"The salary boosts come as a shock to many in the industry because such raises traditionally arrive during boom times. Instead, work at many firms fell off dramatically from the peak in 2021, when a frenzy in the deals market pushed the industry into an unprecedented war for talent."
Here is Cravath's new scale for pay and bonuses: Class of 2023 - $225,000 pay, $15,000 bonus; Class of 2022 - $235,000 pay, $20,000 bonus; Class of 2021 - $260,000 pay, $30,000 bonus; Class of 2020 - $310,000 pay, $57,500 bonus; Class of 2019 - $365,000 pay, $75,000 bonus; Class of 2018 - $390,000 pay, $85,000 bonus.
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