As another show of the Biglaw raises sweeping the global legal industry, Allen & Overy have raised their associate salaries to align with the ever-evolving market standard now set at $225,000. The international law firm has reinforced its commitment to capping the market with a new compensation raise that aligns with the pay grids established by the likes of Milbank and Cravath.
The recent pay raises by Allen & Overy comes after an awkward call for charitable donations, which seems to have served as a prelude to the firm’s decision. Their new compensation structure is as follows:
- 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
In addition to the salary raises, the firm has also announced the following bonus structure:
- Class of 2023 – $15,000 (prorated)
- 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
In accordance with its soon-to-be merger partner, Shearman & Sterling, Allen & Overy’s decision is on par with the market trend. Feel free to click here to learn more about the salary raises sweeping through the industry.
Keeping pace with salary adjustments in legal firms has become paramount for both employees and employers in understanding industry trends. This is a substantial shift in the associate salary landscape, firmly placing Allen & Overy in the top tier of the industry).