Associate raises continue to spread like wildfire through Biglaw. Firms are eager, particularly given the hot lateral market, to show associates how much they’re valued with some cold, hard cash.
Last week, Kramer Levin, a firm with $390,000,000 in gross revenue in 2020, making it 98th on the Am Law 100, announced associate raises. The new scale — tipped off of the one Davis Polk popularized — is below:
The increases are retroactive to January 1, and will hit associate bank accounts mid-March. But, as noted above, these raises are from last week — before Cravath upended the salary scale. So is another round of raises in the cards for Kramer Levin associates? Only time will tell. (Ahem, Kramer Levin associates, be sure to tip us if and when the firm makes another compensation move.)
You can read the full memo on the next page.
*** Wondering if the grass is greener on the in-house side? Click here for a look inside the black box of corporate counsel pay in our 2021 In-House Compensation Report. ***
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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