Cravath, Swaine & Moore is set to surpass the midlevel and senior associate salary scale that was previously established by Milbank, as revealed by a recent internal memo. The first three associate classes are expected to receive a $10,000 raise, consistent with Milbank’s scale, while the class of 2020 will receive a $15,000 boost. Associates from the classes of 2019, 2018, and 2017 will benefit from a generous $20,000 raise. All changes will come into effect starting January 1. Details of the raise were initially reported by Above the Law.
Cravath, a corporate law juggernaut, seemingly aims at keeping pace with the increasingly competitive market for top legal talent. Unsurprisingly, other major players in the field, such as Paul Hastings and McDermott, have announced to match the pay scale proposed by Cravath.