Milbank/Davis Polk/Cravath Scale: NYC to 215-415k Forum

[Anonymous User]

Sources say Cravath raised?!

Please be true…

[Anonymous User]

Sources say Cravath raised?!

ok but what sources?

[Anonymous User]

Sources say Cravath raised?!

fake news until proven otherwise

[Anonymous User]

Sources say Cravath raised?!

Please be true…

They did for class of 2018 and higher.

2018: 295k
2017: 345k
2016: 370k
2015: 400k
2014: 415k

[Anonymous User]

Eastern European disinformation

[Anonymous User]

It's real and it's spectacular

https://abovethelaw.com/2022/02/cravath-raises-22/

[Anonymous User]

What are the chances Crowell & Moring match?

Those cheap bastards might match the scale for juniors but they compress mid-level and senior associate salaries.

can you elaborate?

They actually shaft everyone now.

Before they went to the two tier scale, they were market the first 2-3 years regardless of hours.

But why is the two-tier scale shafting everyone? If you can hit the 2000 hours, you get market? Or am I being naive?

[Anonymous User]

.

[Anonymous User]

Most BigLaw firms, at least in the V50, don't use minimum billable hours for salary purposes. Many use it for year-end bonuses or special bonuses. At my non-V10 firm, if you're bill below the minimum billable hours, you still get your full salary though you may not get a bonus. The firms that have tiered salary scales just use "work/life" balance as an excuse to not pay market salary.

[Anonymous User]

Wow, class of 2015+ broke 400 threshold. I almost forgot Cravath, despite v1, still exists.

[Anonymous User]

As an incoming associate I'm a little bummed lol

[Anonymous User]

They did for class of 2018 and higher.

2018: 295k
2017: 345k
2016: 370k
2015: 400k
2014: 415k

LMAO, the extra money is obviously good, but extra points for eliminating the stupid .5Ks that DPW seems to love

[Anonymous User]

And we're back on whole numbers! Everybody wins.

[Anonymous User]

And we're back on whole numbers! Everybody wins.

Except for third years and below.

[Anonymous User]

This also demonstrates that even Cravath still views being a compensation leader as important for its prestige.

[Anonymous User]

Yeah as a first year this is getting weird lol. If we don't have a crash and I last 4-5 years, sure. Otherwise these are just numbers.

[Anonymous User]

This is the first time I've legit wondered whether my firm will match, and perhaps a true comp breakaway is what they're pushing forward for here.

[Anonymous User]

This also demonstrates that even Cravath still views being a compensation leader as important for its prestige.

Lol to all the fools who keep harping on Cravath's lower PPP.

[Anonymous User]

As an incoming associate I'm a little bummed lol

It’s not so disappointing when you think that BL scale was 190 when we (3L) started law school. Now 215. But yeah, seeing these big numbers for mids and seniors makes me hope I can hang on for long enough…

[Anonymous User]

This is the first time I've legit wondered whether my firm will match, and perhaps a true comp breakaway is what they're pushing forward for here.

V10 will match, right?

[Anonymous User]

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This is the first time I've legit wondered whether my firm will match, and perhaps a true comp breakaway is what they're pushing forward for here.

V10 will match, right?

The traditional NY firms will match. So v25 or so, less JD.

[Anonymous User]

If my firm pays one cent less than market, I am immediately dusting off the resume.

[Anonymous User]

This is the first time I've legit wondered whether my firm will match, and perhaps a true comp breakaway is what they're pushing forward for here.

Same. My firm got a little squirrely with senior associates last time (capping at the 7th year amount even though we previously had 8th years), and I just can't imagine they'll want to pay 7th years $400k.

[Anonymous User]

I’d think it’s easier to increase pay for senior associates purely because there is less of them. But I’m sure law firm math is slightly more complex…

[Anonymous User]

I’d think it’s easier to increase pay for senior associates purely because there is less of them. But I’m sure law firm math is slightly more complex…

Was talking to a partner at a V5 about exactly this, and when DPW came over the top she was like "phew -- I don't mind paying seniors more, but paying juniors another 10k each takes literally thousands per week out of my take-home for people who don't even produce meaningful revenue given that we write off all their hours." (this wasn't an asshole kind of partner, either).