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Associates who were hoping that Cravath would set the standard with higher bonuses this year will be disappointed with the law firm’s Monday announcement.
Cravath is paying the same amount as last year and the same amount that Milbank will pay, Above the Law reports. Cravath’s associate bonuses will range from $15,000 to $100,000, depending on years of service.
“So, for the time being at least, Cravath is letting Milbank set the standard,” Above the Law writes. “It seems likely that now that these two compensation powerhouses have weighed in, the rest of the industry will fall in line.”
The bonuses will be paid on Dec. 20.
Base salaries for associates at Cravath in 2020 will range from $190,000 to $340,000, the amount the firm started paying associates in July 2018.
Here is Cravath’s 2019 bonus and 2020 salary scale:
Class of 2019 – $15,000 bonus (pro rated), and $190,000 base salary
Class of 2018 – $15,000 bonus, and $200,000 base salary
Class of 2017 – $25,000 bonus, and $220,000 base salary
Class of 2016 – $50,000 bonus, and $255,000 base salary
Class of 2015 – $65,000 bonus, and $280,000 base salary
Class of 2014 – $80,000 bonus, and $305,000 base salary
Class of 2013 – $90,000 bonus, and $325,000 base salary
Class of 2012 – $100,000 bonus, and $340,000 base salary
Above the Law previously pointed out that associates will be paid less in total bonuses for 2019 because they didn’t receive summer bonuses as they did last year.