NY To $180K: Another Big New York Firm Matches Cravath
When it rains cash in Biglaw, it pours! Another large New York firm has matched the Cravath scale.
When cash begins to rain down from the heavens above Biglaw firms, it always pours. More firms are falling in line with the new Cravath salary scale. Earlier today, we saw our first major match from Milbank Tweed, and now another New York powerhouse has anted up beaucoup bucks for its associates.
Paul Weiss, a firm with almost one thousand lawyers and more than $1 billion in annual revenue, has matched the Cravath salary scale.
This isn’t surprising news. During Biglaw’s last bonus season, Paul Weiss matched Cravath within three hours. In fact, according to a source, Brad Karp, the firm’s managing partner, said Paul Weiss will always match market, but never set it. In his memo to associates, Karp said the move was “in keeping with our commitment that the compensation of our attorneys be at the top of the market.”
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Here’s something worth noting: incoming members of the Paul Weiss class of 2016 are also being bumped up to the $180K salary scale. That’s great news for recent law school graduates with loads of debt that needs to be paid off. How exciting!
Congrats to all Paul Weiss associates on your brand new salaries!
UPDATE (3:00 p.m.): A tipster points out that Paul Weiss is technically beating the market, at least for the classes of 2007 and beyond. Note that in the memo provided on the next page that Paul Weiss provides an extra $10,000 to lawyers in years 2007 and senior, for a salary of $325,000. We acknowledge that compensation for the classes of 2007 and senior is discretionary at most firms, but we can’t help but wonder if other firms will state a salary figure for these classes as well in future Cravath matches.
Milbank Matches Cravath Associate Pay Boost [Am Law Daily]
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(Flip to the next page for the full Paul Weiss memo, from chairman Brad Karp.)
Staci Zaretsky is an editor at Above the Law. Feel free to email her with any tips, questions, or comments. Follow her on Twitter or connect with her on LinkedIn.
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