Biglaw Firms Announce Major Compensation Increases

Boies Schiller Flexner, Clifford Chance, and Morgan Lewis match the Cravath scale for salaries, with some associates at Boies Schiller Flexner receiving bonuses of $300,000 or more.

Boies Schiller Flexner, a Biglaw firm, has announced it will match the Cravath scale for compensation increases, with salaries for associates ranging from $225,000 for the class of 2023 to $435,000 for the class of 2016 and above.
Boies Schiller Flexner offers a unique bonus system where associates can opt into the firm’s formula compensation system, which includes a revenue share component. Some associates received bonuses of $300,000 or more, with the top bonus being more than 13 times what that associate would have earned under the market system.
Clifford Chance, another Biglaw firm, has also announced it will match the Cravath scale for both salaries and bonuses. The new associate salary schedule ranges from $225,000 for the class of 2023 to $435,000 for the class of 2016 and above.
Morgan Lewis, a top 10 Biglaw firm by gross revenue, has announced it will use the Cravath scale for its compensation increases, with salaries for associates ranging from $225,000 for the class of 2023 to $435,000 for the class of 2016 and above. The firm is also matching the Cravath bonus scale.
All three firms' new compensation structures will be effective as of January 1, 2024.