[As of 2024]
| Year | Salary (USD) | Bonus | Total |
| 1st Year | $225,000 | +$20,000 | $245,000 |
| 2nd Year | $235,000 | +$30,000 | $265,000 |
| 3rd Year | $260,000 | +$57,500 | $317,500 |
| 4th Year | $310,000 | +$75,000 | $385,000 |
| 5th Year | $365,000 | +$90,000 | $455,000 |
| 6th Year | $390,000 | +$105,000 | $495,000 |
| 7th Year | $420,000 | +$115,000 | $535,000 |
| 8th Year+ | $435,000 | +$115,000 | $550,000 |
The “Cravath” scale, named after Cravath, Swaine & Moore LLP, sets the standard for associate salaries in big law. Big law refers to the largest law firms, but may also include smaller or medium-sized firms with international reach and matching the salary scale of the largest firms. These firms are typically located in major U.S. cities and follow a lockstep associate compensation system based on years since law school.
Big law firms compete for top law students and any increases in the salaries of one firm triggers the same increase in others. Despite other firms occasionally leading on first-year associate salaries, Cravath remains the trendsetter. Occasionally, outlier firms offer significantly higher bonuses, but the more common practice is a higher bonus when minimal billable hour targets (ranging from around 1900-2100 billable hours a year) are exceeded (e.g., 15% for 200 hours over target).
This lockstep salary is only for associates. Counsel (a title often given to associates beyond the 8th year who have not made partner) may continue to draw a salary and have more discretionary bonuses. Equity partners (traditionally, all partners had equity in the firm, but now firms have moved to a two-tier system) earn a share of the profits from the firm. Non-equity partners (“NEP”) may similarly draw a salary with some marginal income coming from the deals they bring in or the equity partners they serve, and NEPs hope to become equity partners within a few years.
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