Abracadabra! We know this firm is trying to escape its Magic Circle designation, but the money ring that is the Biglaw raise race is the only magic circle its associates care about right now. Freshfields just announced a salary increase on top of bonuses for its U.S. associates, and they’re delighted.
We’ve now confirmed that Freshfields — a firm that brought in $2,276,264,000 gross revenue in 2022, putting it at No. 17 in the most recent Global 200 — has chosen to use the Cravath scale for its compensation increases, meaning these are the salaries associates at the firm will see in January 2024:
- Class of 2023 – $225,000
- Class of 2022 – $235,000
- Class of 2021 – $260,000
- Class of 2020 – $310,000
- Class of 2019 – $365,000
- Class of 2018 – $390,000
- Class of 2017 – $420,000
- Class of 2016+ – $435,000
Freshfields is also matching the Cravath bonus scale, and their year-end bonuses will be paid on December 29, 2023:
- Class of 2023 – $15,000 (pro-rated)
- Class of 2022 – $20,000
- Class of 2021 – $30,000
- Class of 2020 – $57,500
- Class of 2019 – $75,000
- Class of 2018 – $90,000
- Class of 2017 – $105,000
- Class of 2016+ – $115,000
Congratulations to everyone at Freshfields!
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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.
