This may sound hard to believe, but some Biglaw firms are just now getting around to matching the Cravath compensation scale. If you recall, the latest round of associate salary wars started way back in January, and almost nine months later, some firms have finally decided to make their salary moves for associates. Which firm is the latest to offer market compensation?
That would be Bracewell LLP, a firm that brought in $289,000,000 gross revenue in 2021, placing it at No. 124 on the most recent Am Law 200 ranking. Sources tell us that the news of salary increases was announced during a meeting on August 30. Announcing a big-money match is certainly one way to get people back into the groove before the Labor Day holiday. The firm’s Cravath salary match is effective for associates at the firm on October 1.
We’ve reached out to the firm for confirmation of these raises, but have yet to hear back. If and when we do, we will provide an update here. UPDATE (11:26 a.m.): A spokesperson from the firm has officially confirmed the raises.
Congratulations to everyone at Bracewell on their new market salaries! Sure, associates are receiving the news later than their peers at other firms, but when it comes to cash like this, it’s better late than never.
Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Cravath”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we’ll also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.