X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Open-umbrella

Cravath, Swaine & Moore confirmed Monday that it is increasing base salaries to $180,000 for first-year associates and $315,000 in their eighth year, according to the firm.

The last boost in associate base pay at the firm occurred in 2007 just prior to the recession, when base salary was raised to $160,000, sources at the firm said.

The raise represents a $20,000 increase for first-year associates, rising to a $35,000 boost for seventh and eighth-year associates. The raise was effective May 1 2016, and will appear in paychecks starting July 8, the firm confirmed.

With $666.5 million in gross revenue last year, Cravath placed 50th on The American Lawyer’s 2016 Am Law 200 ranking. Profits per partner at the firm grew 5.65 percent last year to $3.56 million in 2015, which was sixth in PPP. Revenue per lawyer was $1.41 million, according to the latest 2016 ranking.

The National Association of Law Placement Associate Survey in April 2015 found that $160,000 was the most commonly reported starting salary for associates at the largest firms in the largest markets, which include Boston, Chicago, Los Angeles, New York and Washington, D.C. Most Cravath associates work in New York City.

News of the pay boost was first reported in Above The Law.

James Leipold, executive director of the National Association for Law Placement declined to comment on the Cravath pay raise and whether it would influence other firms to do the same.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.