Biglaw firms occupying the highest ranks of the Am Law 100 have started a cascade of increasing cash rewards for their associates. These beacon firms raise their associates’ financial expectations through higher yearly salaries and bonuses, following the latest compensation scales set forth by Cravath.
Davis Polk, a venerable leader in remuneration and reported gross revenue of $1,849,000,000 in 2022, is implementing the Cravath compensation increases. Associates at Davis Polk can expect to see the following salary increments in 2024:
- 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 line with Cravath’s bonus scales, associates at Davis Polk should foresee the following year-end bonuses, expected to be paid out by December 29:
- 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
These salary raises and bonuses represent significant financial gains for the associates at Davis Polk who are understandably elated at this turn of events. However, stay tuned – Davis Polk is not alone in this leap. Other A-list law firms are following suit, navigating by the Cravath compensation beacon. Notable firms like Wachtell, Sidley, and Skadden are also aligning their pay scales to match Cravath’s.
As this story unfolds, we will rely on your updates and contributions to ensure comprehensive coverage of these advancements. When your firm announces similar compensation adjustments or matches, please reach out via text (646-820-8477) or email with the memo if available. If you would like to stay updated about these bonuses and salary increments, sign up for ATL’s Bonus Alerts.