Kanye West (Photo by Michael Loccisano/Getty)
Chalk up another one for smaller firms who understand where they fit into the market, what they’re trying to accomplish, and what their talent expects. We previously wrote about Olshan Frome Wolosky opting out of blindly following the Cravath craze when it just doesn’t fit the niche they want for themselves in the market.
Now Pryor Cashman follows suit with its own raises. The mid-sized firm with a penchant for representing celebrities — they’ve appeared in our pages in the past for their work on behalf of Kanye West and Wendy Williams — informed associates yesterday that everyone was getting a $20K bump in their salary (less a few exceptions for attorneys not on the same track).
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It’s a solid raise and while it’s not placing the firm on par with Cravath, the fact is the firm doesn’t want to be on par with Cravath. It makes its money not charging on par with Cravath and its associates came to the firm because they wanted interesting and challenging work, but at hours not on par with Cravath.
Pryor Cashman even acknowledges this in its memo:
As a mid-sized firm, we have thrived with a different business model than much of BigLaw. We have grown the firm by staking our ground with mid-market clientele and by attracting work from larger firms because of the competence and value we provide in legal services. We do not depend on high leverage, and we offer a highly competitive fee structure.
Once again, a firm decided to take a good look at itself and its business and do what’s right for it.
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Full memo reproduced 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.
Earlier: Is The Second-Tier NYC Salary Market Emerging?
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.