Lawyer Pay
Cravath kicks off associate bonus season and other firms follow
Cravath, Swaine & Moore is the first BigLaw firm this year to announce associate year-end bonuses along with special bonuses matching those announced by Milbank this summer. (Image from Shutterstock)
Updated: Cravath, Swaine & Moore is the first BigLaw firm this year to announce associate year-end bonuses along with special bonuses matching those announced by Milbank this summer.
Several other law firms quickly followed. Above the Law broke the news on Cravath and also covered other bonus announcements.
Law.com, Bloomberg Law, Reuters and Law360 also have coverage.
Cravath’s year-end bonuses range from $15,000 to $115,000 and depend on class year. The special bonuses range from $6,000 to $25,000. Bonuses for the class of 2025 are prorated.
The bonus scale has been the same since 2021, according to Law360.
Here is the bonus scale:
• Class of 2025: $15,000 year-end, $6,000 special, $21,000 total (prorated)
• Class of 2024: $20,000 year-end, $6,000 special, $26,000 total
• Class of 2023: $30,000 year-end, $10,000 special, $40,000 total
• Class of 2022: $57,500 year-end, $15,000 special, $72,500 total
• Class of 2021: $75,000 year-end, $20,000 special, $95,000 total
• Class of 2020: $90,000 year-end, $25,000 special, $115,000 total
• Class of 2019: $105,000 year-end, $25,000 special, $130,000 total
• Class of 2018: $115,000 year-end, $25,000 special, $140,000 total
Base salaries for associates will remain the same at Cravath in 2026. This is the scale:
• Class of 2025: $225,000
• Class of 2024: $235,000
• Class of 2023: $260,000
• Class of 2022: $310,000
• Class of 2021: $365,000
• Class of 2020: $390,000
• Class of 2019: $420,000
Several firms followed with their own bonus amounts. Here is the list, including Cravath. Firms matched Cravath unless specified.
• Cadwalader, Wickersham & Taft (Those with at least 2,200 billable hours will get 120% of the year-end bonus)
• Cravath (This firm was the first to announce.)
• Dechert (No bonus is specified for the class of 2025. Associates with 2,200 or more hours will get an extra 30%, and those with 2,400 hours will get an extra 40%.)
• Fried, Frank, Harris, Shriver & Jacobson (High billers with between 2,200 and 2,450 hours will get an extra $3,000 to $34,500.)
• Hogan Lovells (Bonuses begin with the class of 2024.)
• McDermott Will & Schulte (Associates who started after Aug. 1 won’t get year-end bonuses. About two-thirds of associates from predecessor firm McDermott Will & Emery will receive above-market bonuses.)
• Ropes & Gray (Associates in the class of 2017 and beyond will get a year-end bonus of $130,000 along with a $25,000 special bonus. High billers may get year-end bonuses of up to 150% of the standard amounts.)
• Wilkinson Stekloff (Year-end bonuses range from $22,500 to $172,500, and formerly announced spring bonuses range from $25,000 to $60,000.)
Associates and other nonshareholders at McKool Smith, meanwhile, are getting Thanksgiving bonuses ranging from $2,500 to $10,000. The amount is in addition to year-end bonuses that will be announced in coming weeks.
Updated Nov. 19 at 2:10 p.m. to clarify that McKool Smith bonuses are for all nonshareholders and to add information on McDermott Will & Schulte; Fried, Frank, Harris, Shriver & Jacobson; and Dechert. Updated Nov. 20 at 3:30 p.m. to include Hogan Lovells, Ropes & Gray and Wilkinson Stekloff.
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