Biglaw

Magic Circle Joins The Raise Party

The U.S. offices of Clifford Chance are having a great morning.

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Yesterday, I was enjoying a cigarette on the street when a nice man approached me and said: “Hey Elie, where’s my raise?”

I didn’t know where he worked, but I assured him it was coming. Because, if he works in Biglaw, it is coming. Yesterday, the dam broke on associate raises. It’s gonna happen now, for everybody. Well, maybe everybody but Greenberg Traurig associates.

Today, a Magic Circle firm joined the party. For the uninitiated, “Magic Circle” refers to a group of elite firms that got their start in the U.K. These firms are now global powerhouses and, like most Biglaw firms, have offices all across America. But we still call them “Magic Circle” because we are a fearful and xenophobic people.

Clifford Chance, which is often an early mover among this cadre of elite international firms, made the first move on raises for all U.S. associates. Here’s the memo:

Re: U.S. Associate Salaries and Summer Bonuses
I am pleased to announce that the Firm is increasing the salaries of our Associates in the U.S. as follows:
Class Year Salary
2017 $190,000
2016 $200,000
2015 $220,000
2014 $255,000
2013 $280,000
2012 $305,000
2011 $325,000
2010 $340,000
2009 and more senior $350,000

Salary increases will be effective July 1, 2018. Salaries for Summer Law Clerks will be increased to the semi-monthly rate of $7,916.67.

In addition, I am also pleased to announce that the Firm is awarding summer bonuses as follows:
Class Year Summer Bonus
2017 $ 5,000
2016 $ 7,500
2015 $10,000
2014 $15,000
2013 $20,000
2012 $25,000
2011 $25,000
2010 $25,000
2009 and more senior $25,000

That’s a match of the Cravath salary scale, and the Simpson Thacher summer bonuses.

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I don’t know what the British associates are making, but they have the honor of not living here and having a team in the World Cup, which seems like bonus enough.

And to my street buddy, even if you don’t work at Clifford Chance, yours is coming too. I promise. It’s gonna happen. In fact, just start spending the money now.

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Elie Mystal is the Executive Editor of Above the Law and the Legal Editor for More Perfect. He can be reached @ElieNYC on Twitter, or at elie@abovethelaw.com. He will resist.

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