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No. 2 Biglaw Firm in America Adopts Cravath Scale for Salary Increases
In a move that amplifies the holiday cheer for its hardworking associates, Latham & Watkins, the second-highest-grossing firm in the Am Law 100 with a staggering $5,321,007,000 in revenue for 2022, has recently announced a significant revision to its associate salary scale. This decision aligns with the ongoing trend of law firms boosting compensation to attract and retain top legal talent.
The Cravath Scale Implementation
Effective January 1, 2024, Latham & Watkins has implemented the Cravath scale for its salary adjustments, ensuring that associates at the firm will enjoy increased remuneration. The new salary scale is as follows:
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- Class of 2023: $225,000
- Class of 2022: $235,000
- Class of 2021: $260,000
- Class of 2020: $310,000
- Class of 2019: $365,000
- Class of 2018: $390,000
- Class of 2017: $420,000
- Class of 2016: $435,000
- Class of 2015 and beyond: $445,000
Interestingly, Latham distinguishes itself by offering higher salaries for its senior associates, aligned with industry leaders like Sidley, Ropes, and Schulte. However, it’s crucial to note that this salary raises exclusively apply to associates in specific locations, namely the U.S., London, the Middle East, Beijing, Hong Kong, Seoul, and Tokyo. The firm is reportedly contemplating extending this salary scale to some of its other global offices.
Bonus Anticipation and Recognition
In addition to the revamped salary structure, associates at Latham & Watkins can anticipate well-deserved bonuses in the coming weeks. The firm is renowned for providing bonuses that surpass the industry median, reflecting its commitment to acknowledging and rewarding the dedication of its legal professionals.
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Congratulations to everyone at Latham & Watkins as they embark on this new chapter of elevated compensation, further solidifying the firm’s commitment to valuing and investing in its legal talent.
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