strategic shift demonstrates the firm’s determination to remain competitive and innovative in the legal industry.

Don’t be a silent ninja! Let us know your thoughts in the comment section below.

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Introduction
Robert Kindler, former top M&A banker at Morgan Stanley, has returned to the legal profession after a hiatus of over two decades. In his new role as the Global Chair of Mergers and Acquisitions at Paul Weiss, Kindler shares his insights on the evolving landscape of deal-making and the shifting prominence of lawyers in this arena.

Lawyers Take the Lead: The New Face of Deal-Making

In a recent interview, Robert Kindler emphasized the changing dynamics of deal-making. While reflecting on his earlier stint as a lawyer 23 years ago, he noted that primarily bankers received the initial calls for deals. However, the current landscape has shifted dramatically, with lawyers taking the lead.

Navigating Complex Challenges: Lawyers in the Biden Era

Kindler acknowledges that lawyers today face multifaceted challenges, including environmental, social, and governance issues and stringent regulatory hurdles under President Joe Biden’s administration. He points out that these factors have led to the postponement or cancellation of numerous deals due to the assessment of time and risk involved.

A Respected Figure in Mega-Deals

Robert Kindler’s reputation in the world of mergers and acquisitions is well-established. He has left his mark on some of the most significant deals of the past quarter-century, including Dow Chemical Co.’s $130 billion merger with DuPont Co., AT&T Inc.’s $85.4 billion acquisition of Time Warner Inc., and Bristol-Myers Squibb Co.’s $74 billion purchase of Celgene Corp.

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A Strategic Career Move: Returning to Big Law

At 69, Kindler decided to return to Big Law for several reasons. Morgan Stanley’s CEO, James Gorman, announced his departure, signaling a bank deal-making slowdown. Additionally, Kindler recognized that lawyers tend to enjoy more extended careers than bankers, making it an attractive prospect for his future in the field.

The Changing Face of Activism

Kindler’s role at Paul Weiss will involve advising on activist attacks, a realm he’s been involved in since the 1980s. He highlights the evolving nature of activism, with institutional investors playing a more significant role in recent years. Deal-makers now must carefully consider shareholder reactions and even structure deals to avoid shareholder votes, as the involvement of arbitrageurs and short-term investors can influence the outcome.

Building on Success: Paul Weiss’s Ambitions

Paul Weiss, with Robert Kindler on board, aims to expand its portfolio of large-deal work. Recent successes include facilitating World Wrestling Entertainment’s merger with Ultimate Fighting Championship, resulting in a new public company with an enterprise value of $21.4 billion. The firm also advised Apollo Funds in its $8.1 billion acquisition of Univar Solutions and Merck & Co.’s $10.8 billion acquisition of Prometheus Biosciences.

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A Pioneering Move: Kindler’s Transition to Paul Weiss

Kindler’s move to Paul Weiss came about when Scott Barshay, the firm’s corporate department chair, and Kindler’s protégé, approached him about a new role. Barshay, known for his unconventional shift from Cravath to Paul Weiss in 2016, had previously worked with Kindler at Cravath during the late 1990s. In his new position, Kindler expects to bring in new clients and support existing Paul Weiss customers in their deals, governance issues, and activism matters.

In conclusion, Robert Kindler’s return to the legal profession at Paul Weiss reflects the shifting landscape of deal-making, where lawyers play an increasingly pivotal role in navigating the complexities of modern transactions. His wealth of experience and reputation in the industry make him a valuable addition to the firm’s ambitious goals in the world of mergers and acquisitions.

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Former Acting U.S. Attorney General Jeffrey Rosen has recently made headlines by joining the esteemed law firm Cravath, Swaine & Moore in Washington, D.C. The firm announced this significant development on Monday, highlighting Rosen’s new role as counsel in Cravath’s litigation department. As counsel, Rosen will leverage his extensive experience to provide valuable guidance to clients on various critical legal matters, including government investigations, corporate compliance, antitrust issues, and more.

Jeffrey Rosen’s journey to this prominent position is marked by his notable tenure leading the Justice Department during the final days of the Trump administration. Following the departure of U.S. Attorney General William Barr in December 2020, Rosen assumed the role of acting attorney general. Notably, he maintained this position during the infamous January 6, 2021 attack on the U.S. Capitol, perpetrated by supporters of then-President Donald Trump.

During the subsequent House panel investigation into the attack, Rosen testified about the Justice Department’s resistance to Trump’s attempts to exploit the department for his own agenda. Rosen and other high-ranking officials staunchly resisted the former president’s efforts to promote baseless claims of voter fraud and overturn the 2020 election results, which saw Democrat Joe Biden emerge as the victor.

