Associate Salaries, Biglaw, Money

Well, At Least First Year Associates Will Be Happy...

Good luck getting your raises.

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Money QuestionAh, the lure of $180,000. Obviously, associates enjoy making bank, but firms love it too. They want to be able to throw around that number as if it answers every other question about their compensation structure. That’s why since the moment that Cravath announced their new compensation grid, we warned about compression of the scale, where first years make the requisite $180,000, but more senior associates are not treated as generously.

Enter Barack Ferrazzano. The Chicago-based firm is very proud that they’ve matched first year starting salaries at $180,000. But as for the rest of the associates… well, they aren’t sure what they are going to do. A firm representative told us:

Since this is a new change, we are still in the process of determining the scale for 2nd year associates and above, but wanted to make sure it was public that we are competitive with other firms and match the 1st year salary.

Best of luck to second year and higher associates, we hope you get your raise too.

We are covering this story as market conditions develop, so please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Matches Cravath”) — when you know of another firm making a compensation move. 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. All sources are kept strictly confidential.

Kathryn Rubino is an editor at Above the Law. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).

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