I have some theories as to why the “cravath scale” persists.
First, it became an industry shorthand. Well-known terminology makes life easier. It’s like referring to the tiger as the (greatest of all) goats. We all know what I’m saying.
Secondly, who is complaining? Some senior law leaders may have an enforceable claim – particularly those who have already set the pace for salaries and bonuses recently. But they could not come out against the term Cravath. All this “discussion” is trivial and beneath them!
Other companies are happy to boast that their pay scale matches the Cravath scale, the outdated standard in the industry for prestige. It would be as if the local golf course in your area could say, ‘We have Green Augusta.’
Third, blame Google. We live in a time when publishers are rewarded for indulging in slow downsampling – I mean, search terms that attract eyeballs. Google searched for “Cravath Scale” nearly 10 times as searched for “Davis Polk Reward” over the past year, according to Google Trends. This is despite Davis Polk setting the pace for two new rounds of Big Law rewards during that period.
– Roy Strom, Bloomberg Big Law Business reporter, explains Why is the term “cravath scale” here to stay, Despite the fact that other companies such as Milbank and Davis Polk have raised salaries and bonuses to new heights over the past two years.
Staci Zaritsky She is a Senior Editor at Above the Law, working since 2011. She loves hearing from you, so feel free to E-mail Her with any advice, questions, comments or criticisms. You can follow them Twitter Or contact her Linkedin.