Two of the latest law firms to announce pay increases and year-end bonuses for their associates are Kramer Levin Naftalis & Frankel LLP and Katten Muchin Rosenman LLP. The firms are reportedly following the benchmark established by Cravath Swaine & Moore LLP, according to a recent report. Nevertheless, specifics about the amounts or percentage increases remain indeterminate.
The pay hike and bonus trend in law firms, particularly leading into 2024, seems to be increasingly prevalent, demonstrating the industry’s attempt to retain talented professionals and acknowledge their significant contributions. This aligns with practices in other major law firms that have also recalibrated their pay scales to match those propagated by Cravath Swaine & Moore LLP.
This recent move by Kramer Levin and Katten highlights the enduring influence of Cravath’s pay scale model on the legal industry. This pattern is anticipated to stimulate corresponding remuneration adjustments across other firms, signifying eager anticipation from associates at those firms yet to announce their pay and bonus strategies for the upcoming year.