Cahill Gordon & Reindel is rewarding associates with a special bonus as the Wall Street firm becomes the latest Big Law firm to match recent salary increases.
Cahill is handing out additional bonuses between $2,500 for first-years up to $40,000 for its most senior associates, the firm announced in a memo on Dec. 6 viewed by Bloomberg Law.
The special bonuses, the first among Big Law firms, come on top of year-end bonuses and salary increases for its most junior talent.
Over a dozen of the nation’s top law firms have now announced matches to the scale set by Milbank and Cravath Swaine & Moore last month.
Cahill’s new pay scale, which ranges from $225,000 to $435,000, will go into effect on Jan. 1. It also announced year-end bonuses, which matches the $15,000 to $115,00 scale at other firms, the firm said.
Another Wall Street firm—Cadwalader Wickersham & Taft—also announced it would be matching the new salary scale and bonuses for associates, the firm said on Wednesday.
Associates who have billed 2,220 or more hours will be awarded year-end bonuses equal to 120% of the bonus scale, firm managing partner Pat Quinn said in a email to the firm viewed by Bloomberg Law.
Milbank kicked off the surprise salary hikes in a Nov. 7 firm memo, bumping up associate salaries by $10,000 across the board. Cravath matched Milbank’s increase for junior lawyers but boosted salaries by $20,000 for senior associates on Nov. 28. Paul, Weiss, Rifkind, Wharton & Garrison on Nov. 29 said it would pay its eighth-year associates $435,000.
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To contact the editors responsible for this story: Alessandra Rafferty at arafferty@bloombergindustry.com
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