Despite 2023 Setbacks, Law Firm Will Match Pay & Bonus Scale
Layoffs and deferrals aren't dampening the firm's 2024 outlook.
When Cadwalader incurred staff and attorney layoffs and deferred its incoming associate class, you might have expected the firm to be cagey about the prospect of jumping to match the new normal in compensation.
But Cadwalader, 84th on the Am Law 200 with over half a billion in gross revenue last year, is stepping up to the challenge.
| Class | Bonus |
| Class of 2023 | $225K |
| Class of 2022 | $235K |
| Class of 2021 | $260K |
| Class of 2020 | $310K |
| Class of 2019 | $365K |
| Class of 2018 | $390K |
| Class of 2017 | $420K |
| Class of 2016 & 2015 | $435K |
While these new salaries will be effective on January 1, they won’t be reflected until the last pay period of February. After the holidays and even Valentine’s Day, but just in time for all their National Frozen Food Day shopping.
On the bonus front, Cadwalader followed suit as well:
| Class | Bonus |
| Class of 2023 | $15K (pro-rated) |
| Class of 2022 | $20K |
| Class of 2021 | $30K |
| Class of 2020 | $57.5K |
| Class of 2019 | $75K |
| Class of 2018 | $90K |
| Class of 2017 | $105K |
| Class of 2016 & 2015 | $115K |
The wrinkle here is that associates billing 2200+ are eligible for a 120 percent bonus. The memo does not specify when the bonuses will hit associate accounts, but notes that it will be “no later” than that last pay period in February.
Full memo on the next page.
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
