In a recent development, Cravath announced its new salary scale and bonuses, leading to many Biglaw firms providing their own updates to compensation. The most notable among them is Paul Hastings, currently ranked at No. 25 on the most recent Am Law 100, having garnered a gross revenue of $1,665,983,000 in 2022. The firm has decided to implement the Cravath scale for its salary increases.
Effective from February 1, here are the revised salaries for associates at the firm, based on their respective classes:
- 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
- Class of 2016+ – $435,000
In parallel with Cravath, Paul Hastings will also be revising its bonus scale, which would be awarded on February 9, as per the following structure:
- 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
- Class of 2016+ – $115,000
A hearty congrats to everyone at Paul Hastings. It’s notable that amongst the large Biglaw firms, Paul Hastings is one of the first to match Cravath’s new salary and bonus scale.
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The full article can be found here.