2026 Cravath Scale: Big Law Associate Salaries and Bonuses by Class Year
Updated July 2026: Milbank raised the market-standard associate base salaries effective July 1, 2026 — the first scale increase since 2023. Base salaries now range from $235,000 (first-year) to $455,000 (eighth-year). Add market bonuses and total compensation reaches $261,000 to $595,000. Below is the full updated breakdown — salary by class year, bonus structure, which firms follow it, and what the numbers mean for your financial planning.
2026 Cravath Scale: Base Salary and Market Bonus by Class Year
| Class Year | Base Salary | Market Bonus | Total Comp |
|---|---|---|---|
| 1st Year | $235,000 | $26,000 | $261,000 |
| 2nd Year | $245,000 | $40,000 | $285,000 |
| 3rd Year | $270,000 | $72,500 | $342,500 |
| 4th Year | $320,000 | $95,000 | $415,000 |
| 5th Year | $385,000 | $115,000 | $500,000 |
| 6th Year | $410,000 | $130,000 | $540,000 |
| 7th Year | $440,000 | $140,000 | $580,000 |
| 8th Year | $455,000 | $140,000 | $595,000 |
Base salaries reflect the July 2026 Milbank-led increase: +$10,000 for 1st–4th year associates and +$20,000 for 5th–8th year associates, effective July 1, 2026.1 Market bonus column reflects the combined 2025 year-end + special bonus announced by Cravath on November 18, 2025 (year-end: $20,000–$115,000 by class year; special: $6,000–$25,000 by class year). Paul Weiss, Davis Polk, Skadden, Hogan Lovells, and most AmLaw 50 firms matched this scale. A handful of elite firms pay above-scale "super bonuses" for 2,200+ billable-hour associates; those are firm-specific and not in the table. 2026 year-end bonuses have not yet been announced (expected November–December 2026).3
Milbank announced the new base salary scale on June 2, 2026, effective July 1, 2026. Within two weeks, more than a dozen AmLaw firms had matched it. The raises range from $10,000/year for junior associates (Y1–Y4) to $20,000/year for senior associates (Y5–Y8). For financial planning purposes: if you were budgeting on the old $225K–$435K scale, your take-home projections need updating. The raise also affects estimated quarterly tax payments for partners who receive guaranteed payments based on associate compensation benchmarks.
What Is the Cravath Scale?
The Cravath scale is an associate salary structure set by Cravath, Swaine & Moore — historically one of the most profitable Big Law firms — that the rest of the market uses as a benchmark. It has functioned as an informal industry standard since at least the 1990s, with other major firms matching it within weeks whenever the market leader raises.
The term is shorthand for "Cravath-scale salary" meaning a firm that matches the prevailing top-of-market rate. Associates at matching firms receive the same base salary by class year, regardless of practice area, office location (with limited exceptions), or billing hours — as long as they meet the firm's definition of standard performance.
Class year is typically measured from law school graduation or bar admission, not from hiring date. An associate who clerked for a year and joined as a "second-year" is paid at the 2nd-year base from day one.
Which Firms Pay Cravath Scale?
Most AmLaw 50 firms match or closely track the Cravath scale. The market-matching reflex is strong: when a market leader moves, firms announce matching within days to avoid losing recruits or triggering retention conversations. Major consistent matchers include Sullivan & Cromwell, Davis Polk, Cleary Gottlieb, Kirkland & Ellis, Latham & Watkins, Paul Weiss, Skadden, Simpson Thacher, Weil Gotshal, and White & Case, among others.
AmLaw 51–200 firms are a mixed picture. Some match the market to compete for top recruits in specific practice areas. Others pay below-market salaries — often $175K–$210K at first year — and compensate with higher partner track odds, lower billing requirements, or earlier partnership timelines. Regional boutiques commonly pay $120K–$180K at first year.
