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I understand Wachtell pays summers on the Cravath scale. Wachtell associates make (lots) more not because their base pay is higher, but because they receive ginormous bonuses (commensurate with a similarly ginormous number of hours worked).TestAccount12345 wrote:It should be the starting associate salary divided by 52. So firms on the Cravath scale tend to pay precisely $3,653.85/week. Some firms round up to $3700 or $3750. A couple (ex. K&E, Reed Smith) apparently pay slightly above market for unknown reasons - $3,958.50. Not sure about firms that pay below market since I didn’t apply to those. I imagine a place like Wachtel or W&C would pay more since their starting salary is higher but someone who works there should confirm.
I'm surprised to hear Reed Smith pays summers above Cravath. I understand their full-time associates make below the current Cravath scale.
In the end, I wouldn't base any decision on where to summer on SA pay. It's only 8-10 weeks in the grand scheme of things (or 12 at the maximum, though it's pretty rare to find 12-week gigs these days). Much more important to find a firm that's a good "fit," and that pays actual market. Most firms that claim to pay Cravath actually don't pay Cravath because they attach hours requirements to bonuses that many/most associates fail to meet.
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