Big Law Compensation Guides
Cravath Scale 2026 — Big Law Salary, Bonus & Firm List
Complete year-by-year base salary plus year-end bonus from 1st year through 8th year+. Historical scale raises since 1986. The 50+ firms that pay the Cravath scale. Plus an interactive calculator for what you actually take home after taxes and student loans.
Last updated: January 2026. Current scale reflects the summer 2024 Cravath/Milbank raise to $225K starting salary. We update this page within 48 hours of any market-leading firm's salary announcement.
Current Cravath Scale (2026)
Base salary plus year-end bonus by class year. Total comp does not include special bonuses (mid-year), signing bonuses, or local cost-of-living adjustments.
| Class Year | Base Salary | Year-End Bonus | Total Comp |
|---|---|---|---|
| 1st year (Class of 2025) | $225,000 | $20,000 | $245,000 |
| 2nd year (Class of 2024) | $235,000 | $30,000 | $265,000 |
| 3rd year (Class of 2023) | $260,000 | $42,500 | $302,500 |
| 4th year (Class of 2022) | $310,000 | $57,500 | $367,500 |
| 5th year (Class of 2021) | $365,000 | $75,000 | $440,000 |
| 6th year (Class of 2020) | $390,000 | $90,000 | $480,000 |
| 7th year (Class of 2019) | $420,000 | $105,000 | $525,000 |
| 8th year+ (Class of 2018 and earlier) | $435,000 | $115,000 | $550,000 |
| 3-year total | $812,500 | ||
| 5-year total | $1,620,000 | ||
| 8-year total | $3,175,000 |
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.
Median associate stays 3-5 years.
T14 sticker ≈ $250K-$310K. Calculate yours
NYC: ~47%, TX: ~37%, FL: ~37%.
| Year | Base | Bonus | Total |
|---|---|---|---|
| Year 1 | $225,000 | $20,000 | $245,000 |
| Year 2 | $235,000 | $30,000 | $265,000 |
| Year 3 | $260,000 | $42,500 | $302,500 |
| 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. Median Big Law associate attrition is around year 3-5; only ~10% of starting associates make partner. Use this as a directional planning estimate, not a financial plan.
Year-End Bonus Structure
Cravath announces its year-end bonus structure each November or early December. The announcement effectively sets the market — most Big Law firms match Cravath bonuses within days. The 2024 cycle bonuses (paid early 2025) ranged from $20,000 for 1st-year associates up to $115,000 for 8th-year associates and senior counsel.
Special bonuses are paid mid-year, typically tied to firm record performance or recruiting wars. The 2021 cycle included multiple rounds of special bonuses adding $24K-$64K on top of base + year-end. Recent years have seen smaller special bonus rounds — these are not part of the standard Cravath scale structure but matter for total compensation.
Wachtell's outlier: Wachtell, Lipton, Rosen & Katz pays year-end bonuses at 2x-3x the Cravath scale. A 5th-year Wachtell associate may receive a $200,000+ year-end bonus on top of the standard $365K base. Wachtell's bonus structure isn't public but is widely reported by industry coverage.
Historical Scale Raises (1986–2026)
The Cravath scale has been raised approximately 9 times in 40 years. Major raises typically occur during compensation cycles after strong firm financial performance. The pattern since 2016 has been ~2-3 year intervals.
First-year base salary at Cravath, 1990–2026. Hover any point for its salary; click a blue dot (major raise year) to jump to the details below.
Major raises
Original 'NYC market rate' established by Cravath as the standard.
Dot-com era raise. Silicon Valley firms led, NYC matched within months.
First post-dot-com raise. Wall Street firms followed in days.
Famously known as the 'Simpson Strikes Again' raise.
'Cravath Strikes Back' — first major raise after the financial crisis stagnation. Industry-wide match within 2 weeks.
First time a firm other than Cravath/Simpson Thacher led the market. Set the new pattern of Milbank-leading raises.
Post-pandemic boom raise. Combined with massive special bonuses.
Mid-cycle bump amid recruiting wars and elevated lateral activity.
Current scale. Cravath matched within days; industry followed by end of summer 2024.
Firms Paying Cravath Scale
Approximately 50-75 firms match the Cravath scale on each announcement cycle. List below covers the firms that have publicly matched recent (2023-2024) Cravath/Milbank scale announcements. Categorized by Vault tier for context.
Above scale (pay materially above Cravath) (1)
Firms whose total compensation exceeds the published Cravath scale, primarily through outsized year-end bonuses.
Vault 10 — fully match scale (9)
The most prestigious New York and DC firms. All match Cravath on each cycle.
Elite boutiques (6)
Specialized litigation and high-stakes transactional boutiques. Pay scale or above.
Vault 25 — match scale (26)
Strong AmLaw 100 firms with full national presence. Match the scale on standard cycles.
Vault 100 — match scale (varies by office) (11)
Match scale in primary offices (NYC, DC, LA, SF). Smaller markets and specialty practices may vary.
Below this list: regional firms, mid-market firms, and many specialty practices typically pay 60-90% of Cravath. Government, public interest, and in-house roles compensate differently (often $60K-$200K with materially better hours).
Frequently Asked Questions
Does the Cravath scale apply outside New York?
For Vault 25 firms, yes. Latham, Kirkland, Paul Weiss, Skadden, and similar firms pay Cravath scale in their primary US offices — NYC, DC, Chicago, LA, San Francisco, Boston, Houston, and similar major markets. Smaller offices (Atlanta, Miami, Denver) often match within the same firm. Outside the Vault 25, regional offices of national firms sometimes pay 80-90% of Cravath rather than full scale.
When does Cravath announce next year's bonuses?
Cravath typically announces year-end bonuses in late November or early December for that year's performance, paid in the first quarter of the following year. The announcement is closely watched by the industry — most firms match Cravath's announcement within 24-72 hours.
How does the Cravath scale compare to in-house counsel?
In-house counsel at major companies typically pay $180K-$300K base for senior associates moving in-house at year 3-5, plus stock and bonus that can bring total comp to $250K-$500K. The Cravath scale outpaces typical in-house comp until year 5-6, then in-house can match or exceed scale at FAANG / hedge fund / PE-portfolio companies. The trade-off is hours: in-house typically runs 1,400-1,700 hours vs. 1,800-2,200+ in Big Law.
What's the highest Big Law starting salary in history?
The current Cravath scale ($225,000) is the highest first-year base salary in Big Law history. Adjusted for inflation, the 2007 $160,000 starting salary was approximately equivalent to today's $225K. The 2000 dot-com era $125,000 starting salary was the largest single jump (roughly 50% over the prior $85K standard).
How long does the average associate stay at Cravath scale?
Median Big Law associate tenure is approximately 3-4 years. About 10-15% of starting associates make partner. About 20-25% reach senior associate / counsel positions. The remaining 60-70% leave to in-house, government, public interest, business, or smaller firms. The most common exit point is years 3-5, after the major jump from $260K to $310K base salary.
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 that produce 60-90% of Cravath-scale hires.
- 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.