3 Makes A Trend: New York Market Really Is $180K
It's official: with our third New York market match, we have a trend!
It’s official: with our third New York market match, we have a trend! After Milbank and Paul Weiss officially moved over to the new Cravath scale earlier today (both of which did so after California litigation boutique Hueston Hennigan ponied up the big bucks), we have our third major Biglaw firm making it rain for associates: Cahill Gordon & Reindel.
The move doesn’t come as much of a shock to Biglaw followers, Cahill has been known to beat the going market rate on end-of-the-year bonuses (though this past year they only met the market rate), and they provide associates with special summer bonuses — one of the few firms to do so. Given the compensation bump associates are seeing this summer, one wonders if Cahill will continue their summer bonus tradition?
According to our tipsters at the firm, Cahill made a complete match of the Cravath scale, which has to make everyone there pretty happy. Once we have a copy of the memo, we will update the story.
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UPDATE (3:05 p.m.): Here it is, the memo codifying the new pay scale at Cahill:
UPDATE #2 (6/8/17 1:01pm): Good news for Cahill summer associates! They were informed today at 11:30am that they’ll be getting a raise as well. This will bring their paycheck to $3,500/week.
With the first major associate pay raise in nearly a decade, this is an exciting time to be in Biglaw. We’ll be covering this story as market conditions develop, so please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Matches Cravath”) — when you know of another firm making a compensation move. Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file. All sources are kept strictly confidential.
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Kathryn Rubino is an editor at Above the Law. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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