General counsel don’t have strong objections to the recent wave of salary increases for associates at big law firms. But if firms increase hourly rates now that they’ve committed to paying their associates more, some GCs say they’ll reconsider how they assign legal work.
Cravath, Swaine & Moore announced last week that it’s increasing base salaries for all of its associates. First-year associates will see a jump to $180,000 from $160,000. Eighth-year associates will see a $35,000 boost to $315,000. Dozens of other firms have matched the Cravath scale, at least for associates in locations known for high-end legal work and a high cost of living like New York and Silicon Valley.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
