Cravath Swaine & Moore associates will be paid between $190,000 to $340,000 after the firm hiked pay above Milbank. 

Traditionally Cravath has been the first of the big US firms to announce pay hikes. Last week Milbank Tweed stole its thunder, but now the firm has given its US lawyers rises to match, and over 2PQE in the States, exceed, Milbank's. Four to five year qualified lawyers in the US will receive $5,000 more than their peers at Milbank, with a pay range of $255,000 to $280,000. Cravath's lawyers who are six to eight years qualified will be paid $10,000 more than peers at Milbank, with the top band earning $340,000.

Cravath will also offer its US associates bonuses ranging from $5,000 to $25,000 depending on their seniority. 

  Finally, the associate could afford something to wear for dress-down Friday.  

Milbank confirmed last week that it's pegging its UK salaries to the dollar, but Cravath did not respond to queries on whether its London lawyers would be awarded parity of disgusting wealth with their US colleagues.

Before Cravath announced Milbank+ to steal back its pay crown, Quinn Emanel had announced that it was matching Milbank in the US. But a spokesman told RollOnFriday that the firm's London associate pay was not being pegged to the dollar. He said Quinn paid its London lawyers salaries "that are very competitive and at the top of the London market". He added that the position was "always under review" and that if "the firm feels the need to adjust then it will". 

Two years ago, Kirkland & Ellis was one of the first US firms to peg its UK pay to the dollar, resulting in giant raises and others following suit, including the Magic Circle, only kidding.
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Comments

Anonymous 15 June 18 08:47

My only hope is that, if and when the MC raise the salaries for their US associates, they also spare a thought for their English associates...

Anonymous 15 June 18 13:57

Simpson Thacher have also beat Milbank and given summer bonuses (in addition to January bonuses) and pay rises (in addition to January pay rises) - similar scale to Cravath.

Anonymous 15 June 18 14:49

MC firms just aren’t profitable enough, either for partner profits or associate salaries. K&E pay associates double MC rates and the average Kirkland equity partner makes more than a Links and Feeshiws partner combined.

Anonymous 21 June 18 11:15

Great salaries yes but you have sympathy for clients who feel they are being overcharged. Paying these crazy salaries doesn't do the legal world any favours

Anonymous 21 June 18 13:58

thanks http://rollonfriday.com/TheNews/EuropeNews/tabid/58/Id/5692/fromTab/36/currentIndex/2/Default.aspx