Is Your Biglaw Firm 'Ill-Positioned' To Match Cravath's Salary Raises?
A Biglaw firm's inability to match market compensation may cause a lot of lateral movement in 2024.
Ed. note: Welcome to our daily feature, Quote of the Day.
This could be the year [the pool of firms following Cravath shrinks].
— Michelle Fivel, a legal recruiter at Hatch Henderson Fivel, in comments given to Bloomberg Law on the Biglaw firms that may be “ill-positioned” to follow in Cravath’s footsteps and raise associate compensation, with salaries ranging from $225,000 to $420,000 and higher. Peter Zeughauser, a law firm management consultant at the Zeughauser Group, echoed Fivel’s statement, saying attempts to match Cravath’s raises will “stress a lot of firms.”
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.
