First Am Law 25 Firm To Match Cravath Salary Scale Took Less Than An Hour To Announce
Another Biglaw firm raises salaries.
As of this writing we’re less than an hour removed from Cravath announcing that it will see Milbank’s new compensation scale and raise them, and we’ve already got news of a match.
Nestled within American Lawyer’s post echoing the news of Cravath’s announcement is this nugget from McDermott Will & Emery chair Ira Coleman announcing that MWE will match:
“Everyone knows how much we love our associates and we believe that their happiness and advancement are so good for our clients and the firm,” said Ira Coleman, chair of McDermott. “If you really want to be a true career accelerant, you need to pay top-of-market compensation (and do a bunch of other things that make up our secret sauce). It’s just one part of a larger equation.”
Presumably this will include matching the bonus scale which Cravath also just announced.
For those just catching up, Cravath’s new comp scale is:
Class of 2023: $225,000
Class of 2022: $235,000
Class of 2021: $260,000
Class of 2020: $310,000
Class of 2019: $365,000
Class of 2018: $390,000
Class of 2017: $420,000
And its bonus scale comes in at:
Class of 2023: $15,000
Class of 2022: $20,000
Class of 2021: $30,000
Class of 2020: $57,500
Class of 2019: $75,000
Class of 2018: $90,000
Class of 2017: $105,000
UPDATE: Memo available on the next page.
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
