Another Top Biglaw Firm Makes Their Compensation Move
Another firm matches the Cravath scale, but adds discretionary bonuses on top!
A third top 25 Biglaw firm has announced raises and year-end bonuses that match the scale that Cravath set yesterday. McDermott and Paul Hastings quickly made their move yesterday, Paul, Weiss took the evening but came out strong this morning.
Last year the firm made $1,805,139,000 in gross revenue, making it 22nd on AmLaw 100. And with this compensation move they’re demonstrating they’re still at the top of the heap.
The new salary scale at Paul, Weiss is as follows:
| Class of 2023 | $225,000 |
| Class of 2022 | $235,000 |
| Class of 2021 | $260,000 |
| Class of 2020 | $310,000 |
| Class of 2019 | $365,000 |
| Class of 2018 | $390,000 |
| Class of 2017 | $420,000 |
| Class of 2016 | $435,000 |
Additionally, year-end bonuses were also announced, which match the prevailing market rate.
| Class of 2023 | $15,000 |
| Class of 2022 | $20,000 |
| Class of 2021 | $30,000 |
| Class of 2020 | $57,500 |
| Class of 2019 | $75,000 |
| Class of 2018 | $90,000 |
| Class of 2017 | $105,000 |
| Class of 2016 | $115,000 |
But there is EVEN MORE good news. In their announcement the firm indicated there will be a round of additional discretionary bonuses come 2024. (They made similar discretionary bonuses in 2022 and 2021.) Happy new year indeed!
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. 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 or Mastodon @Kathryn1@mastodon.social.
