If you were taking bets on which Biglaw firms would inevitably move to the new market reality of the Milbank/Simpson/Cravath scale, a safe bet would be that Cadwalader — the oldest firm in New York City — would move. Not necessarily a flashy firm when it comes to associate compensation, they still do what they have to do to keep up with the Joneses (or Milbanks, as the case may be).
Today, Cadwalader made it official, announcing they were increasing associate salaries between $10,000 and $25,000, depending on class year. Below is the new Cadwalader scale, and you’ll note, they provide a scale for the super senior associates, instead of leaving themselves to the murky waters of individualized compensation:
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And associates there will also be receiving special bonuses:
Associates need to be on track to bill 2,000 hours to receive this bonus. If associates miss the mark mid-year, they’ll have an opportunity to make it up by year’s end and receive the special bonus in addition to year-end bonuses. One interesting note is that the 2,000-hour threshold for the special bonuses appears to be a bump up from the standard 1,800-threshold Cadwalader usually employs.
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(Check out the full memo from the firm on the next page.)
Kathryn Rubino is a senior editor at Above the Law. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).