The whisper of a six-figure salary straight out of school is a powerful lure, a beacon for ambitious students navigating the rigors of higher education. For those in the legal field, this isn't just a whisper; it's a well-documented reality known as the "Cravath Salary Scale." This compensation system, set by the venerable New York law firm Cravath, Swaine & Moore LLP, has become the gold standard for elite "BigLaw" firms, promising newly minted lawyers a starting base salary that often exceeds $225,000, plus substantial bonuses. This figure represents the entry point to one of the most demanding, intellectually stimulating, and financially rewarding career paths available: that of a corporate associate at a top-tier law firm.
But the Cravath Scale is more than just a number; it's a symbol. It represents a commitment to excellence, a grueling work-life integration, and access to the highest echelons of the corporate and financial worlds. As a career analyst who has coached countless law students aiming for these coveted positions, I've seen firsthand how the dream of a Cravath-scale salary can fuel late-night study sessions and grueling interview preparations. It’s the tangible reward for years of academic dedication and the key that unlocks a future of unparalleled professional opportunities and challenges.
This guide will demystify the Cravath Salary Scale, but more importantly, it will illuminate the career path it defines. We will delve into the realities of life as a BigLaw associate, explore the intricate factors that govern compensation beyond the base salary, and provide a clear, actionable roadmap for anyone aspiring to join these prestigious ranks.
### Table of Contents
- [What Does a BigLaw Associate Paid on the Cravath Scale Do?](#what-they-do)
- [The Cravath Salary Scale: A Deep Dive](#salary-deep-dive)
- [Key Factors That Influence Your BigLaw Salary](#key-factors)
- [Job Outlook and Career Growth for BigLaw Associates](#job-outlook)
- [How to Become a BigLaw Associate](#how-to-start)
- [Conclusion: Is a Cravath-Scale Career Right for You?](#conclusion)
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What Does a BigLaw Associate Paid on the Cravath Scale Do?
To earn a salary set by the Cravath Scale, one must first understand the job it compensates: the role of an associate at an elite, large-scale law firm, commonly known as "BigLaw." These are not your typical small-town lawyers. BigLaw associates operate at the nerve center of global commerce, advising Fortune 500 corporations, massive investment banks, private equity giants, and sovereign governments on their most critical and complex legal challenges.
The core of the role is to provide meticulous, high-stakes legal services under immense pressure and tight deadlines. The work is intellectually demanding, requiring not only a deep understanding of the law but also commercial acumen, strategic thinking, and an almost obsessive attention to detail. Associates are the engine of the firm, performing the intensive legal work that underpins major deals and landmark litigation.
Core Responsibilities and Daily Tasks:
The day-to-day responsibilities of a BigLaw associate are dictated by their practice group (e.g., Mergers & Acquisitions, Capital Markets, Litigation) and their seniority. However, several key tasks are universal, especially for junior associates in their first few years:
- Due Diligence: This is the bedrock of transactional law. Before a company is bought, a loan is issued, or a security is offered, associates must conduct a painstaking investigation into the target company. This involves reviewing thousands of documents—contracts, board minutes, financial statements, and employee agreements—to identify legal risks and liabilities.
- Legal Research and Writing: Associates are constantly tasked with researching complex legal questions and summarizing their findings in detailed memoranda for senior lawyers. This research informs case strategy in litigation or deal structure in a corporate transaction.
- Drafting: Junior associates cut their teeth by drafting ancillary legal documents, such as board resolutions, closing certificates, and initial drafts of motions or contract clauses. As they gain experience, they take on the responsibility of drafting more substantive documents, like purchase agreements, briefs, or IPO prospectuses.
- Transaction Management: In corporate practices, associates are the project managers of the deal. They create and manage checklists of all required documents and steps, coordinate with opposing counsel, specialists (like tax or environmental lawyers), and clients to ensure a smooth process from signing to closing.
- Billable Hours: Perhaps the most defining aspect of the job is the relentless tracking of "billable hours." Firms bill clients based on the time their lawyers spend on a matter, typically in six-minute increments. Associates are expected to meet annual billable hour targets, often ranging from 1,900 to 2,200 hours or more, to be eligible for bonuses. This translates into long days and frequent weekend work.
### A Day in the Life of a Second-Year M&A Associate
To make this tangible, consider a typical day for "Alex," a second-year associate in the Mergers & Acquisitions group of a top New York firm:
- 8:30 AM: Arrives at the office. Grabs coffee while scanning overnight emails from the client in London and the senior partner. The partner has left comments on a draft of the stock purchase agreement.
