i’ve just a few theories as to why the “Cravath scale” lives on.
First, it’s turn into trade shorthand. Well-known phrases make life simpler. It’s like referring to Tiger because the GOAT (best of all time). We all know what I’m saying.
Second, who’s complaining? Some Big Law leaders might have an actionable declare—significantly those that have truly set the tempo in salaries and bonuses these days. But they’ll’t come out in opposition to the Cravath time period. This complete “debate” is petty and beneath them!
And the remainder of the corporations are happy to brag that their pay scale matches that of Cravath, the trade’s well-worn touchstone for status. It could be like in case your native municipal golf course was in a position to say: “We’ve got Augusta greens.”
Third, blame Google. We reside in a time what place publishers are rewarded for indulging lazy shorthand—I imply, search phrases that appeal to eyeballs. “Cravath scale” has been searched on Google practically 10 occasions greater than “Davis Polk bonus” over the previous yr, in response to Google Trends. That’s regardless of Davis Polk setting the tempo for 2 new rounds of Big Law bonuses throughout that span.
— Roy Strom, a reporter for Bloomberg’s Big Law Business, explaining why the term “Cravath scale” is here to stay, even supposing different corporations like Milbank and Davis Polk have raised salaries and bonuses to new heights over the previous two years.
Staci Zaretsky is a senior editor at Above the Law, what place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to email her with any ideas, questions, feedback, or critiques. You can comply with her on Twitter or join along with her on LinkedIn.