News and Events for Attorneys and Executives

Cravath Tops Milbank’s Raises for Senior Associates

By on June 13, 2018 in Employment, Law Firm Management

The race to top or match big law firms’ salaries for associates took on another twist as Cravath Swaine & Moore announced it will be giving senior associates a hike that brings their compensation to $340,000.

Bloomberg Law reports that figure will beat Milbank,Tweed, Hadley & McCloy’s pay for its top associates by $10,000.

Above the Law has a memo — provided by tipsters — that outlines Cravath’s compensation schedule for associate classes 2017 ($190,000) through 2010 ($340,000).

“Cravath might be late to the game, but now that it’s here, we can expect nearly every other major Biglaw firm to follow. (Sullivan & Cromwell) will be here soon. Skadden, Davis Polk, Debevoise, they’re all coming now. This is the new Biglaw associate salary,” writes Above the Law’s Elie Mystal.

Read Bloomberg Law’s article.

Read the Above the Law article.