Skaddenfreude: The $50K Club Welcomes Cravath, Swaine & Moore
Today brings more happy tidings for law clerks, emanating from The Death Star.
Check out the Cravath website (navigate through Career Information: Law Students, Life at Cravath, and Associate Life):
Incoming associates, in fall 2007, who have completed a U.S. Federal district court, Federal appellate court, or state highest court clerkship receive a bonus of $50,000 and credit for a one-year clerkship.
What about for two clerkships or two years of clerking? Or clerkships that don’t fit one of the foregoing categories?
Those associates who complete a clerkship of two years or two one-year clerkships will receive (in lieu of the $50,000 bonus described previously) a bonus of $70,000 and class credit for each year of a clerkship, up to two years. Credit and bonuses for a magistrate, a state lower court or a clerkship outside of the U.S. are reviewed on a case-by-case basis.
Good stuff. We commend Cravath for its transparency with respect to these matters. And we congratulate them on joining Weil Gotshal at the top of the bonus market for two clerkships: $70,000. (More on Weil in a later post.)
So now the $50K Club has five members (in order of their joining): Sullivan & Cromwell, Simpson Thacher, Paul Weiss, Weil Gotshal, and Cravath.
Correction: The paragraph below, which now appears in strikethrough text, was based on erroneous information. We were previously advised that Cravath paid different clerkship bonuses for district and circuit court clerkships. That was incorrect. The old Cravath clerkship bonus structure was $15K across the board, up to a maximum of $30K.
One other observation on the Cravath news. It removes the firm’s former two-tier system with respect to clerkship bonuses ($15K for district court clerkships, $35K for circuit court clerkships). This makes sense to us. While circuit court clerks may have, on the whole or as a general matter, more impressive credentials than district court clerks, a district court clerkship is usually a more educational experience (at least viewed from the perspective of a future litigator).
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Like many things on a lawyer's resume, it's not about the experience. No matter what you end up doing, appellate clerkships are always more valuable than trial court clerkships.
Any word on Skadden?
Talking about the experience, DLat? Wow. What happened to the credential-obsessed A3G I used to know and love?
Cravath will pay you a $70K bonus for two clerkships and give you credit for two years. See the next page on their website (page 2 of 4 under Associate Life).
Any news on White & Case?
Lat,
You are totally wrong!! You almost gave me a heart attack. The next page on the website says Cravath will give a $70,000 bonus and two years of credit for a two year clerkship or two one year clerkships.
Cravath has always given up to two years of credit for clerkships.
If lawfirms decided to draw distinctions between appellate clerkships and district clerkships--as a presitge thing--they'd probably have to start distiguishing between the prime districts and lower circuits. I would guess that a district clerkship in the SDNY (or say, San Fran)is harder to get than an appellate clerkship in many circuits.
also, cravath has always paid the same for district and appellate court clerkships. they both used to be 15k, up to two years.
1:59 and 2:01, that has been fixed. Refresh your browser (or use Firefox rather than Internet Explorer).
Cleary moved to $50k, too.
Thank you, Aaron Charney!
Will the other top firms be able to withstand the fall recruiting season if they don't match?
Davis Polk is still offering a whopping $15K!
http://www.dpw.com/careers/compensation.htm
i'm missing something b/c when i go to the Cravath website it still says $15,000?
Cleary definitely raised. Lat, you should check this out.
Anyone know if Ropes in Boston is planning to raise?
Ropes in Boston already gives $35K. I don't think they have an incentive to raise.
No, Ropes only gives $20k.
http://www.ropesgrayhiring.com/pages/join/benefits.htm
Where are DC firms at? Hop to it DC!
Top firms in DC (Latham, Jenner) are at $35,000.
Latham and Jenner aren't DC natives so the comment at 3:09 doesn't make sense. Since these clerkship bonuses have always been firm wide (at least at most places) the best bonuses in DC are at the DC offices of the $50k firms. As for the true locals... couldn't say, check the older threads.
Re: the reference to CSW as "The Death Star." I was under the impression that the NYC HQ of Skadden held that affectionate moniker. Would anyone else care to comment? I just want to make sure I've got my firm "it's funny because it's true" nicknames down correctly.
3:47 -
I don't want to check the older threads, I want to see DC firms working to catch up to their NY counterparts. If NYC is at $50K, all of DC needs to at least hit $35K.
c'mmmoooonnnn kirkland!!! you can do it!
3:58, click on the link that accompanies the "Death Star" text. The post explains why Skadden has been stripped of that nickname.
anyone who thinks that latham and jenner are dc native firms is off his rocker. they're great firms, but "top firms" in dc they're not..either as they pertain to their reputation or as top clerkship payers in dc.