This may sound hard to believe, but some Biglaw firms are still matching Cravath. We’re not talking about Am Law 200 firms here; we’re talking about worldwide heavy hitters ranked near the tippy top of the Am Law 100. So, which firm is just now getting around to offering market compensation?
That would be Norton Rose Fulbright — a firm ranked at #14 in the most recent Am Law 100, after bringing in $2,100,000,000 gross revenue in 2021. The firm recently notified associates that it would, in fact, be matching the prevailing Cravath salary scale. Sources at the firm tell us that their raises quietly went into effect a few weeks ago but the announcement wasn’t made until May 3. NRF had previously matched the Milbank scale in early February and matched the Davis Polk scale in late February (mere hours before Cravath upped the ante on compensation).
Here’s what the salary scale now looks like at Norton Rose:
As we noted when Norton Rose announced its previous matches, the firm will only be applying this new salary scale to some of its offices. Associates in the firm’s California, New York, Texas, and D.C. offices will be on the $215K to $415K pay scale, while those in Minneapolis and St. Louis may have opportunities to earn higher salaries based on local guidance.
You may have also noticed that NRF has released its 2022 year-end bonus scale — and it’s the same as Cravath’s 2021 year-end bonus scale. We’re frankly not shocked by that at all; after all, Cravath’s new bonus scale will likely remain the same for years to come. A tipster notes that the firm’s 1900 hours eligibility mark for bonuses is more strict than in years past. Associates were once able to earn half bonuses at 1800 hours, but that policy has apparently been scrapped. Discretionary bonuses for “exceptional” contributions and “top biller bonuses” have been left intact.
Congratulations to (almost) everyone at the firm on their new market salaries. For those in smaller markets, just remember, any raise is better than no raise!
(Flip to the next page to read the full memo from Norton Rose Fulbright.)
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.
