Is The Cravath Salary Scale To Blame For Biglaw’s Layoffs?
Firms need cash, and those salaries are costly.
Ed. note: Welcome to our daily feature, Quote of the Day.
You’ve got a lot of firms out there that from an image perspective believe they have to match the Cravath scale or at least get very close but they don’t generate the profit margins that those firms do.
By overpaying their associates, they have to literally just lay those associates off.
— Michael Heller, CEO of Cozen O’Connor, in comments given to the American Lawyer, on what may be causing at least some of the layoffs among Biglaw firms.
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.
