The legal world has been experiencing a rapid succession of updates concerning law firm compensation. Just yesterday, Cravath publicized that it would be increasing salaries, surpassing the raises that Milbank had implemented earlier in the month, specifically for midlevel and senior associates.
In the wake of the disclosure, various Biglaw firms are rushing to match the newly established market standard. The latest firm to make such an announcement is Proskauer which, noting its substantial gross revenue of $1,239,638,000 in the past year and its standing at 39th place on the Am Law 100 ranking, is choosing to share the profits with their associates.
The salary scale and year-end bonuses Proskauer is adopting matches that of Cravath. More detailed information about the scale and bonuses can be accessed via the document provided by the firm, available here.
Given the quick pace of these developments in the legal world, it is essential to stay informed. If your firm matches the new standard, please do inform the reporters at Above the Law via text at 646-820-8477 or via email, specifying “[Firm Name] Matches” in the subject line. Including the memo that announces any raises or matching would be greatly appreciated. The memo can be a photographed text or email, so it isn’t necessary to forward the original PDF or Word document.
To keep abreast of bonus updates and salary announcements, consider subscribing to Above the Law’s Bonus Alerts. If you are already signed up for these alerts, there is no need to sign up again as you will receive email notifications whenever a new bonus announcement is published. As always, the reporters thank you for your assistance.