- 9:00 AM - 12:00 PM: Dives into "turning" the draft. This involves incorporating the partner's feedback, redrafting several clauses related to indemnification, and preparing a "redline" version showing the changes to send to the other side. Alex also drafts a cover email explaining the key business and legal points behind their proposed revisions.
- 12:00 PM - 1:00 PM: Attends a due diligence call with the client's business team and a specialist IT lawyer to discuss potential data privacy issues discovered in the target company's customer contracts. Alex takes detailed notes, which will be summarized in a memo later.
- 1:00 PM - 1:30 PM: Eats a quick lunch at their desk while reviewing a junior associate's research on a regulatory approval needed for the deal to close. Alex provides feedback and guidance.
- 1:30 PM - 5:00 PM: The opposing counsel has sent over their list of questions regarding the disclosure schedules. Alex spends the afternoon working with the client to gather the necessary information and draft precise responses, ensuring they are accurate and don't inadvertently create new liabilities.
- 5:00 PM - 7:00 PM: Joins a call with the partner and the client's General Counsel to provide an update on the status of the transaction documents and key diligence findings.
- 7:00 PM - 7:30 PM: Orders dinner through the firm's seamless account.
- 7:30 PM - 10:30 PM: A "fire drill" begins. The client has decided they want to accelerate the signing timeline. This means Alex must now coordinate with the entire deal team to finalize all ancillary documents, signature pages, and closing checklists for a potential signing in the next 48 hours. The evening is a flurry of emails, calls, and frantic document revisions.
- 10:30 PM: Finally packs up, but checks email on the Uber ride home and will likely remain on call for any urgent issues that arise overnight. Before logging off, Alex meticulously enters all the time spent on different tasks into the firm's billing software.
This demanding schedule is the price of admission for a career on the Cravath Scale. It is a world of high pressure, high stakes, and, as we'll see next, exceptionally high compensation.
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The Cravath Salary Scale: A Deep Dive
The Cravath Scale is the definitive benchmark for associate compensation at the most profitable and prestigious law firms in the United States. When Cravath, Swaine & Moore announces a salary increase for its associates, it sends a ripple effect across the industry, with dozens of competing "Am Law 100" firms quickly matching the new scale to remain competitive in the war for top legal talent.
The defining characteristic of the scale is its "lockstep" nature. This means that associates are paid based on their class year (the year they graduated from law school), not on individual performance, practice area, or the number of hours billed (though hours billed heavily influence bonuses). A third-year litigation associate earns the same base salary as a third-year M&A associate at the same firm. This system is designed to foster collegiality and prevent internal competition over compensation in the early years of a lawyer's career.
### The 2024 Cravath Salary Scale
As of early 2024, the widely adopted market scale, often referred to as the "Cravath Scale," set a new high-water mark for associate pay. While firms may make minor adjustments, the general structure is as follows:
| Class Year (Year of Graduation) | 2024 Base Salary |
| :------------------------------ | :--------------- |
| Class of 2023 (First Year) | $225,000 |
| Class of 2022 (Second Year) | $235,000 |
| Class of 2021 (Third Year) | $260,000 |
| Class of 2020 (Fourth Year) | $310,000 |
| Class of 2019 (Fifth Year) | $365,000 |
| Class of 2018 (Sixth Year) | $390,000 |
| Class of 2017 (Seventh Year) | $420,000 |
| Class of 2016 (Eighth Year) | $435,000 |
*Source: Information compiled from industry reports by publications such as [Above the Law](https://abovethelaw.com/2023/11/cravath-announces-new-salary-scale/) and [The American Lawyer](https://www.law.com/americanlawyer/), which track firm announcements in real-time.*
It is crucial to understand that these figures represent the base salary only. Total compensation for a BigLaw associate is significantly higher once bonuses are included.
### Breaking Down the Full Compensation Package
The six-figure base salary is just the beginning. A complete understanding of BigLaw compensation requires a look at the other major components that contribute to an associate's total take-home pay.
1. Year-End Bonuses:
At the end of each fiscal year, most BigLaw firms award bonuses to associates who are in good standing and have met the firm's expectations, which usually includes a minimum billable hours requirement (e.g., 1,950 hours). Like the base salary scale, the bonus scale is often set by a market leader (sometimes Cravath, sometimes another firm like Milbank or Sullivan & Cromwell) and quickly matched by competitors.
