International Firm Brings Its U.S. Associates Up To The New Market
Another Magic Circle firm makes the move.
After its Magic Circle counterpart, Freshfields, raised salaries to the Cravath scale yesterday, Clifford Chance took the leap and joined the ranks of “MoneyLaw” this afternoon.
In a memo sent by Regional Managing Partner Evan Cohen, the firm adopted the now-familiar Cravath pay scale (but with the class of 2007 and more senior getting $325K; the Cravath scale stops at class of 2008). No word on what counsel will get; if someone hears, let us know.
Summer associates are also seeing the bump to the tune of $7500/semi-monthly [Duh. I wrote month in the first version]. Some tipsters have asked if this amounts to beating the market when some other firms are paying summers $3500/week paid out every two weeks. Our sense is that this isn’t actually beating the market, but a factor of paying out every two weeks versus semi-monthly. Assuming firms are issuing paychecks on Fridays, July could have three pay periods. Divvying up the money semi-monthly might look like an increase over a bi-weekly dole out, but it probably isn’t.
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Clifford Chance associates are happy. You know who isn’t? Allen & Overy associates:
A&O associates are a bit worried given the firm’s very long delay during the last round of raises.
Yep. You know what they say, “if your Allen & Overys aren’t productive, it’s time to consider adopting a new firm.”
Meanwhile, congrats to Clifford Chance.
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The text of the full memo is available on the next page.
I’m sure everyone has already read this blurb, but on the off chance this is the first time you’ve gotten this far into a salary post… 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.
Magic Circle Firm Matches Cravath Scale
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.
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