Cravath Raises Bonuses -- Clerkship Bonuses, That Is
Bountiful bonuses at Cravath!
Cravath gets a lot of credit for being a Biglaw compensation leader. But the truth is, when it comes to clerkship bonuses, they haven’t been at the top of the heap. It’s been litigation boutiques and a select few Biglaw firms that have moved the needle for bonuses for attorneys who have completed one to two years of a federal clerkship into the six-figure range. But that’s all changing.
Eagle-eyed tipsters spotted this on the Cravath website:
Incoming associates who have completed a qualifying clerkship receive a clerkship bonus of $125,000; those who have completed a clerkship of two years or two one-year clerkships will receive a bonus of $150,000 (in lieu of the $125,000 bonus described above). Incoming associates will receive a year of credit for compensation purposes, up to a maximum of two years, for each year they clerked. Incoming associates who have completed a U.S. Supreme Court clerkship (and at least one other qualifying clerkship) will receive an additional bonus and two years of class credit for all purposes.
That’s a notable bump for attorneys looking to land at Cravath post-clerkship.
So, which other firms are offering six-figure bonuses to former clerks? The elite Susman Godfrey offers $125,000 for one clerkship, and $150k for two. There’s California plaintiffs firm Dovel & Luner, which offers an impressive $140,000 as a clerkship bonus. And Quinn Emanuel has a clerkship bonus of $125,000 for folks with only a single year of clerkship experience are eligible for that bonus, with an additional $25,000 if the applicant completes a second qualifying clerkship. Robins Kaplan offers $100,000 bonuses to former federal clerks. Fish & Richardson made headlines with an impressive number to former clerks ($115,000), but that only applies to folks with Federal Circuit experience and it requires two years of service as a clerk. Munger Tolles pays a bonus of $80,000 for a single federal clerkship, and $105,000 for those with two federal clerkships under their belt. Hueston Hennigan pays $125,000 to former clerks. And Boies Schiller gives a $110,000 signing bonus to federal law clerks.
Despite this good news, most Biglaw clerkship bonuses are still in the $50,000 – $75,000 range. So what are the other firms waiting for? Now that Cravath has upped the ante, will other firms react the way they do with year-end bonuses and match this new rate? We’ll have to wait and see. If you have information about any firm’s clerkship bonuses, you should email us or text us (646-820-8477) with all the details. Thanks!
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 @[email protected].
