Following Cravath’s recent announcement raising its compensation scale, American litigation boutique McDermott Will & Emery (MWE) swiftly stated it will be matching the new scale. MWE’s response in less than an hour to Cravath’s announcement is considered a jumpstart that will set the pace in the industry.
According to American Lawyer’s post, Ira Coleman confirmed the news, adding praise for their associates and declaring the firm’s commitment to top-of-market compensation.
Here is the new salary scale set by Cravath:
- 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
In addition, Cravath’s new bonus scale now stands 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
While further details regarding MWE’s commitment to matching the bonus scale were not explicitly stated, expectations are high.
Cravath’s decision to see Milbank’s new compensation and raise it, is certainly rippling across the industry, and the legal rofessionals are beckoned to follow the salary news at other firms closely. For more detailed coverage, visit the original article.