Back in February, you know, a couple weeks back or so, we were all so young. People wore masks everywhere, Russia hadn’t invaded Ukraine, and law firms were still paying $396.5 for senior associates. But that’s all changed. Cravath has blown the lid off associate compensation, raising the bar for the third time this year and the rest of Biglaw is furiously catching up.
Back in February, Kramer Levin raised associate comp to keep up with the then-prevailing rate, but times have changed and Kramer Levin is determined to change with them, announcing a match up to the $415K top slot (well, technically $420K for the next class up, but many firms have those lawyers already off the grid).
Salaries are retroactive to January 1 and will appear in next week’s check.
Congrats.
Memo on next page.
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
