The legal sector continues to buzz with reports of compensation modifications for associates. This time, the wave of wage changes has reached the doors of Orrick, a top-tier law firm included amongst the ‘Am Law 100’ listings.
Bringing in a gross revenue of $1,379,702,000 in 2022, Orrick ranks number 32 in the most recent Am Law 100 list. The firm has now announced that it will adhere to the Cravath scale for its upcoming salary increments. This implies that associates at Orrick are due for a substantial compensation increase as of January 1, 2024.
Such news, this year, has become a norm for law firms as more of them aim to retain and attract top talent in a hyper-competitive market. The Cravath scale is a commonly used point of reference when Biglaw firms are adjusting their associate pay structures. It sets the industry standard for salaries and has been followed by numerous Biglaw firms. Starting an associate at $190,000, the scale leaps to $340,000 for an eight-year employee, as per the latest updates.
Orrick’s decision echoes the compensation changes that have been implemented by several Am Law 200 entities and even boutique law firms. These alterations are expected to put more money into associates’ pockets, a shift that is inevitably accompanying palpable excitement amongst the beneficiaries.
Associates at Orrick are extended congratulations for this positive development.
This information was first reported by Above the Law based on the tips they have received. Legal professionals around the globe are called upon to share updates on their respective company compensation changes.