Cravath announces raises – above Milbank scale (for some partners)

It’s been three weeks since Milbank showed up and shook up the Biglaw echo chamber with both (expected) bonuses and (unexpected) raises. To date, no company has announced a similar move – despite the argument that the increases were linked to inflationary pressures.

But now, finally, Cravath has decided to respond to the clamor of colleagues desperate to find out whether they will receive the highest compensation on the market in the new year.

They advertise matching Milbank’s compensation scale for entry-level employees – but mid-level and senior employees will do better at Cravath. The new pay scale at Cravath is as follows:

Class of 2023 $225,000 ($10,000 increase)
Class of 2022 $235,000 ($10,000 increase)
Class of 2021 $260,000 ($10,000 increase)
Class of 2020 $310,000 ($5k more than Milbank, total increase of $15k)
Class of 2019 $365,000 ($10,000 more than Milbank, total increase of $20,000)
Class of 2018 $390,000 ($10,000 more than Milbank, total increase of $20,000)
Class of 2017 $420,000 ($10,000 more than Milbank, total increase of $20,000)

The increases are effective January 1.

In addition, year-end bonuses were also announced, which are consistent with Milbank’s (and last year’s) numbers.

Class of 2023 $15,000
Class of 2022 $20,000
Class of 2021 $30,000
Class of 2020 $57,500
Class of 2019 $75,000
Class of 2018 $90,000
Class of 2017 $105,000

Full memo below.

Cravath has long been considered a compensation leader. Now that they’ve made their move, it won’t be long before the rest of Biglaw reacts.

Remember everyone, we depend on your tips to stay up to date on important bonus updates, so when your company matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you do not want to forward the original PDF or Word file.

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Compensation note

previously: Milbank raises associate salaries and announces year-end bonuses!
5 Things You Need to Know If Your Biglaw Firm Doesn’t Match Milbank’s New Compensation Scale
Biglaw’s top leaders criticize Milbank’s money moves
This insufferable nonsense criticizes Milbank’s increases
Desperately searching for a Milbank match: When will the waiting game end? Milbank matching is incredibly affordable…don’t believe anyone who suggests it isn’t.

Katherine Rubino is a senior editor at Above the Law and host of the podcast Jabot Podcastand co-host Think like a lawyer. AtL’s advice is the best, so please reach out. Feel free to email her with any tips, questions or comments and follow her on Twitter @katherine1 Or mastodon @[email protected].

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