The $435K Raise Race: Which Firms Have Upped The Ante On Associate Salaries?

// Since we broke the news of the new $225K salary scale for associates at large law firms in the United States — a trend that was started by Milbank on Tuesday, November 7, 2023, and finally one-upped three weeks later by Cravath on Tuesday, November 28, 2023, complete with higher salaries for midlevel and senior associates — firms are quickly falling in line to match the scale. In addition to these hefty new salaries, Biglaw firms are also rolling out their year-end bonuses. When will your firm announce its new salary and bonus scales for associates?

Today, for your viewing pleasure, we unveil a table of all of the firms that have already matched the new salary scale (or instituted raises, generally, because of the new salary scale) and bonus scale, the date those matches were made, the minimum hours required to receive bonuses (if available), and the date bonuses will be paid. We presume all raises are retroactive to January 1, 2024. We will be updating this table on a daily basis, sometimes multiple times, as news on raises and bonuses unfolds. If you see any information here that is incorrect or needs clarification, let us know.

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We are covering this trend extensively, so please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Matches”) — when you know of a firm making a compensation move. Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file. Sources are kept confidential.

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Firm Salaries Bonuses Minimum Hours Bonus Payout Date Milbank
FIRST MOVER
November 7, 2023
December 5, 2023 (re-raise) Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K
Class of 2016: $115K None December 31, 2023 Wilkinson Stekloff
November 20, 2023 Undisclosed Class of 2023: $26.25K
Class of 2016+: $201.25K None December 15, 2023 Cravath
NEW MARKET LEADER
November 28, 2023 Class of 2023: $225K
Class of 2017: $420K Class of 2023: $15K
Class of 2017: $105K None December 15, 2023 McDermott
November 28, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K
Class of 2016+: $115K 2000 hours Undisclosed Paul Hastings
November 28, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K
Class of 2016+: $115K 2000 hours February 9, 2024 Paul, Weiss
November 29, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K
Class of 2016: $115K
Addt’l discretionary bonuses in 2024 None Undisclosed Baker McKenzie
November 29, 2023 Class of 2024: $225K
Class of 2016+: $435K Class of 2022: $15K
Class of 2016+: $115K Undisclosed; Addt’l “premium” bonuses for those who “materially exceeded” billables February 9, 2024 Proskauer
November 29, 2023 Class of 2023: $225K
Class of 2015: $435K Class of 2023: $15K (pro-rated)
Class of 2015: $115K None December 22, 2023 Dechert
November 29, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2022: $20K
Class of 2016+: $115K 1950 hours (client billable, pro bono, firm as client, maximum of 50 community hours); associates who exceeded hours expectations eligible to receive an “extraordinary” bonus (i.e., 2200 hours = addt’l 30%; 2400+ hours = addt’l 40%) Undisclosed Hogan Lovells
November 29, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2022: $20K
Class of 2016+: $115K 2000 hours (including up to 150 pro bono hours until associates meet 1850 hours, then unlimited pro bono hours, and including up to 50 D&I hours, if they have billed at least 1800 hours; additional bonuses available for those who exceed hours minimums) Last pay period in 2023 Skadden
November 29, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K
Class of 2016+: $115K or $125K 1800 “productive hours” (including unlimited pro bono time and up to 150 hours of productive non-billable work) Undisclosed Cleary
November 29, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K None December 22, 2023 Sidley
November 30, 2023 Class of 2023: $225K
Class of 2015: $445K Class of 2022: $20K
Class of 2015+: $115K 2000 hours required for base bonuses; associates with “higher productivity and/or exceptional performance” will receive additional bonuses Prior to December 31, 2023 Davis Polk
November 30, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K
Class of 2016+: $115K None Undisclosed Fried Frank
November 30, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K 1850-1999 hours for up to 25% of full bonus; 2000-2199 hours for full bonus; 2200-2449 hours for full bonus plus 15% premium; 2450+ hours for full bonus plus 30% premium; premiums range from $3,000 to $34,500 On or before December 31, 2023 Norton Rose Fulbright
November 30, 2023 Class of 2023: $225K
Class of 2016: $435K TBA Undisclosed TBA Mayer Brown
November 30, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K NY: 1900 client equivalent hours; Outside NY: 2000 hours for base bonus, stub years not included (1900 CE hours required); 2100 hours for $23K-$132.25K, 2200 hours for $24K-$138K, 2300 hours for $26K-$149.5K February 16, 2024 Kirkland
November 30, 2023 Class of 2023: $225K
Class of 2018: $390K TBA None TBA Willkie
November 30, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K (pro-rated)
Class of 2016: $115K None December 29, 2023 Holwell Shuster
November 30, 2023 Class of 2023: $225K
Class of 2017: $420K Class of 2023: $15K (pro-rated)
Class of 2017: $105K None On or before December 31, 2023 Akin Gump
November 30, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K 1950 hours (including pro bono hours, general counsel hours, business development hours, and up to 100 hours of time spent on recruiting, diversity & inclusion, and/or innovation activities); associates with “exceptional” performance will receive larger bonuses February 2024 O’Melveny
November 30, 2023 1st Year Assocs: $225K
3rd Year Counsel: $435K Class of 2022: $20K
Class of 2016+: $115K None Undisclosed Debevoise
November 30, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K None Undisclosed Vinson & Elkins
November 30, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K Based on hours and good standing; “supplemental bonuses” available for associates who had an “exceptional year” January 31, 2024 Simpson Thacher
November 30, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K (pro-rated)
Class of 2016: $115K None December 29, 2023 Covington
December 1, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K Undisclosed Undisclosed Baker Botts