Prior to his time at the Justice Department, Jeffrey Rosen held several other significant roles in government. He served as the confirmed deputy attorney general before assuming the top post, bringing valuable insights and expertise to his leadership position. Earlier in the Trump administration, Rosen held the position of deputy secretary at the Department of Transportation. He also served as general counsel in the White House Office of Management and Budget during the George W. Bush administration, highlighting his extensive legal and governmental experience.

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Following his departure from the Justice Department, Rosen took a hiatus from law firms and assumed the role of non-resident fellow at the American Enterprise Institute, a conservative think tank, in 2021. However, his decision to join Cravath, Swaine & Moore marks his return to the legal field, where he will contribute his exceptional skills and insights to the firm’s clients.

Cravath’s recent expansion into Washington, D.C., with the opening of a new office last year, further emphasizes the firm’s commitment to growth and its desire to establish a solid presence in the nation’s capital. This move, only the second office outside of New York for the 200-year-old Wall Street firm, was accompanied by the recruitment of three former top government regulatory officials to spearhead the office’s operations—an unconventional step for a firm known for its internal promotions.

Moreover, Cravath bolstered its Washington, D.C. office with the addition of former U.S. Federal Trade Commission commissioner Noah Phillips, who now co-chairs the firm’s antitrust practice. This strategic recruitment reflects the firm’s focus on enhancing its capabilities in critical areas of law.

In response to his joining Cravath, Jeffrey Rosen expressed his admiration for the firm, citing its involvement in some of the most intricate and impactful corporate, investigative, and litigation work taking place today. Rosen’s expertise and experience will undoubtedly contribute to the firm’s ongoing success and further solidify its position as a leading legal force in the industry.

As Jeffrey Rosen embarks on this new chapter of his career at Cravath, Swaine & Moore, the legal community eagerly awaits his contributions in advising clients on complex legal matters, navigating government investigations, ensuring corporate compliance, and addressing antitrust concerns. With his rich government background and commitment to upholding the rule of law, Rosen’s addition to the firm is set to be a valuable asset in providing exceptional legal counsel to clients seeking top-tier representation in Washington, D.C. and beyond.

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Cravath, one of the leading law firms renowned for its prestigious status and generous compensation, has recently made the difficult decision to conduct layoffs. Even the wealthiest and most prestigious firms are not immune to the need for staffing adjustments in today’s legal landscape.

The news of Cravath’s layoffs emerged from its London office, where an undisclosed number of associates have been let go as part of the firm’s effort to reconfigure its staffing. Since its establishment in 1973, Cravath’s London office has primarily employed a U.S. finance team. However, earlier this year, the firm embarked on a strategic expansion plan by recruiting finance professionals qualified in England and Wales from Shearman & Sterling. This move aimed to enhance and diversify the firm’s practice areas.

RollOnFriday, a trusted source for legal industry insights, reported on the job cuts at Cravath’s London office. The firm’s repositioning has had unintended consequences for its U.S. lawyers in London, as some have been made redundant to make room for lawyers qualified in England and Wales. According to an anonymous source, Cravath allegedly terminated the entire class of 2021 and several other associates in London.

However, another source close to Cravath’s U.S. management refuted the claim that an entire year of associates was let go. Instead, they stated that the redundancies affected associate levels across the board. Cravath itself has chosen not to comment on the specific details of the layoffs. RollOnFriday also highlighted a statement from a management source, suggesting that the firm had made a “limited adjustment” to its associate ranks in London and eliminated a select number of positions.

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Adjustments to personnel can be a difficult and uncertain process, and we hope those impacted find new opportunities that align with their professional goals. Cravath’s recent layoffs serve as a reminder that even prestigious firms face challenges and must adapt to evolving market demands. The legal industry continues to witness transformations, and firms are compelled to make strategic decisions to remain competitive.

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Davis, Polk & Wardwell has announced hiring David Portilla, a bank regulatory lawyer from Wall Street law firm Cravath, Swaine & Moore. Portilla, who spent just over two years at Cravath, has joined Davis Polk in New York, according to a spokesperson. Portilla has previously worked at Debevoise & Plimpton and the U.S. Department of Treasury. He began his career at Davis Polk.

Portilla’s expertise lies in advising financial institutions on mergers and acquisitions, regulation, policy, enforcement, and governance. His clients include Cowen Inc, Afterpay, and Texas Capital Bank. According to his Davis Polk biography, he brings a wealth of experience in financial services and will help further the firm’s reputation as a leading legal advisor.

A spokesperson for Cravath, Swaine & Moore said the firm wishes Portilla well in his new role. The departure of a partner is always a significant event, especially for a firm like Cravath, that historically has lost very few partners to competitors. However, in recent years, the firm has seen at least two partners decamp to Davis Polk since late 2021.

When Cravath hired Portilla in February 2021, it marked the first time in at least a decade that the firm had taken a partner from a rival firm, signaling the highly competitive landscape of the legal industry. While Cravath has added a handful of government officials as partners in recent years, losing a partner to a competitor remains rare.

