In a recent development within the biglaw community, Morrison & Foerster, colloquially recognised as MoFo, has announced significant compensation increases. This increase in salaries aligns the firm with the Cravath scale, as the new compensation scheme has been matched by several biglaw firms throughout the earlier months.
The adjustments to the compensation have led to an uneasy atmosphere for employees within leading firms that have yet to comment on salaries. Associates are eagerly waiting for their growth prospects, and it seems MoFo has stepped up and enunciated. The firm, standing at No. 38 in the latest Am Law 100, boasted a gross revenue of $1,264,600,000 earned in the past year.
The Cravath scale-influenced salaries of MoFo will take effect from January 1, 2024. The firm’s choice to follow the scale for employee compensation exemplifies its benchmarking against top-tier law corporations, showing their commitment to maintaining competitive pay structures.
These developments surface amidst a wave of compensation updates within the biglaw community. Firms are encouraged to share their updates so that the industry ecosystem can stay well-informed. Information can be anonymously forwarded via text (646-820-8477) or email with the subject line: “[Firm Name] Bonus/Matches”.
Readers also have an option to sign up for compensation alerts to acknowledge the latest bonus and salary announcements. These notifications assist in keeping the biglaw community updated on all pay-related changes.
The salary increments under the Cravath scale are a significant update for associates at MoFo, with the assurance of the law firm’s dedication towards equitable compensation, matching industry standards.
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