Many associates were fortunate to see their salaries raised in line with the new Cravath scale this summer. Many other firms raised salaries, but didn’t fully match Cravath.
For your convenience, we’ve listed in one place all the Vault 100 firms (and a few boutiques) that matched the Cravath scale, the firms that came close to matching, and the firms that fell short. Full details on the status of each firm’s raises are in a chart at the bottom of the post.
The Winner: Wachtell has its own way of paying associates above market, but only one firm publicly bested the Cravath scale: Desmarais. Desmarais, an IP litigation boutique, now pays its 1st year associates $200k and its 8th year associates $335k ($20k more than Cravath).
Full Matches: A full match to the Cravath scale in our book starts at $180k for first years, and rises to either $300k for 7th years or $315k for 8th years in all U.S. offices.
The firms that matched were, naturally, the most profitable firms in the country. Of the 30 Vault firms boasting at least $2M in profits per partner (PPP), 27 (90%) are known to have matched the Cravath scale in all U.S. offices. Of 31 firms with PPP between $1.5 and $2M, 21 (68%) matched Cravath; of 29 firms with PPP between $1 and 1.49M, 11 (38%) matched Cravath; and of 22 firms with less than $1M in profits per partner, only one firm (Ashurst) fully matched Cravath (5%). Read More