The year-end bonus scale is also lockstep and prorated for first-year associates who start in the fall. For the end of 2023, the market bonus scale was:
| Class Year | 2023 Year-End Bonus | Total Compensation (Base + Bonus) |
| :-------------- | :------------------ | :-------------------------------- |
| Class of 2023 | $15,000 (prorated) | ~$240,000 |
| Class of 2022 | $20,000 | $255,000 |
| Class of 2021 | $30,000 | $290,000 |
| Class of 2020 | $57,500 | $367,500 |
| Class of 2019 | $75,000 | $440,000 |
| Class of 2018 | $90,000 | $480,000 |
| Class of 2017 | $105,000 | $525,000 |
| Class of 2016 | $115,000 | $550,000 |
*Source: Based on reporting from [Big Law Investor](https://www.biglawinvestor.com/biglaw-bonus/) and other legal industry publications.*
Therefore, a fourth-year associate in good standing can expect to earn a total of $367,500 for the year, and a senior eighth-year associate can clear well over half a million dollars.
2. Signing and Clerkship Bonuses:
- Signing Bonus: New associates joining a firm directly from law school typically do not receive a signing bonus, as their summer associate salary is considered part of their recruitment package. However, lateral associates moving from one firm to another are often offered signing bonuses ranging from $10,000 to $75,000 or more, depending on their experience level and the firm's need.
- Clerkship Bonus: Firms place a very high value on associates who have completed a prestigious judicial clerkship, especially at the federal appellate or Supreme Court level. To attract these candidates, firms offer substantial clerkship bonuses. A one-year clerkship for a U.S. Court of Appeals judge can command a bonus of $100,000 to $125,000, while a coveted U.S. Supreme Court clerkship can result in a bonus of $450,000 or more.
3. Comprehensive Benefits and Perks:
While not direct cash compensation, the benefits package at a top law firm is exceptionally robust and adds significant value. According to data from salary aggregators like [Glassdoor](https://www.glassdoor.com/), typical benefits include:
- Premium Health, Dental, and Vision Insurance: Often with low or no monthly premiums.
- 401(k) with Firm Match: Generous retirement savings plans.
- Generous Paid Parental Leave: Often 16-20 weeks or more for primary caregivers.
- Wellness Stipends: Annual allowances for gym memberships, fitness classes, or mental health apps.
- Technology Allowances: Funds for home office setups.
- Subsidized Meals: Especially for those working late into the evening.
- Private Car Service: For employees working past a certain hour (e.g., 8 or 9 PM).
When combined, the base salary, annual bonus, and the value of these benefits make the total compensation package for a BigLaw associate one of the most lucrative available to any young professional.
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Key Factors That Influence Your BigLaw Salary
While the Cravath Scale appears rigid and straightforward, the reality of a BigLaw associate's earnings and career trajectory is influenced by a complex interplay of factors. The lockstep base salary is the foundation, but where you build your career, how you perform, and the choices you make along the way can significantly impact your total compensation, long-term wealth, and exit opportunities. This section provides an in-depth analysis of the variables that shape a high-earning legal career.
### How the 'Lockstep' System Works (And Where It Bends)
First, it is essential to re-emphasize that for associates at firms that adhere to the Cravath Scale, traditional salary negotiation based on individual performance is virtually nonexistent for the first eight years. Your base pay is determined by your class year, period. This uniformity is a core cultural feature.
However, the "influence" on your salary comes in two forms:
1. Factors that get you into a position to *earn* a Cravath-scale salary in the first place.
2. Factors that affect your compensation *beyond* the base salary, such as bonuses and long-term career progression.
We will explore these factors in detail.
### Class Year (Years of Experience)
This is the single most important factor determining your base salary on the lockstep scale. As detailed in the previous section, your compensation automatically increases each year you remain with the firm. This reflects the assumption that with each year of practice, an associate gains valuable skills, becomes more efficient, and can handle more complex work with less supervision. The progression is steep: a fifth-year associate earning $365,000 makes over 60% more in base pay than a first-year associate. This built-in growth provides a powerful incentive for associates to stay at the firm through their mid-level years, when they are most productive.
### Geographic Location: The 'Cravath Scale' vs. Market Rate
The Cravath Scale was born in New York City, which remains the epicenter of BigLaw. To compete for the best law school graduates, top firms in other major legal hubs have adopted the same scale.
- Primary Markets (Full Cravath Scale): In addition to New York, firms in the following major markets largely pay the full Cravath scale and bonuses to remain competitive:
- Washington, D.C.
