Why Is The 'Cravath Scale' Still A Thing When There Are New Compensation Leaders In Town?
All hail Cravath, no matter who leads the pack.
I have a few theories as to why the “Cravath scale” lives on.
First, it’s become industry shorthand. Well-known terms make life easier. It’s like referring to Tiger as the GOAT (greatest of all time). We all know what I’m saying.
Second, who is complaining? Some Big Law leaders may have an actionable claim—particularly those who have actually set the pace in salaries and bonuses lately. But they can’t come out against the Cravath term. This whole “debate” is petty and beneath them!
And the rest of the firms are pleased to brag that their pay scale matches that of Cravath, the industry’s well-worn touchstone for prestige. It would be like if your local municipal golf course was able to say: “We’ve got Augusta greens.”
Third, blame Google. We live in a time where publishers are rewarded for indulging lazy shorthand—I mean, search terms that attract eyeballs. “Cravath scale” has been searched on Google nearly 10 times more than “Davis Polk bonus” over the past year, according to Google Trends. That’s despite Davis Polk setting the pace for two new rounds of Big Law bonuses during that span.
— Roy Strom, a reporter for Bloomberg’s Big Law Business, explaining why the term “Cravath scale” is here to stay, despite the fact that other firms like Milbank and Davis Polk have raised salaries and bonuses to new heights over the past two years.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
