Big Law Compensation Guides
Cravath Scale 2026 — Big Law Salary, Bonus & Firm List
Base salary and bonuses for Big Law associates, 1st year through 8th: Cravath's own scale, the Milbank scale that raised the top of the market in June 2026, the firms that matched, and the key raises since 1986. Plus a calculator for what you take home after taxes and student loans.
Last updated: October 2026. Cravath's and Milbank's figures come from their memos and Cravath's recruiting page; other firms' pay and the history come from Above the Law, Bloomberg Law and ABA Journal reporting; market medians from NALP.
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Current Cravath Scale (2026)
Two scales are in use. Cravath's own scale was set in November 2023 and confirmed for 2026 in its November 18, 2025 memo, and most large firms still pay it. The Milbank scale took effect at Milbank on July 1, 2026; other firms' raises took effect, or will, between June 16, 2026 and January 1, 2027.
| Class Year | Cravath (2026) | Milbank scale (July 2026) | 2025 Year-End Bonus |
|---|---|---|---|
| 1st year (Class of 2025/2026) | $225,000 | $235,000 | $15,000 prorated |
| 2nd year (Class of 2024) | $235,000 | $245,000 | $20,000 |
| 3rd year (Class of 2023) | $260,000 | $270,000 | $30,000 |
| 4th year (Class of 2022) | $310,000 | $320,000 | $57,500 |
| 5th year (Class of 2021) | $365,000 | $385,000 | $75,000 |
| 6th year (Class of 2020) | $390,000 | $410,000 | $90,000 |
| 7th year (Class of 2019) | $420,000 | $440,000 | $105,000 |
| 8th year (Class of 2018) | Not published | $455,000 | $115,000 |
| First 3 years, base + bonus | $785,000 | $815,000 | |
| First 5 years, base + bonus | $1,592,500 | $1,652,500 | |
| First 7 years, base + bonus | $2,597,500 | $2,697,500 |
Cravath's memo has no 8th-year step; its published range tops out at $420,000. Totals add each year's base to the 2025 year-end bonus for that class and leave out special bonuses.
Lifetime Earnings Calculator
How much do you actually take home from the Cravath scale, after taxes and law school debt? Adjust the inputs to see your net.
83% of associates who left in 2025 did so within 5 years.
T14, 3 years with living costs ≈ $320K-$390K. Calculate yours
Total tax as a share of pay. An assumption: set your own. Texas and Florida have no state income tax.
| Year | Base | Bonus | Total |
|---|---|---|---|
| Year 1 | $225,000 | $15,000 | $240,000 |
| Year 2 | $235,000 | $20,000 | $255,000 |
| Year 3 | $260,000 | $30,000 | $290,000 |
| Year 4 | $310,000 | $57,500 | $367,500 |
| Year 5 | $365,000 | $75,000 | $440,000 |
Calculation simplifies real-world taxes (no 401k, deductions, or state-specific brackets) and assumes you stay at scale through year 5. Bonuses are the 2025 year-end amounts, without special bonuses. Use this as a directional planning estimate, not a financial plan.
Year-End Bonus Structure
Cravath announced 2025 bonuses on November 18, 2025 and paid New York and D.C. associates on December 12, and other large firms followed. The year-end amounts were the same as the year before, and a special bonus was paid on top, matching the one Milbank paid in summer 2025.
| Class Year | 2025 Year-End | 2025 Special | Summer 2026 Special (Milbank) |
|---|---|---|---|
| 1st year (Class of 2025/2026) | $15,000 | $6,000 | $6,000 |
| 2nd year (Class of 2024) | $20,000 | $6,000 | $10,000 |
| 3rd year (Class of 2023) | $30,000 | $10,000 | $15,000 |
| 4th year (Class of 2022) | $57,500 | $15,000 | $20,000 |
| 5th year (Class of 2021) | $75,000 | $20,000 | $25,000 |
| 6th year (Class of 2020) | $90,000 | $25,000 | $25,000 |
| 7th year (Class of 2019) | $105,000 | $25,000 | $25,000 |
| 8th year (Class of 2018) | $115,000 | $25,000 | $25,000 |
The 2025 bonuses for the class of 2025 were prorated; the class of 2026, which starts in fall 2026, received none. Milbank announced its summer 2026 special bonus on July 27, 2026, paid by August 31. As of October 2026, Cahill was the only other large firm to match it. No 2026 year-end bonuses had been announced yet.
Wachtell: Wachtell, Lipton, Rosen & Katz does not publish its bonuses, and Above the Law says its associates “don't typically share information on their compensation.” Law.com's 2024 NLJ 500 survey listed its first-year salary at $230,000. Older reports, covering 2006 to 2012, put its bonuses at anywhere from under half to about all of base salary, depending on the year.