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In December 2021, Cravath joined other law firms in adopting a modified lockstep system that determines pay based on partners’ contributions and tenure. On the other hand, Davis Polk made a similar change in 2020.

In addition to Portilla’s hire, Davis Polk has made other notable hires this year, including James Dougherty, former chair of the M&A practice at Jones Day in New York. The firm also opened a Brussels office, with antitrust partner hires from Allen & Overy, including Jürgen Schindler, who was co-head of the firm’s global competition and antitrust group.

Cravath, on the other hand, has brought on at least two partners from Shearman & Sterling in London, Korey Fevzi and Philip Stopford, according to the lawyers’ LinkedIn accounts, which show they joined Cravath in March. Media reports have said the lawyers will launch an English law practice at the firm. A spokesperson for Cravath did not immediately respond to a request for additional comment on the London hires.

The departure of a partner from a prestigious law firm to a rival firm is always an exciting development in the legal industry. Portilla’s move to Davis Polk will no doubt raise questions about the industry’s competitive landscape, and it will be interesting to see if other partners follow suit in the coming months. How the move will impact both firms and the broader legal industry remains to be seen.

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Summary: Several law firms have matched the new associate pay scale set by Milbank this year. 

On June 4, 2018, Milbank, Tweed, Hadley & McCloy changed the legal industry when it announced it was raising its first-year associate salary rate from $180,000 to $190,000. The increase affected other associate years as well, and other law firms subsequently announced that they were matching the Milbank scale, according to Law.com.

One of those firms, Cravath, Swaine & Moore even upped the ante by stating they would pay mid-level and senior-level associates a higher salary than the Milbank Scale. See the two scales below:

The Milbank Scale:

• First year: $190,000
• Second year: $200,000
• Third year: $220,000
• Fourth year: $250,000
• Fifth year: $275,000
• Sixth year: $295,000
• Seventh year: $315,000
• Eighth year: $330,000

The Cravath Scale: 

• Class of 2017 — $190,000
• Class of 2016 — $200,000
• Class of 2015 — $220,000
• Class of 2014 — $255,000
• Class of 2013 — $280,000
• Class of 2012 — $305,000
• Class of 2011 — $325,000
• Class of 2010 — $340,000

Since Milbank’s announcement, several firms have stated they would match the new scale while others have stayed quiet. So far, the following firms have agreed to increase their scales to match Milbank’s.

1. Akin Gump
2. Baker McKenzie
3. Barack Ferrazano
4. Brown Rudnick
5. Cahill
6. Cleary
7. Clifford Chance
8. Cooley
9. Cravath
10. Davis Polk
11. Debevoise
12. Dechert
13. Freshfields
14. Fried Frank
15. Goodwin
16. Greenberg Gross
17. Gunderson
18. Holwell Shuster & Goldberg
19. Hueston Hennigan
20. Irell
21. Jones Day
22. Kaplan & Company
23. Keker
24. Kirkland & Ellis
25. Kramer Levin
26. Morgan Lewis
27. Munger Tolles
28. Orick
29. Paul Weiss
30. Proskauer
31. Quinn Emanuel
32. Ropes & Gray
33. Schulte Roth
34. Selendy & Gay
35. Sherman & Sterling
36. Sidley Austin
37. Skadden
38. Sullivan & Cromwell
39. Vinson & Elkins
40. Weil Gotshal
41. White & Case
42. Wilkie Farr
43. Wilson Sonsini
44. Winston & Strawn

Susman Godfrey, who already paid first-year associates $190,000 since 2016, told The American Lawyer that another raise could be in the pipeline. The law firm said that they wanted to attract and retain the best talent, which meant offering competitive salaries.

“If I were a betting man … discussion would not be about meeting the Milbank, Cravath scale. It’ll be about surpassing it,” Neal Manne, managing partner of Susman Godfrey, said to The American Lawyer.

Manne added that paying more for quality attorneys was not a negative for the firm, and that increasing revenue was more important.

“Our real focus is on the revenue side. We can grow our revenues by winning cases,” Manne said. “Changes in our costs in acquiring and paying our associates has no impact on our clients, except that they have happier associates working on their cases.”

But while dozens of law firms are catching up to Milbank, some refuse. For instance, Reed Smith told The American Lawyer that it refused to match the new scale.

In 2016, Cravath changed the pay scale from $160,000 to $180,000. The previous scale was set by Simpson Thacher & Bartlett LLP who raised the amount from $145,000 to $160,000 in 2007.

• Cravath Surpasses Pay Scale Set by Milbank 
• Milbank Ups First-Year Associate Salaries 
• Firms Follow Cravath’s $180,000 Base Pay Scale  

What do you think of the pay scale for law firm associates? Let us know in the comments below.

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