In a move closely watched by legal professionals worldwide, Baker McKenzie, one of the world’s elite law firms, has recently announced significant salary increases for its associates, alongside additional year-end bonuses. The firm has now joined the increasing number of Biglaw firms that have actively matched the new market compensation and bonuses as set by Cravath late last year.
Baker McKenzie brings a familiar trend of leading the pack when it comes to financial rewards for its associates. The law firm led the way again by being one of the first to announce its latest bonus figures. As a result, these are the new salary structures that the firm’s associates stand to enjoy from February 9, backdated to January 1:
- Class of 2024 – $225,000
- 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 addition to the salary increments, Baker McKenzie is also matching the Cravath bonus scale. Consequently, eligible associates at the firm can expect to receive these year-end bonuses to be paid on February 9:
- 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
The firm is also offering a so-called ‘premium bonus’ for those who have ‘materially exceeded’ their billables for the year. With these bonuses, Baker McKenzie reinforces the prestige and financial strength of Biglaw firms, making it a lucrative and aspirational place for young and ambitious legal professionals.
The complete details about the salary increases and bonuses can be found in the full memo from Baker McKenzie here.