Bonus Payment Calendar
The annual Big Law bonus is not paid in one lump sum. It's distributed across three windows:
- Spring bonus (March–April): typically $6,000–$25,000 depending on class year — a smaller installment tied to prior-year performance
- Summer bonus (June–July): matched to spring — another installment of the same amount
- Year-end bonus (November–December): the largest payment — $20,000 (1st year) to $115,000 (7th+ year) at market scale, plus a simultaneous special bonus of $6,000–$25,000, totaling $26,000–$140,000 combined — the first firm to announce (historically Cravath or Milbank) triggers a cascade of matching within days3
The implication for financial planning: your largest bonus lands in November or December. If you're targeting an estimated tax payment in January (Q4 safe harbor deadline is January 15), this bonus will spike your taxable income in Q4. Associates in high-tax states who receive the bulk of their annual bonus in late November should make sure their withholding and estimated payments account for this concentration.
Associates who lateral mid-year may receive prorated or no bonus at their new firm depending on timing and the terms negotiated. Bonus timing is a real financial variable when evaluating a lateral move.
After-Tax Take-Home: What Associates Actually Bring Home
Big Law salaries look different after federal income tax, FICA, and state taxes. The effective rates vary significantly by location — New York City is among the highest-taxed places in the country for W-2 income.
| Class Year | Total Comp | Approx. After-Tax (NYC) | Approx. After-Tax (TX/FL) |
|---|---|---|---|
| 1st Year | $261,000 | ~$140,000 | ~$164,000 |
| 3rd Year | $342,500 | ~$181,000 | ~$214,000 |
| 5th Year | $500,000 | ~$254,000 | ~$308,000 |
| 8th Year | $595,000 | ~$299,000 | ~$367,000 |
Estimates assume single filer, standard deduction, $24,500 401(k) contribution, and reflect approximate federal + FICA + state/local rates for 2026.2 California rates are between TX/FL and NYC — roughly $5,000–$15,000 lower take-home than TX/FL due to CA's 9.3–13.3% marginal rates. Individual circumstances vary. Use the monthly budget calculator or income modeler for a detailed year-by-year projection.
- Federal income tax: ~$57,000–$62,000 (includes 32–35% marginal bracket on upper income)
- FICA (employee share): ~$15,900 (6.2% SS on first $184,500 + 1.45% Medicare + 0.9% Additional Medicare above $200K)
- NY state income tax: ~$19,000–$23,000
- NYC city income tax: ~$9,500–$10,500 (3.876% on most income)
- Total taxes: roughly $101,000–$111,000 — about 40–43% of gross before retirement contributions
- After maxing 401(k) at $24,500: take-home of approximately $130,000–$140,000
Financial Planning Priorities by Class Year
The Cravath scale creates a predictable income ramp — the financial decisions that matter most change significantly between first year and seventh year.
Years 1–2: Build the foundation
A first-year associate earning $261K in NYC with $180K in law school debt starts with a single priority: getting the debt situation under control before salary disappears (firms pay well; but nothing is guaranteed). The binary decision is aggressive private refinancing vs. IBR enrollment as a hedge. If you're certain about staying in Big Law for at least 5 more years, the math typically favors private refi at current rates. If you're uncertain, federal IBR preserves optionality. See the student loan strategy calculator for your specific scenario.
Year one is also the best time to lock in long-term disability insurance. Individual own-occupation policies require medical underwriting — once you have a disqualifying health event, you lose the window. Premiums are lowest in your late twenties. Don't wait.
401(k): contribute the full $24,500 limit. Law firms rarely offer pension benefits; the 401(k) is your only tax-advantaged retirement vehicle as an associate. Mega backdoor Roth — if your firm's plan permits after-tax contributions — adds another path to tax-free growth.
Years 3–5: Accelerate ahead of the fork
By third year ($357,500 total comp), most associates have made a preliminary judgment about whether they're tracking toward partnership. The financial priorities diverge sharply based on that answer:
- Partnership track: Build a capital contribution reserve. Equity partnership buy-ins range from $200K to $800K+ at AmLaw 100 firms — typically payable in the first 1–3 years of partnership. You'll need that capital available. See the capital contribution financing guide for the full range of options.
