UK-based firm Freshfields is the latest entrant in the Biglaw compensation saga. In a recent announcement, the firm declared a revised salary structure for its U.S. associates, much to their delight. This action follows its recorded gross revenue of $2,276,264,000 in 2022, making it the 17th highest global earner among law firms for that year (Above the Law).
Freshfields has opted for the Cravath scale for its compensation increases. Consequently, these are the salaries that associates of different classes at the firm are expected to earn in January 2024:
- Class of 2023 – $225,000
- Class of 2022 – $235,000
- Class of 2021 – $260,000
- Class of 2020 – $310,000
- Class of 2019 – $365,000
- Class of 2018 – $390,000
- Class of 2017 – $420,000
- Class of 2016+ – $435,000
Apart from this hike in salaries, Freshfields is also matching the Cravath bonus scale. These year-end bonuses will be available to their associates on December 29, 2023:
- Class of 2023 – $15,000 (pro-rated)
- Class of 2022 – $20,000
- Class of 2021 – $30,000
- Class of 2020 – $57,500
- Class of 2019 – $75,000
- Class of 2018 – $90,000
- Class of 2017 – $105,000
- Class of 2016+ – $115,000
Congratulations to all the associates at Freshfields who are beneficiaries of this monetary windfall.
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