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Latham & Watkins Revolutionizes Associate Compensation in 2024

published January 08, 2024

By Author - LawCrossing
Published By
( 14 votes, average: 4.5 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
Latham & Watkins Revolutionizes Associate Compensation in 2024

Unveiling a GameChanging Salary Scale: No. 2 Biglaw Firm Adopts Cravath Model
 

In a groundbreaking development sure to bring joy to hardworking associates, Latham & Watkins, ranked as the second highest-grossing firm in the Am Law 100 with an astonishing $5,321,007,000 in revenue for 2022, has recently made waves by announcing a substantial overhaul of its associate salary structure. This strategic move aligns with the prevalent trend among significant law firms, focusing on enhancing compensation to attract and retain premier legal talent.
 
 Embracing the Cravath Scale
 
Effective January 1, 2024, Latham & Watkins has embraced the renowned Cravath scale for its salary adjustments, ushering in a new era of elevated associate remuneration. The revised salary scale, ranging across different classes, signifies a significant financial uplift:

 
  •  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
  •  Class of 2015 and beyond: $445,000
 
Latham & Watkins sets itself apart by offering higher salaries for its most seasoned associates, aligning itself with industry leaders such as Sidley, Ropes, and Schulte. It's imperative to highlight that these salary increases apply exclusively to associates in specific regions, including the U.S., London, the Middle East, Beijing, Hong Kong, Seoul, and Tokyo. The firm is considering extending this progressive salary scale to additional global offices.
 
 Anticipating Bonuses and Recognizing Dedication
 
Beyond the transformative salary adjustments, associates at Latham & Watkins can eagerly anticipate well-deserved bonuses in the weeks ahead. The firm has built a reputation for providing bonuses that surpass industry medians, underscoring its commitment to acknowledging and rewarding the unwavering dedication of its legal professionals.
 
Heartfelt congratulations are extended to everyone at Latham & Watkins as they embark on this new chapter of elevated compensation, reaffirming the firm's dedication to valuing and investing in its exceptional legal talent.

published January 08, 2024

By Author - LawCrossing
( 14 votes, average: 4.5 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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