In a dazzling display of financial munificence, Cravath Swaine & Moore LLP has joined the ranks of top law firms unveiling year-end bonuses. This move not only aligns with the Milbank LLP scale for burgeoning junior associates but also elevates the financial game for its midlevel and senior counterparts.
Bonuses Galore: A Range That Rivals the Best
The Wall Street legal titan, in a move reminiscent of a grand maestro orchestrating a symphony of rewards, announced a bonus scale that ranges from a respectable $15,000 for the newest members (class of 2023) to a whopping $105,000 for those who’ve been in the trenches since 2017. This announcement, first revealed in a memo on the popular legal blog Above the Law, echoes the precedent set by Milbank on November 17.
A Salary Scale to Envy: Cravath Raises the Bar
But the financial fanfare doesn’t end there. Mirroring Milbank’s blueprint, Cravath has set a salary scale for its junior associates that starts at an impressive $225,000 for the class of 2023, scaling up to $260,000 for the class of 2021. The firm doesn’t stop at merely matching the industry standard; it propels its midlevel and senior associates into a higher echelon of earnings, with salaries ranging from $310,000 for the class of 2020 to an eye-watering $420,000 for the class of 2017.
Cravath’s Bold Move: A Signal to the Legal Industry
This bold financial move by Cravath Swaine & Moore is more than just numbers on a paycheck; it’s a clarion call in the legal industry, signaling a new era of competitive compensation. With this latest announcement, the firm not only acknowledges the invaluable contributions of its associates but also sets a new benchmark for its peers on Wall Street, heralding a potentially transformative period in legal compensation.
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