For the first time since 2007, associate salaries are going up.
Starting July 1, Cravath will pay first-year associates $180k, up from $160k. Base salaries also increase for mid-level and senior associates, reports the Wall Street Journal based on an internal Cravath memo it reviewed.
Large law firms generally move their pay scales to match market leaders'—which will be the first to follow Cravath's lead? [WSJ]
UPDATE: The first major law firm to match the new $180k salary is Milbank Tweed, reports Above The Law. (California litigation boutique Hueston Hennigan also matched it.) Milbank, an AmLaw100 firm, has about 600 lawyers. [ATL]
UPDATE (1:33pm): The next firm to follow Cravath's lead is Paul Weiss, which has nearly one thousand lawyers. Incoming first-year associates will also start on the $180K pay scale. With Paul Weiss and Milbank quick to bump their base pay, many of the other major firms likely aren't far behind. [ATL]
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