US firms rush to raise associate pay after Cravath hikes base pay to $180,000

Milbank, Weil and Paul Weiss all react as Cravath raises base pay for associates in London and New York

Major US firms are rushing to match bumper associate salary rises at Cravath Swaine & Moore, in what appears to be the start of a new associate pay war.

Cravath fired the starting gun yesterday, confirming a rise for junior lawyers in New York and London that takes base salary to $180,000 (£123,600) for first-year lawyers.

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