Amidst recent business setbacks in 2023, Cadwalader, a firm positioning itself 84th on the Am Law 200, and boasting over half a billion in gross revenue in the previous year, has made a surprising move. Shocking their skeptics, the firm has announced its decision to match the contemporary industry standards for compensation despite having recently experienced staff and attorney layoffs and having also deferred its incoming associate class.
Specifically, Cadwalader has released the firm’s new salary scale, which will apply from the first day of 2023, although it won’t manifest until the final pay period of February:
- Class of 2023: $225K
- Class of 2022: $235K
- Class of 2021: $260K
- Class of 2020: $310K
- Class of 2019: $365K
- Class of 2018: $390K
- Class of 2017: $420K
- Class of 2016 & 2015: $435K
In addition to this, the law firm has also decided to mirror industry standards in terms of bonuses:
- Class of 2023: $15K (pro-rated)
- Class of 2022: $20K
- Class of 2021: $30K
- Class of 2020: $57.5K
- Class of 2019: $75K
- Class of 2018: $90K
- Class of 2017: $105K
- Class of 2016 & 2015: $115K
Associates hitting above the 2200-billable-hours mark are also eligible for a 120 percent bonus. These details have been shared through a firm-wide memo, affirming that bonuses will be disbursed “no later” than the last pay period in February.
Reportedly, these recent moves by Cadwalader fly in the face of their previous business predicament in 2023 and show their resilient commitment to ensuring their competitive position in the legal market. Read more about these developments here.