Cravath, Swaine & Moore has quietly created a salaried partner tier, making it the latest in a series of Wall Street law firms to revamp pay schemes in response to new competitive forces.
The firm “recently established the salary partner role,” Faiza Saeed, Cravath’s presiding partner, said Tuesday in an internal memo viewed by Bloomberg Law. “These changes have enabled the Firm to retain and promote extraordinary people at all levels so their experience and expertise can continue to benefit our clients.”
A Cravath representative declined to comment.
Nonequity partner tiers, in which lawyers are paid annual salaries rather than ...
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