As the trend of Biglaw bonuses and salary hikes continues to thrive, it is crucial for legal professionals to stay up-to-date with the latest compensation trends. The recent announcement that Kramer Levin, a prominent Biglaw firm, is set to raise its associate salaries following the Cravath scale. With the impending increases, the new salary layout effective from January 1, 2024, is expected to look 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
The firm, which recorded $421,443,000 gross revenue in 2022, thereby ranking 102 in the most recent Am Law 100, is not just increasing salaries, but also matching the Cravath bonus scale. The chosen bonus scale will be reflected in the year-end bonuses to be disbursed on February 15, 2024:
- Class of 2023 – $15,000
- 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
This step by Kramer Levin matches the ongoing trend of Biglaw bonuses and raises that are being unveiled one by one. While many law firms are still evaluating if they can afford to raise salaries, this move by Kramer Levin indicates that substantial paydays for legal professionals may be on the horizon.
With Kramer Levin adopting the Cravath scale for both compensation increases and bonuses, they join an ongoing trend across Biglaw firms.
As we continue to monitor the ever-changing legal compensation landscape, it’s important for legal professionals to stay informed and prepared for potential adjustments within their own firms.