High-profile law firm Cravath recently spread some holiday cheer among its Biglaw associates by announcing surprising raises that, particularly for midlevel and senior associates, surpassed the Milbank raises from a few weeks prior. Now, the burning question is: which other Biglaw firms will follow suit and match these new standards?
While every esteemed Biglaw firm may not be capable of matching these raises, Weil, boasting over a billion in revenue, was considered a sure bet. Indeed, last year, Weil netted $1,767,107,000 in gross revenue, earning it an impressive 23rd spot on the Am Law 100 list.
All that success has resulted in a new compensation and bonus structure at Weil. Here’s the rundown:
- 2023 class year: $15,000 bonus (prorated); effective annual salary from January 1, 2024: $225,000
- 2022 class year: $20,000 bonus; effective annual salary from January 1, 2024: $235,000
- 2021 class year: $30,000 bonus; effective annual salary from January 1, 2024: $260,000
- 2020 class year: $57,500 bonus; effective annual salary from January 1, 2024: $310,000
- 2019 class year: $75,000 bonus; effective annual salary from January 1, 2024: $365,000
- 2018 class year: $90,000 bonus; effective annual salary from January 1, 2024: $390,000
- 2017 class year: $105,000 bonus; effective annual salary from January 1, 2024: $420,000
- 2016 and more senior: $115,000 bonus; effective annual salary from January 1, 2024: $435,000
These bonuses will be dispensed on January 31. More details about Weil’s new pay scale can be read here.
As we continue to monitor key bonus updates, we rely on tips and reports from the legal community. Thus, when your firm decides to match these bonuses, kindly get in touch with us through text (646-820-8477) or email, and if possible, include the memo.