Associate Salary Tally: The Good, the Bad & the Ugly
About 107 law firms have issued raises to their associates after the initial big salary hike announced by Cravath, Swaine & Moore almost a month ago, reports Above the Law editor Joe Patrice in a transcribed interview with Casey Sullivan on Bloomberg Law.
“Not all of these firms have matched Cravath entirely,” Patrice explains. “Some only matched in some markets, others have matched for younger classes but offered more modest raises to senior attorneys. A couple have issued holding statements that they will increase salaries but won’t release details until later.”
He says general counsel’s concern over higher billing rates is overblown. Even if firms passed 100 percent of the cost of the raises on to clients, the hike would amount to about a $10 per hour increase in billing rates for associates, he says.
