Welcome to the party, Paul Weiss. You’ll notice Cravath is already here, natch, and yup that’s Debevoise over there. Milbank and Simpson Thacher got here a little early, but really if it wasn’t for them, there’d be no party at all. Now that you’re here, certainly even more firms will show up for Salary War 2018 — The Party Of The Decade.
Yes, it is true — Paul Weiss just announced they are increasing associate compensation to the levels set earlier this week by Cravath and giving the special summer bonuses that Simpson made all the rage with their announcement last week. You can read the full memo from the firm on the next page, but the most important info — the cold, hard cash associates are taking home — is as follows:
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This, of course, brings Paul Weiss to the top of the compensation game –though they’re early to match the standard set by others, they aren’t leading the charge. Given the profitability of the firm — top in Biglaw according to the most recent Am Law numbers — it isn’t surprising that they matched the top numbers.
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(Click to the next page to read the firm’s full memo.)
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Kathryn Rubino is an 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).