In recent news, a third top 25 Biglaw firm has announced raises and year-end bonuses that match Cravath’s previously set scale. Reportedly, firms such as McDermott and Paul Hastings quickly made their move, with Paul, Weiss trailing behind but coming up strong eventually.
Last year, Paul, Weiss generated $1,805,139,000 in gross revenue, ranking 22nd on AmLaw 100. Their updated compensation strategy underscores their standing as a leading firm in the legal field.
Paul, Weiss’s new salary scale is as indicated below:
- 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 revised salary scale, Paul, Weiss also announced year-end bonuses that align with the current market rate:
- 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
Moreover, in an exciting turn of events, the firm signaled the implementation of another round of discretionary bonuses in 2024. The firm had previously awarded similar discretionary bonuses in 2022 and 2021. It indeed appears to be a prosperous new year for those at Paul, Weiss.
Legal professionals are urged to keep up with these crucial updates and always share information regarding similar initiatives by their firms. Monitoring these compensation trends among Biglaw firms is vital for an accurate understanding of the legal market landscape. The full announcement and details on this cash-positive development at Paul, Weiss are accessible here.