Several major law firms announced last Thursday that they are matching the latest hikes in associate salaries. Firms that have made this move include Kirkland & Ellis, Quinn Emanuel Urquhart & Sullivan; Davis Polk & Wardwell; Sidley Austin; Cleary Gottlieb Steen & Hamilton; and Skadden, Arps, Slate, Meagher & Flom, according to firm memos and Law.com’s reporting.
Despite initial reluctance to match the associate salary raise announced by Milbank on November 7th, these elite firms have swiftly chosen to follow the Cravath Swaine & Moore scale, which was introduced last Tuesday. This scale offers even higher pay to mid and senior-level associates.
Notably, Quinn Emanuel, which is also matching the latest base salary scale and bonuses, is projecting an over 20% increase in profits this year.