Biglaw firms are continuing to spring into action when it comes to adopting the generous Cravath salary scale for associates. But what could possibly be better than a big salary increase? A salary increase with bonuses and a special bonus!
Hunton Andrews Kurth — a firm that landed at No. 61 in the most recent Am Law 100 ranking, with $743,100,000 gross revenue in 2020 — recently announced that it would be increasing salaries for associates in line with Cravath’s new compensation grid. At the same time, associates also learned that they would be receiving bonuses on the Cravath scale. (If you’re wondering why the firm’s year-end bonuses are first being announced now, it’s because Hunton’s fiscal year runs from April to March.)
This is what the new salary scale looks like at the firm:
But that’s not all, folks. Hunton has also announced a one-time special bonus for associates — and it looks awfully familiar. (Don’t forget, the firm already adopted Davis Polk’s special bonuses last year, but pushed the second payment installment into April 2022 due to its fiscal year. This means that associates will be receiving a lot of money next month.)
Here’s what the firm’s brand new special bonus scale looks like:
Hunton Andrews Kurth is now the third firm to announce additional bonuses in 2022, making this an official trend. Will any other firms be willing to make a match here? We suppose we’ll have to wait and see.
Congratulations to everyone at the firm!
(Flip to the next page to see the memo from Hunton Andrews Kurth.)
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.
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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.