Kirkland matches Cravath's associate pay rates for UK associates
Kirkland hikes pay for UK associates to match top-of-the-market rates set by Cravath
June 19, 2018 at 09:04 AM
2 minute read
Kirkland & Ellis is rewarding its UK associates with a pay hike in line with its salary increases for US associates, which matched that of rival Cravath Swaine & Moore.
Both firms surpassed the rates set by this year's associate pay kickstarter, Milbank Tweed Hadley & McCloy, in that while they were evenly matched for junior associates, mid-level and more senior associates will be remunerated an extra $5,000-$10,000 on top of Milbank's rates.
Kirkland's new rates – which start at $190,000 (£144,000) and rise to $305,000 (£231,500) after five years – will also be paid to its UK lawyers, while the firm is also handing a one-time special summer bonus of between $5,000 and $25,000.
In a statement, Kirkland said: "Our associates and non-share partners based outside the US will receive proportionate salary adjustments and special bonuses."
Yesterday (18 June), Quinn Emanuel Urquhart & Sullivan increased associate pay for UK associates across all bands by 6%-19%, with salaries now running from £125,000 to £200,000 five years later.
The associate pay rates for Kirkland are, from 1 July, as follows:
- Class of 2017 – $190,000
- Class of 2016 – $200,000
- Class of 2015 – $220,000
- Class of 2014 – $255,000
- Class of 2013 – $280,000
- Class of 2012 – $305,000
In the US, other firms to have matched Cravath's payscale include Clifford Chance, Cleary Gottlieb Steen & Hamilton, Kirkland & Ellis, Ropes & Gray, Skadden Arps Slate Meagher & Flom, Willkie Farr & Gallagher, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison and Sullivan & Cromwell.
Freshfields Bruckhaus Deringer, meanwhile, is raising its US associate salaries to match Milbank's rates.
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