Money

First Firm Matches The New And Improved Cravath Pay Scale

We are officially in salary war territory.

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Milbank was the first to act this summer when they thrilled the Biglaw world, raising base compensation between $10,000 and $15,000 depending on seniority for associates. That prompted Simpson Thacher to match the base salary but come over the top with special summer bonuses. Not to be outdone, yesterday Cravath matched the special bonuses, matched Milbank for junior associate salaries, and then came $5k over the top for mid-levels, and $10k more for senior associates. We are officially in salary war territory, people.

Now comes word that commercial litigation boutique Holwell Shuster & Goldberg is joining Cravath at the very top of the market, and matching both the special bonuses and augmented base salaries:

Boutique litigation firms have been among the first to move in the recent round of raises. Though their headcount may be smaller (and thus their capital investment in raises correspondingly smaller), their willingness to pay like the big kids shows they’re in the market for the same elite talent.

Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Raises Salaries”). 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.

And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we’ll also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks!

(Read the full Holwell memo on the next page.)

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