More than 50 law firms have announced increases in associate pay since Cravath, Swaine & Moore set the standard by increasing salaries by $10,000 to $20,000.
Shearman & Sterling has approved cuts to its pension program before the successful vote to merge with Allen & Overy, according to reporting by Law.com.
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.
Law firm revenue increased 4.6% through the third quarter of the year, thanks to a hike in billing rates, according to a survey of more that 120 firms by Wells Fargo’s Legal Specialty Group.
Cravath, Swaine & Moore has “quietly created” a new partnership tier for nonequity partners who are paid salaries and don’t share in the profits, Bloomberg Law reports.
Milbank announced Tuesday that it is matching last year’s year-end bonuses while also giving annual raises of $10,000 to its associates beginning Jan. 1.
Average law professor pay has decreased 24% in real terms from 2013 to 2022, according to a law professor’s analysis of data from the U.S. Bureau of Labor Statistics.
Nikia Gray, the executive director of the National Association for Law Placement, is asking legal employers to “stand firm” on their commitment to diversity, equity and inclusion after the release of data showing that minorities from the class of 2022 fare worse in employment numbers.
High-profile lawyer David Boies charges $2,110 per hour, putting him “in a still-rarified realm of attorneys who charge upwards of $2,000 an hour,” according to Reuters.
Six of the top 10 highest-paid general counsel work in the tech industry, according to a new report published by Corporate Counsel and ALM Intelligence on Monday.
