Excitement seem to be rippling across some Biglaw firms as a wave of raises breaks through the industry. The momentous encouraging trend began with Milbank, but it was when Cravath came through, surpassing Milbank’s scale for some class levels, that other giants in Biglaw began to sit up and take notice. This occurrence served as a heads up for the industry at large to get onboard or risk trailing behind.
The latest to join the succession of firms increasing compensation for associates is Fried Frank. With gross revenue standing at $958,430,000 last year, this firm, ranking 53rd on the Am Law 100, has made known its decision regarding compensation. Keeping up with the likes of Cravath, Fried Frank has chosen to offer raises and year-end bonuses mirroring those at the top of the market.
An overview of the new salary structure within the firm is shared in the original article. Additionally, Fried Frank will be providing premiums over the standard bonus amount, ranging from $3,000 to $34,500, based on set eligibility criteria.
You can read the full internal memo from Fried Frank on the following page.
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