In an exciting turn of events for associates, Biglaw firm Katten Muchin has announced significant raises and bonuses. The firm, which secured a gross revenue of $742,885,000 in 2022, placing it at number 67 in the recent Am Law 100 rankings, has opted to follow the Cravath scale for its compensation increases as well as for its bonuses. This is a welcome surprise for associates who have had a particularly fruitful year.
It is important to note that Katten has diverged from the approach taken by Milbank. While Milbank offers a $435,000 salary for the Class of 2016 and beyond, Katten offers the same salary as the Class of 2017. This choice puts their most senior associates slightly below market rate.
However, the firm strives to make up for this discrepancy through their bonus structure. Associates who have been significantly productive this past year stand the chance to earn above-market bonuses. In fact, Katten’s most senior associates are eligible to receive up to $57,500 more than their counterparts at other firms. Furthermore, there are additional “superstar” bonuses available for the most dedicated associates.
Katten Muchin’s recent compensation announcement has been met with delight by its employees. The firm’s balance of salary and bonuses is a testament to its commitment to reward hard work, success and dedication among its associates.
For more information about Katten Muchin’s recent compensation announcement and to view the firm’s new compensation grid, you can visit Above the Law.