Ropes & Gray, White & Case, and Weil Gotshal & Manges have recently been included among the top law firms that adhere to the latest Big Law pay scale. The new pay scale, accepted by over a dozen law firms nationwide, stipulates salaries that range from $225,000 for first-year associates to $435,000 for the most senior associates.
The pay adjustment, mirroring the pay scale established by Milbank and Cravath Swaine & Moore, is garnering an increasing number of adherents among the nation’s top-ranking law firms. Weil’s new salary scale will be effective from Jan. 1, according to an internal firm email. The New York firm has also revealed details on its bonus scale, with awards ranging from $15,000 to $115,000 for the most senior associates. The firm confirmed that the bonus scale remained unaltered from the previous year.
Both White & Case and Ropes & Gray announced their commitment to the new pay scale this past Monday. White & Case will not only match the new pay scale but will continue to reward associates in good standing with additional bonus amounts. Ropes & Gray will likewise align their associate salaries with the new pay scale. An internal memo provided that they will also reward associates in good standing who have met the firm’s creditable hour mark of 1,900 hours, with sizeable bonuses. The firm will provide a special bonus of $130,000 for associates from the class of 2015.
The recent salary adjustments were initiated by Milbank, which increased its associate salaries by $10,000 across the board. The pay scale was matched by Cravath specifically for junior lawyers but saw a $20,000 increase for senior associates as of Nov. 28. On Nov. 29, Paul, Weiss, Rifkind, Wharton & Garrison announced that they would raise the pay scale for their eighth-year associates to $435,000.
Backed by these reputable law firms, this trend towards salary increases in line with the Big Law pay scale signals a significant evolution in the perception of associate value and compensation within the legal sector.