Biggest Firm Yet Matches Cravath Pay Scale!
A HUGE number of associates just got a raise.
UPDATE (6/10/16 10:38 a.m.): We have news about the summers. Check out below.
In honor of this firm’s recent appearance on Jeopardy, we pose the following statement:
This Chicago-headquartered firm waited three days, but just now raised its associates’ salaries to match the Cravath scale.
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What is… Sidley Austin?
Yes, the massive firm — fourth in U.S. headcount — just sent out its “me too” memo joining the leading Biglaw firms in offering the Cravath salary structure to their associates. This makes Sidley the largest firm so far to join Cravath, increasing its salaries in all of its U.S. offices. (That’s by headcount; Latham is the largest firm by gross revenue to follow Cravath.)
Borrowing from some verbiage I briefly and incorrectly placed in the Clifford Chance post… let’s chalk up Sidley as one of the growing number of firms capping this increase at the Class of 2008 and $315K. The momentum on the ’07/$325K vs. ’08/$315K (bracketing for the moment Sullivan & Cromwell’s decision to (keep) beating the market for those lawyers) is definitely tilting toward the latter option, but it’s not settled yet.
Counsel and summers are not covered by this memo, so let us know what happens there. UPDATE: Summers are covered. Read all about it here.
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The firm — who, in case you missed it, we recently recognized for its impressive bankruptcy practice — is certainly in no financial danger itself, as this move to rejoin the market leaders shows. How’s that for a natural transition?
Congratulations to Sidley Austin associates!
Memo available on the next page.
Remember, when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Cravath”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.
