Money, money, money, and more money: that’s what associates at leading Biglaw and boutique firms can expect to see in their paychecks later this month, all thanks to the new Cravath salary scale. Ranging from $215,000 to $415,000, hardworking associates can expect to be generously paid for their work, and firms that wish to remain elite have adopted the prevailing compensation system as their own. Which is the latest firm send associate salaries skyrocketing?
It’s Stroock! Co-managing partners Alan Klinger and Jeff Keitelman kept their message short and sweet, announcing a Cravath match earlier this afternoon. If you recall, the firm had previously matched the Davis Polk scale at the end of February. This is what the new salary scale looks like at the firm’s New York and DC offices:
Class of 2021: $215,000
Class of 2020: $225,000
Class of 2019: $250,000
Class of 2018: $295,000
Class of 2017: $345,000
Class of 2016: $370,000
Class of 2015: $400,000
Class of 2014+: $415,000
According to Klinger and Keitelman, “[s]alary increases for Los Angeles, Miami, special counsel and off-track associates will be communicated to each attorney on an individualized basis consistent with past practice.”
Stroock associates will see their raises reflected in their March 31st paychecks, retroactive to January 1. Congratulations to everyone at the firm!
(Flip to the next page to see the full memo from Stroock.)
Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Cravath”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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