February 28, 2024

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The 25 First Am Law firms that matched Cravath’s salary scale took less than an hour to announce

The 25 First Am Law firms that matched Cravath’s salary scale took less than an hour to announce

As of this writing, we’re less than an hour away from Cravath announcing that he will see and raise Milbank’s new compensation metric, and we’ve already got news of a matchup.

fall inside American lawyer job Echoing the news of Cravath’s announcement is this nugget from McDermott Will & Emery President Ira Coleman announcing that MWE will match:

“Everyone knows how much we love our associates and believe their happiness and progress is very good for our customers and the company,” said Ira Coleman, president of McDermott. “If you really want to become a true career accelerator, you need to pay the highest compensation in the market (and do a bunch of other things that make up our secret sauce). It’s just one part of a bigger equation.”

This would presumably include matching the range of rewards that Cravath just announced.

For those trying to catch up, Cravath’s new comp metric is:

Class of 2023: $225,000
Class of 2022: $235,000
Class of 2021: $260,000
Class of 2020: $310,000
Class of 2019: $365,000
Class of 2018: $390,000
Class of 2017: $420,000

Its reward scale comes at:

Class of 2023: $15,000
Class of 2022: $20,000
Class of 2021: $30,000
Class of 2020: $57,500
Class of 2019: $75,000
Class of 2018: $90,000
Class of 2017: $105,000

Please help us help you when it comes to salary news at other companies. Once your company memorandum is issued, please email it to us (subject line: “[Firm Name] Salary”) or text us (646-820-8477). Please include the memo if available. You can take a photo of the memo and send it via text or email if you do not want to forward the original PDF or Word file.

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head shotJoe Patrice is a senior editor at Above the Law and co-host of the show Think like a lawyer. Feel free to email us with any tips, questions or comments. follow him Twitter If you’re interested in law, politics, and a healthy dose of college sports news. Joe also works as Managing Director at RPN Executive Search.


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