The 2022 Biglaw raises… have been slow going. Back in January, Milbank announced raises, but the matches were not nearly as fast and furious as associates would hope. But then Davis Polk made its move, matching the salary numbers for junior associates, but coming over the top for midlevel and senior associates. And all of a sudden the salary announcements started rolling in.
But the question remained what would Cravath — part of the troika of Biglaw salary leaders (along with the aforementioned Milbank and Davis Polk) — do about associate compensation? Well, now we have our answer.
This afternoon, the firm announced the following compensation scale — and WOW — they surpass even the elevated Davis Polk scale for midlevel and senior associates.
Class of 2021: $215,000 ($215,000)
Class of 2020: $225,000 ($225,000)
Class of 2019: $250,000 ($250,000)
Class of 2018: $295,000 ($293,500) $1,500 more
Class of 2017: $345,000 ($335,000) $10,000 more
Class of 2016: $370,000 ($360,500) $9,500 more
Class of 2015: $400,000 ($381,000) $19,000 more
Class of 2014: $415,000 ($396,500) $18,500 more
Let’s see how quickly the rest of Biglaw catches up!
The increases are retroactive to January 1. You can read the full memo on the next page.
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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).