- Boston
- Chicago
- Los Angeles / Century City
- San Francisco / Silicon Valley
- Houston / Dallas (especially for top energy and corporate firms)
- Secondary Markets (Near-Market or Slightly Below): As you move away from these primary hubs, compensation can become more variable. In strong secondary markets, firms may pay slightly below the New York scale or offer the same base salary but with smaller, less certain bonuses. These markets include:
- Atlanta
- Philadelphia
- Miami
- Denver
- Seattle
For example, a firm in Atlanta might pay its first-year associates $215,000 instead of $225,000. While the difference seems small, it can compound over time. The trade-off is often a lower cost of living and potentially a slightly better work-life balance.
- Tertiary Markets (Variable Compensation): In smaller legal markets, the Cravath scale is not the norm. While salaries for top lawyers are still high relative to the local economy, they are structured differently and are generally lower. For example, an associate at the top firm in a city like a Minneapolis or a Phoenix might earn a starting salary in the $150,000 - $180,000 range. Salary data from [Salary.com](https://www.salary.com/) for "Associate Attorney" shows a significant variance based on location, reflecting these market tiers.
### Firm Prestige & Tier
Not all "BigLaw" firms are created equal. The legal industry is highly stratified, and a firm's position in this hierarchy is a primary determinant of its ability and willingness to pay the full Cravath scale.
- Vault 10 / "Magic Circle" Firms: The most prestigious and profitable firms, often ranked in the top 10 of the Vault 100 rankings (e.g., Cravath, Wachtell, Sullivan & Cromwell, Kirkland & Ellis), are the market leaders. They not only pay the full scale but often offer "special" or "extraordinary" bonuses in exceptionally profitable years. Wachtell, Lipton, Rosen & Katz is famously known for paying bonuses that are often double the market rate, leading to total compensation that far exceeds the standard Cravath scale.
- Am Law 100 Firms: Most of the 100 largest firms in the U.S. by revenue will match the Cravath scale, at least in their primary market offices. Doing so is considered table stakes for recruiting and retaining top talent.
- Mid-Size and Boutique Firms: Once you move outside the Am Law 100/200, compensation structures diverge. Many highly respected "boutique" firms that specialize in a single area (e.g., litigation or intellectual property) may match or even exceed BigLaw pay. However, most mid-size, full-service firms will have a lower, often more opaque compensation system that may include a larger performance-based component even for junior associates.
### Performance & Bonuses
This is where individual effort directly impacts your wallet. While your base salary is locked, your bonus is not guaranteed.
- Billable Hour Requirements: Most firms have a stated or unstated minimum number of billable hours an associate must record to be eligible for the full year-end bonus. This target is typically around 1,950 or 2,000 hours. Falling short of this target can result in a reduced bonus or no bonus at all.
- Extraordinary Performance: Conversely, associates who bill significantly more hours (e.g., 2,400+) or do exceptionally high-quality work on a critical matter may be awarded an "above-market" bonus. Some firms have formalized tiers, where hitting higher hour thresholds automatically qualifies you for a larger bonus. This is the primary mechanism for rewarding the hardest-working associates within the lockstep system.
### Practice Area (Indirect Influence)
Within a firm paying the Cravath scale, an M&A associate and a tax associate in the same class year will have the same base salary. However, your choice of practice area has a powerful *indirect* influence on your career and long-term earnings potential.
- Transactional vs. Litigation: Corporate/transactional practices (M&A, Capital Markets, Private Equity) are often more cyclical. In a booming economy, these groups are incredibly busy, and associates can bill a high number of hours, leading to larger bonuses and faster advancement. They also develop skills that are highly valued for "in-house" exit opportunities. Litigation follows a different timeline, and while it can be just as demanding, the workflow may be steadier.
- "Hot" Practice Areas: Emerging fields like Data Privacy & Cybersecurity, Artificial Intelligence, and Life Sciences are in high demand. Associates who specialize in these areas may have more leverage in the lateral market and access to unique and lucrative exit opportunities.
### Moving Off the Lockstep Scale: Counsel and Partner Tracks
The Cravath scale typically governs compensation for the first eight to ten years of an associate's career. After that, the path diverges dramatically, and compensation is no longer lockstep.
- Counsel / Senior Attorney: Associates who are valuable to the firm but are not on the partner track may be promoted to "Counsel" or a similar non-equity position. Compensation for counsel is highly variable but generally falls in the $450,000 to $700,000+ range, often with a significant performance-based bonus component.
- Equity Partner: This is the ultimate goal for many. Making equity partner means buying into the firm's ownership. Compensation is no longer a salary but a share of the firm's profits. The "Profits Per Equity Partner" (PPEP) at top firms is staggering. According to The American Lawyer's Am Law 100 report for 2023, the average PPEP across the top 1