Cravath Raises Associate Base Salaries to $180,000
Above the Law is reporting that BigLaw firm Cravath, Swaine & Moore has hiked annual salaries for associates — ranging from $180,000 for first-year associates to $315,000 for eighth-years.
The report cites a memorandum, which Above the Law received from multiple Cravath sources, as saying, “The increase is effective July 1, 2016, and will be reflected in paychecks commencing on July 8, 2016.”
The author, , also says the news raises several questions, such as How did this event come to pass? Will other firms match the new Cravath scale? How fast will the matching happen? Will any other firm beat the new Cravath scale? and What does this mean for bonuses? He offers his opinions on each of those points.