Big law associates are the worker bees of their firms, often working long days to meet annual targets of around 2,000 billable hours. The financial rewards are substantial: starting salaries at top tier law firms begin at $225,000 annually, with increases based on seniority. Additional year-end and special bonuses can range from $20,000 to $140,000. Despite the demanding schedule, these lucrative compensation packages motivate many associates to maintain the Big Law lifestyle, often sacrificing personal time.
The "Cravath scale," named after the prestigious firm Cravath, Swaine & Moore, is the benchmark for associate compensation. It follows a "lockstep" model, a seniority-based system that provides structured pay increases as lawyers gain experience. This approach ensures equitable salary progression and simplifies compensation management, though it doesn't account for individual performance. Still, many firms favor this model for its ability to streamline operations and retain top early career talent.
Video features: Kent Zimmermann, Zeughauser Group Roy Strom, Reporter
