Cravath finally announces associate raises, and they partly surpass Milbank scale
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It took three weeks of waiting after Milbank announced bonuses and raises for associates. But now, Cravath, Swaine & Moore has stepped into the BigLaw breach with its announcement.
Above the Law broke the news.
Like Milbank, Cravath is matching last year’s bonuses. Like Milbank, Cravath is giving junior associates raises of $10,000. But Cravath is surpassing Milbank’s $10,000 raises for more senior associates.
Cravath’s new pay scale ranges $225,000 for associates in the class of 2023 to $420,000 for those in the class of 2017, according to Above the Law. Bonuses will range from $15,000 to $105,000.
Here is Cravath’s new scale for pay and bonuses:
• Class of 2023: $225,000 pay (matching Milbank), $15,000 bonus
• Class of 2022: $235,000 pay (matching Milbank), $20,000 bonuses
• Class of 2021: $260,000 pay (matching Milbank), $30,000 bonus
• Class of 2020: $310,000 pay ($5,000 more than Milbank), $57,500 bonus
• Class of 2019: $365,000 pay ($10,000 more than Milbank), $75,000 bonus
• Class of 2018: $390,000 pay ($10,000 more than Milbank), $90,000 bonus
• Class of 2017: $420,000 pay ($10,000 more than Milbank), $105,000 bonus
Bonuses will be paid Dec. 15 and will be prorated for those with Cravath for only part of the year. There is no billable hour requirement for bonuses, although they will be “dependent on suitable performance,” Cravath said in a memo published by Above the Law.
See also:
“Full BigLaw associate bonuses may not be for everybody”
“In ‘a bold move,’ Milbank announces associates will get raises along with bonuses”
“Boutique law firm will pay bigger-than-BigLaw bonuses; what will Cravath do?”
