Money, money, money — and even more money: that’s what Biglaw firms are handing out to associates thanks to the Cravath salary scale that’s quickly being matched by the masses. The latest firm to adopt the Cravath scale is one that matched the Davis Polk scale less than one week ago.
The firm we’re speaking about is Debevoise, a firm that’s ranked at No. 31 in the most recent Am Law 100, with $1,224,942,000 gross revenue in 2020. On February 23, the firm was paying salaries of up to $406,500, and today, on March 1, the firm is paying salaries that are much, much higher.
This is what the Cravath scale will look like at Debevoise:
2013 and senior: $425,000
Note that Debevoise is yet again offering more cash to its most experienced associates. Ninth-years and those more senior will receive salaries of $425,000.
The firm’s re-raise is retroactive to January 1. Congrats for the second time!
(Flip to the next page to read the full memo from Debevoise.)
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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.