- In-house or lateral: Maximize portable savings now. NQDC benefits you've accrued don't transfer when you leave. 401(k), taxable brokerage, and cash savings do.
- Undecided: Treat it like partnership track. The cost of over-preparing for partnership is low; the cost of arriving at the decision point unprepared is high.
This is also the period where a Big Law–specialist financial advisor delivers the most leverage. The lifetime income difference between optimizing your savings and tax strategy vs. not in years 3–5 can easily exceed $500K in compounded wealth by retirement.
Years 6–8: The partnership decision
Sixth through eighth years are the period when partnership decisions get made. From a financial standpoint, the key questions are:
- What are the actual economics of your firm's equity partnership offer? Lockstep? Eat-what-you-kill? Capital contribution terms?
- Is your firm's partnership worth buying into? A firm with declining profitability, excessive lateral partner debt, or an aging book-of-business concentration deserves skepticism. See the income modeler to compare partner-track and in-house scenarios side by side.
- If you accept, how do you fund the capital contribution without liquidating tax-inefficient assets or taking on high-cost debt?
Many 7th-year associates also face the first serious evaluation of whether their student loans are better refinanced or paid off aggressively. On $605K total comp, carrying student loan debt at 6–8% becomes expensive relative to after-tax investment returns.
How the Cravath Scale Compares to Government and Academic Salaries
The salary gap between Big Law and public service is the financial engine behind PSLF demand. A federal judicial clerk earning $65K–$85K who pivots to a Cravath-scale firm earns $235,000 in year one — a $150,000–$170,000 gross income jump in a single step. For most associates, this is the largest salary increase they'll ever receive.
That gap also explains why PSLF is most valuable to associates who are genuinely committed to public service careers — not those who joined Big Law immediately. If you clerked, did a public interest fellowship, or worked in government before Big Law and are now 4+ years into your 10-year repayment clock, PSLF may still be worth preserving even with a Big Law salary.
See the student loan strategy guide for a full PSLF vs. private refi analysis at various class years and loan balances.
Related guides for Big Law associates
- Student loan strategy: Refi, IBR, or PSLF?
- Law school ROI calculator: T14 at sticker vs. scholarship
- Monthly budget calculator: take-home by class year and city
- BigLaw vs. in-house income modeler
- Pre-partnership financial checklist (5th–7th year)
- How to fund a $400K+ partnership capital contribution
- Disability insurance for Big Law lawyers
Talk to an advisor who knows Big Law comp
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- BigLaw Investor, "BigLaw Salary Scale" — tracks the Cravath scale from 1968 to present with annual base and bonus data: biglawinvestor.com/biglaw-salary-scale/. Milbank announcement reported by Above the Law: abovethelaw.com, June 2026.
- After-tax estimates use 2026 federal income tax brackets (IRS Rev. Proc. 2025-32), 2026 Social Security wage base of $184,500 (SSA.gov, 2026 COLA Fact Sheet), New York State 2026 income tax rates (NY Tax Law §601), and New York City local tax rate of 3.876%. Values are approximate for a single filer taking the standard deduction and contributing $24,500 to a 401(k). See IRS Rev. Proc. 2025-32 and SSA 2026 COLA fact sheet.
- Cravath's 2025 year-end and special bonus scale (announced November 18, 2025): year-end $20,000–$115,000 + special $6,000–$25,000 by class year. ABA Journal: abajournal.com. Market-rate matching confirmed by Paul Weiss and Hogan Lovells. Above the Law 2025 Bonus Tracker: abovethelaw.com. 2026 year-end bonuses expected November–December 2026.
- BCG Search, "BigLaw Associate Salaries 2000–2026" — historical context on scale movements and regional differentiation: bcgsearch.com
Base salary values updated July 2026 to reflect Milbank-led market scale increase effective July 1, 2026. Bonus figures updated July 2026 to reflect verified 2025 year-end + special bonus scale from Cravath's November 18, 2025 announcement ($26,000–$140,000 combined); 2026 year-end bonuses expected November–December 2026.