The legal fraternity has been abuzz after Milbank’s initial market shakeup, and it now seems that the top echelons of Biglaw have settled on a restructured compensation grid. Culminating with Cravath’s decision to enhance base salaries for mid-level and senior associates, the weeks of speculation and market watching are seemingly at an end.
Notably, Cleary Gottlieb, a firm that holds the 30th spot on the Am Law 100 list with gross revenue of $1,393,989,000 in the previous year, has recently publicized their revised associate salaries and year-end bonuses. Predictably, this Biglaw firm has matched the peak market standards in both base compensation and bonuses.
The revised salary architecture at Cleary is accessible in the full memo, with a marked change in the compensation grid. The alterations reflect the market shift triggered by Milbank’s earlier remuneration restructuring.
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The document outlining Cleary’s new compensation scheme can be accessed here: Cleary Associate Pay memo.