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Economics editorial team
Some law firms in the United States offer their mid-level lawyers – who are usually between the ages of 20 and 35 – bonuses exceeding $300,000
Some law firms in the United States offer their mid-level lawyers – which they usually have between the ages of 20 and 35 – bonuses exceeding 300 thousand dollars. This is what the Financial Times reports, according to which one of the best known in New York, Cahill Gordon & Reindel, has announced a total prize of 315 thousand dollars, of which 200 thousand of “super bonus”. At Elsberg Baker & Maruri, associates receive up to $226,250. Pallas Partners offers up to 232 thousand dollars (of which 92 thousand “step-ups” for lawyers who worked longer hours). These figures, according to the newspaper, are proof of how the legal market is becoming increasingly competitive.
The Cravath Staircase
«Competition for mid- and senior-level collaborators is intense at the moment – explains Jon Truster of Macrae, a legal recruiting company, interviewed by the FT -, driven by an active business market and major disputes. There are many investments aimed at keeping collaborators engaged and satisfied, including payment of substantial bonuses”. Most large U.S. law firms offer associate compensation based on the so-called Cravath scale, a standardized compensation system that establishes wages and bonuses based on principles set by the elite law firm Cravath, Swaine & Moore. For this year the highest step of the ladder is set at 140 thousand dollars.
Salaries over 500 thousand dollars
Some of the largest US firms, for example Paul, Weiss, Rifkind, Wharton & Garrison and Davis Polk, offer bonuses of up to $140,000 to their junior lawyers, bringing the total annual compensation to $550,000 for associates with around seven years of experience. The Cravath scale for base salaries, which is in line with most competitors, ranges from 225 thousand dollars for the most junior lawyers to 420 thousand dollars for those who joined the firm in 2019.
December 31, 2025 (changed December 31, 2025 | 3:20 pm)
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