Raises are sweeping through Biglaw, thanks to Milbank and Cravath.
You don’t even have to be based in the United States to get caught up in Biglaw raise-mania. UK-based Herbert Smith Freehills, a firm that made $1,467,201,000 in gross revenue last year, is raising associate salaries in its New York office.
The new compensation scale — and bonus grid — at the firm is as follows:
| Class year | 2024 Base Salary | Year-End Bonus |
| 2023 | $225,000 | $15,000 (pro-rated) |
| 2022 | $235,000 | $20,000 |
| 2021 | $260,000 | $30,000 |
| 2020 | $310,000 | $57,500 |
| 2019 | $365,000 | $75,000 |
| 2018 | $390,000 | $90,000 |
| 2017 | $420,000 | $105,000 |
| 2016 | $435,000 | $115,000 |
You can read the full memo 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.