Historical Scale Raises (1986–2026)
Key moments when a firm reset the top of the market. Since 2018 Milbank has moved first, and until 2026 Cravath matched within weeks.
Top-of-market first-year base salary, 1986–2026. 2026 is the Milbank scale; Cravath pays $225K. Hover any point for its salary; click a blue dot (major raise year) to jump to the details below.
Major raises
Cravath raised first-year pay to $65,000. Fried Frank had passed it, at $68,000, by 1987.
Silicon Valley's Gunderson Dettmer moved first, from $96,000. Davis Polk took New York to $125,000 around February 2000, up from roughly $105,000.
Sullivan & Cromwell went from $125,000 to $145,000. Simpson Thacher and Cravath matched within two weeks.
Simpson Thacher raised to $160,000. That rate then held for nine years, through the 2008 recession.
Cravath announced $180,000 on June 6, effective July 1. Milbank matched within hours.
Milbank moved first, on June 4. Cravath matched a week later and paid senior associates more than Milbank.
Milbank went to $200,000 on June 10. Davis Polk topped it the next day ($202,500 for the incoming class, $205,000 for the class of 2020), Cravath matched Davis Polk, and Milbank re-raised on June 29.
Milbank raised to $215,000, retroactive to January 1. Davis Polk and Cravath followed in late February.
Milbank announced $225,000 on November 7, 2023, and Cravath matched on November 28. Both took effect January 1, 2024. This is still Cravath's own scale in 2026.
Milbank raised every class by $10,000 to $20,000, effective July 1, 2026. By October 2026, 17 firms had matched in full (among them McDermott Will & Schulte and Norton Rose Fulbright, and reportedly Quinn Emanuel and Sullivan & Cromwell), 5 boutiques had gone higher, and 5 firms had matched in part or from 2027. Cravath had not matched.
Firms Paying the Milbank and Cravath Scales
27 firms answered Milbank's June 2026 raise, as tracked by Above the Law; each name links to the report of its announcement. 59 more, Cravath among them, are still on the $225,000 scale.
Matched the Milbank scale (18)
Pay $235,000 to first-years, effective July 1, 2026 unless noted.
Went above the Milbank scale (5)
Mostly litigation boutiques paying more than the new scale.
Matched in part, or later (5)
Only some class years or offices, or not until 2027.
Still on the $225,000 scale (59)
Matched the $225,000 first-year salary in 2023-24, per Above the Law's scorecard, and had not announced a 2026 raise as of October 2026. Merged firms are listed under their current names.
Frequently Asked Questions
Has Cravath matched the Milbank raise?
Not as of October 2026. Cravath's recruiting page still lists a base salary scale of $225,000 to $420,000 and pays summer associates $4,327 a week, the same scale its November 2025 memo set for 2026. In late August, Above the Law described most of Big Law as “unwilling to act until Cravath gives everyone permission.”
How does the Cravath scale compare to other firms?
Most firms pay less. In NALP's 2025 salary survey (salaries as of January 1, 2025), the median first-year base was $215,000 at firms with more than 700 lawyers, $190,000 at firms with 251 to 700 lawyers, $150,000 at firms with 250 or fewer lawyers. Only 32% of offices paid $225,000, though it was the most common figure.
Does the Cravath scale apply outside New York?
Cravath's published scale is for its New York associates. National firms that pay market generally apply it in their major U.S. offices, but not always: Ice Miller, for example, will match the Milbank scale only for first- and second-years in its New York office, starting in 2027. Check what each firm pays in the office you want.
When does Cravath announce bonuses?
In recent years, in November. Cravath announced 2025 bonuses on November 18, 2025 and paid New York and D.C. associates on December 12. Cravath says it applies no billable-hour requirement to bonus eligibility.
What's the highest Big Law starting salary in history?
In dollars, today's: $235,000 on the Milbank scale, and a few boutiques pay associates straight from law school up to $255,000. Adjusted for inflation it is not. Simpson Thacher's $160,000 from 2007 is about $258,000 in August 2026 dollars by the BLS consumer price index, so first-year pay is lower in real terms than it was in 2007.
How long do Big Law associates stay?
Turnover is high. In the NALP Foundation's April 2026 report, an average of 19% of associates left their firms in 2025, and 83% of those who left had been there five years or less.
Plan Your Path to the Cravath Scale
- Law School Cost Calculator — model your debt-to-Cravath-salary ratio at any school. The ratio determines whether sticker tuition is sustainable.
- Law School Admissions Calculator — predict your admit chances at the T14 schools.
- T14 Law Schools Guide — the schools that fill the Cravath-scale associate pipeline.
- Law School Profiles — research employment markets and Big Law placement data for any school.