In a recent development in associate payment structures, Cravath, Swaine & Moore announced that it will outstrip the associate salary scale established by Milbank for midlevel and senior associates. The announcement was made public through a Tuesday memo.
While the first three classes of associates are set to receive a $10,000 salary increase—a parallel to the Milbank scale—associates from the classes of 2020, 2019, 2018, and 2017 are set to receive salary boosts of $15,000 and $20,000 respectively. The updated salary plan is to be put into effect from January 1 of the coming year. A representative from the firm declined to offer additional comments on the matter.
Alongside the revised associate salary scale, Cravath also shared that it would match the bonus scale of the previous year. Accordingly, foreign associates at the firm can anticipate receiving bonuses corresponding to the calendar year they began employment.
In response to Cravath’s newly proposed payment structure, both Paul Hastings and McDermott have stated plans to match the Cravath scale.
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