Big law firms rush to match Cravath salary increases for partners

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Cravath, Swaine & Moore offices in Manhattan, New York, USA REUTERS/Andrew Kelly

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  • Cravath salary range rises to $415,000 for Associates Class of 2014
  • Debevoise adds another level of compensation for the associate class of 2013
  • Law firms moved quickly to match others on pay

(Reuters) – Many of the largest U.S. law firms said they would pay mid- and senior-level partners at the same wage rates set by Cravath, Swaine & Moore on Monday, with at least one firm offering even more. money to its most experienced lawyers. .

Debevoise & Plimpton said in an internal memo on Tuesday that it will match Cravath’s scale, which reached $415,000 for the Associates class of 2014. Debevoise will add a salary level of $425,000 for associates in his associate class of 2013 and senior.

Other major companies, including McDermott Will & Emery, Quinn Emanuel Urquhart & Sullivan and Paul, Weiss, Rifkind, Wharton & Garrison, said in their own internal memos that they would match Cravath.

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Cravath’s scale for mid-level and senior associates topped that set last week by Davis, Polk & Wardwell, which peaked at $396,500.

Law firms have used raises and bonuses as a recruiting tool amid fierce competition for lawyers, especially for more senior associates who specialize in transactions.

Many large companies have been quick to match their competitors’ associate salaries whenever a new pay scale is announced. It’s the third time in as many months that Chicago-based McDermott has said it has matched another firm on associate pay.

“This continues to be an extraordinary time in our profession, with increases fast and furious, but it underscores the incredible value this cohort delivers every day,” McDermott Chairman Ira Coleman said in an internal memo on Tuesday.

Quinn Emanuel’s memo confirmed that his Cravath scale correspondence applies to all US associates. The firm said in December it would let all of its U.S. attorneys work from anywhere in the country indefinitely, a rare move in the industry.

Read more:

Cravath tops rival companies’ pay, offering associates up to $415,000

Deluge of law firms join rush for Davis Polk pay rises amid battle for partners

Davis Polk raises salaries for senior partners in latest round of wage wars

Associate Boosts are back. Will there be fewer law firms this time around?

Quinn Emanuel Tells American Lawyers They Can Work From Anywhere, Forever

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David Thomas

David Thomas reports on legal activity, including law firm strategy, hiring, mergers and litigation. He is based in Chicago. He can be reached at [email protected] and on Twitter @DaveThomas5150.

Sara Merken

Sara Merken reports on privacy and data security, as well as legal affairs, including legal innovation and key players in the legal services industry. Contact her at [email protected]

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