In a recent development, Cravath, Swaine & Moore have decided to exceed the associate salary scale set by Milbank for midlevel and senior associates. This news was disclosed in a company memo issued on Tuesday. The firm has earmarked significant pay rises across the board, with the first three classes of associates set to receive a $10,000 raise, falling in line with the scale previously established by Milbank.
Notably, the company’s memo, which was first published on Above the Law, indicates an increment of $15,000 for the class of 2020 and a noteworthy $20,000 for the classes of 2019, 2018, and 2017. These pay increases are slated to take effect from January 1st. A representative from Cravath, Swaine & Moore chose to decline any comments regarding the new salary scale.
Following the disclosure of the Cravath scale, Paul Hastings and McDermott, two prominent law firms, have affirmed that they will match Cravath’s revised salary scale. Further details are awaited.