Large law associates rake in cash as more firms match Cravath pay - Reuters
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(Reuters) - Associates at more U.S. law firms will receive an increase in base salary as firms continue to match rates set earlier this week by Cravath, Swaine & Moore, which went beyond the market scale for midlevel and senior associates.
More law firms have joined the parade of large firms that rushed to match the new Cravath scale, which reached $415,000 for its most senior associates.
The fast-moving pay war between some of the largest U.S. law firms comes as the legal industry battles for talent, particularly for experienced associates. Firms saw high demand from clients for their work in 2021.
Firms have continued to raise base salaries and dole out bonuses to associates over the past 18 months in an effort to attract and retain lawyers.
Large law firms including White & Case, Vinson & Elkins, Skadden, Arps, Slate, Meagher & Flom, Kirkland & Ellis, Cleary Gottlieb Steen & Hamilton, Simpson Thacher & Bartlett, Sidley Austin and Foley Hoag said in internal memos this week that they are matching Cravath's scale.
Hueston Hennigan, a California-based midsize litigation firm also raised salaries to Cravath's levels, according to an internal memo.
Cravath's scale surpassed compensation rates for midlevel and senior associates set last week by rival Wall Street firm Davis, Polk & Wardwell, which topped its scale at $396,500. Davis Polk's range exceeded that of Milbank, another New York-founded firm that unveiled its own raises in January.
Two other firms that matched Cravath, Debevoise & Plimpton and Latham & Watkins, showed in internal memos an extra salary tier of $425,000 for the associate class of 2013 and senior. Cravath topped out at $415,000 for the associate class of 2014.
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source: https://www.reuters.com/legal/legalindustry/large-law-associates-rake-cash-more-firms-match-cravath-pay-2022-03-04/
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