In a surprising move, Cravath, Swaine & Moore has announced an increase in its compensation scale for associates, with Milbank quickly following suit. This development comes as a surprise to the legal industry, as both firms are known for their competitive pay structures. The move by Cravath has generated anticipation within the legal community, with other law firms expected to follow suit. This trend could potentially lead to an increase in associate salaries across the board. The race for top talent in the legal market continues to intensify, with law firms striving to attract and retain the best lawyers.
Cravath Raises Compensation Scale, Milbank Follows Suit
Cravath announces its new compensation scale and within an hour, Milbank decides to match it, signaling a trend among law firms.
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