Big Law Firms Race to Match Cravath Salary Increases (3)

At least five law firms said Wednesday they are matching a new associate scale set the previous day by Cravath Swaine & Moore, which surpassed Milbank’s pay for senior associates.

Paul Weiss is among the firms that said they will pay associates on a seniority-based scale that now ranges up to $435,000. The firms, including Baker McKenzie and Cleary Gottlieb, will also pay year-end bonuses up to $115,000. Hogan Lovells and Dechert joined firms in announcing they will match the new market scale.

Paul Weiss also said some associates will also receive a discretionary bonus in early 2024, which would ...