December 1, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2022: $20K
Class of 2016+: $115K Based on hours (“enhanced” bonuses available for “exceptional” performance) Undisclosed Yetter Coleman
December 1, 2023 Class of 2023: $225K
Class of 2017+: $420K Class of 2023: $15K (pro-rated)
Class of 2017+: $105K 1850 hours for partial bonus (including up to 100 pro bono hours); 2050 hours for full bonus (including up to 120 pro bono hours, up to 10 diversity & inclusion hours, and up to 10 professional development hours) December 18, 2023 Gibson Dunn
December 1, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K Undisclosed Undisclosed Morgan Lewis
December 1, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K (pro-rated)
Class of 2016: $115K 1900+ hours (20 of which must be pro bono hours) Undisclosed Clifford Chance
December 4, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K None (based on overall performance, quality of work, contributions to firm, teamwork, and pro bono) January 12, 2024 AZA
December 4, 2023 Class of 2023: $225K
Class of 2020: $310K Class of 2023: $15K (pro-rated)
Class of 2020: $57.5K None (based on overall performance; elder class years also have the chance to receive salary and bonus matches, but they must be “strong performers”) Undisclosed Boies Schiller
December 4, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K For market bonuses: 2000-2349 hours for regular bonus; 2350-2599 hours for extraordinary bonus (last year was $30K (pro-rated)-$150K); 2600+ hours for extra-extraordinary bonus (last year was $40K (pro-rated)-$165K); formula bonuses up to $300K or more) Week of December 4, 2023 Weil Gotshal
December 4, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K None January 31, 2024 Fish & Richardson
December 4, 2023 A1: $225K
A7: $420K Individualized 2100 hours (including up to 200 pro bono/DEI hours) or strongest reviews based on quality of work; above-market bonuses for “a number of associates” Undisclosed Ropes & Gray
December 4, 2023 Class of 2023: $225K
Class of 2015+: $445K Class of 2023: $15K (pro-rated)
Class of 2015+: $130K 1900 creditable hours (increased bonuses for associates who annualized above hourly target) December 22, 2023 White & Case
December 4, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K (pro-rated)
Class of 2016: $115K Eligibility criteria detailed in separate memo February 14, 2024 Winston & Strawn
December 4, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K 2000 hours for market bonus (additional bonus money for associates who “substantially exceed” productivity goals) January 31, 2024 DLA Piper
December 5, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K Based on seniority, performance rating (3, 4 or 5), and total bonus hours (2000 hours, 1850 of which must be client billable, with up to 150 approved non-billable hours, including pro bono, shadowing, and knowledge management hours); incremental increases for 2100+ hours Undisclosed Fenwick & West
December 5, 2023 Tier 1/Level 1: $225K
Tier 3: $420K+ Tier 1/Level 1: $15K
Tier 3: $115K 1950 hours (“Triple R” rewards for associates who bill 2100+ hours, ranging from $3K to $12K; condominium program rewards for associates who made “extraordinary contributions” to the firm) December 29, 2023 Cadwalader
December 6, 2023 Class of 2023: $225K
Class of 2015: $435K Class of 2023: $15K (pro-rated)
Class of 2015: $115K Additional bonuses “equal to 120% of [market bonuses]” for high billers with 2200 hours or more February 2024 Cahill
December 6, 2023 Class of 2023: $225K
Class of 2015: $435K Class of 2023: $15K (pro-rated)
Class of 2015: $115K Special bonuses ranging from $2.5K (class of 2022) to $40K (class of 2015) Undisclosed Massumi + Consoli LLP
December 6, 2023 Class Year 1: $225K
Class Year 6: $390K TBA 1900 hours (associates participate in “phantom equity” program that adds more bonus cash to their compensation) Undisclosed Arnold & Porter
December 7, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K Based on hours (10% additional class-year bonus for 2400-2499 hours; 15% additional class-year bonus for 2500-2599 hours; 20% additional class-year bonus for 2600+ hours) January 31, 2024 Sheppard Mullin
December 7, 2023 A1: $225K
C2: $435K A1: $20K
C2: $115K 2000 hours for base bonus (associates who record 1950 hours will receive a partial bonuse; associates who record 2200 and 2400 hours will receive 110% and 120% of the market bonus) January 26, 2024 Herbert Smith Freehills
December 8, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K (pro-rated)
Class of 2016: $115K Undisclosed January 12, 2024 Shearman & Sterling
December 8, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K Undisclosed January 31, 2024 Freshfields
December 8, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $15K (pro-rated)
Class of 2016+: $115K None December 29, 2023 Susman Godfrey
December 11, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2021: $150K
Class of 2014: $350K
(medians) None (all employees will also receive special bonuses on top of their year-end bonuses) Undisclosed Pillsbury
December 11, 2023 First-Years: $225K
Counsel: $435K First-Years: $15K (pro-rated)
Counsel: $115K Undisclosed (top performers at the firm could earn an additional super bonus ($50,000) on top of market bonuses) Undisclosed Ross Aronstam
December 12, 2023 Class of 2023: $225K
Class of 2016: $435K Class of 2023: $15K (pro-rated)
Class of 2016: $115K None December 15, 2023 Selendy Gay Elsberg
December 12, 2023 Class of 2023: $225K
Class of 2016+: $435K Class of 2023: $17.25K
Class of 2016+: $132.5K None (some associates will receive even more bonus money based on “holistic assessment of performance, hours, and commitment to the firm”; some associates received bonuses more than 60% above market) December 15, 2023 Hueston Hennigan
December 12, 2023 Class of 2023: $225K
Class of 2016+: $435K All associates in good standing reportedly received above-market bonuses (with some topping $200K) Based on class year, hours, and good standing Undisclosed googletag.cmd.push( function() { // Display ad. googletag.display( "div-id-for-middle-300x250" ); }); googletag.cmd.push( function() { // Display ad. googletag.display( "div-id-for-storycontent-440x100" ); });

Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.

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