Large law firms rush to match Cravath's salary hikes for associates - Reuters
The Cravath, Swaine & Moore offices in Manhattan, New York City, U.S. REUTERS/Andrew Kelly
- Cravath's salary scale tops out at $415,000 for the associate class of 2014
- Debevoise is adding another pay tier for associate class of 2013
- Law firms have been moving quickly to match others on pay
The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.
(Reuters) - A slew of the largest U.S. law firms have said they will compensate mid-level and senior associates at the same salary rates set Monday by Cravath, Swaine & Moore, with at least one firm offering its most senior attorneys even more cash.
Debevoise & Plimpton said in an internal memo Tuesday it will match Cravath's scale, which topped out at $415,000 for the associate class of 2014. Debevoise will add a tier of $425,000 salaries for lawyers in its associate class of 2013 and senior.
Other large firms, including McDermott Will & Emery, Quinn Emanuel Urquhart & Sullivan and Paul, Weiss, Rifkind, Wharton & Garrison, said in their own internal memos they would match Cravath.
Cravath's scale for mid- and senior-level associates blew past the one set last week by Davis, Polk & Wardwell, which topped out at $396,500.
Law firms have used salary raises and bonuses as a recruiting tool amid stiff competition for attorneys, particularly for more seasoned associates who specialize in deal work.
Many large firms have been quickly matching their competitors' associate salaries any time a new pay scale is announced. This is the third time in as many months McDermott, a large Chicago-founded firm, said it was matching another firm on associate pay.
"This continues to be an extraordinary period in our profession, with raises being fast and furious, but it underscores the incredible value that this cohort delivers every day," McDermott chairman Ira Coleman said in an internal memo Tuesday.
Quinn Emanuel's memo confirmed that its Cravath scale match applies to all U.S. associates. The firm said in December it would let all of its U.S. lawyers work from anywhere in the country indefinitely, a rare move in the industry.
Read more:
source: https://www.reuters.com/legal/legalindustry/large-law-firms-rush-match-cravaths-salary-hikes-associates-2022-03-01/
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.