This summer Cravath, Swaine & Moore raised first-year associate salaries from $160,000 to $180,000—the first increase since January 2007. As most law firms followed suit, some clients pushed back.
“While we respect the firms’ judgment about what best serves their long-term competitive interests,” wrote a big bank’s global general counsel, “we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions.”
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