There’s a sense of jubilation spreading through Biglaw, and it has everything to do with raises. The ball started rolling with Milbank earlier this month, but when Cravath made waves this week coming over the top of the Milbank scale (for some classes), notice was given to the rest of Biglaw that they need to step up or get left behind.
And we have another firm making it rain for associates. Fried Frank, which brought in $958,430,000 in gross revenue last year, making it 53rd on the Am Law 100, has announced their compensation move. The firm has decided to keep up with the Cravaths of the world, and offer raises — and year-end bonuses — in line with the top-of-the-market rate.
The new salary grid at the firm is as follows:
There are also premiums on top of the standard bonus amount available at Fried Frank. Those range from $3,000 to $34,500, depending on eligibility criteria.
The full memo is available on the next page.
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
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