Boutique Firm Surpasses Cravath Scale Compensation

Gjerset & Lorenz, an Austin, Texas boutique firm, was in the news as a result of beating Biglaw’s Cravath scale, considered by many to be one of the highest salary scales in the legal world. The new compensation structure at this firm provides its associates $15,000-$40,000 over Cravath starting from October 1, 2024, depending on class year. First-year associates, have now risen to $265,000-$40,000 above their Cravath peers. It continues to go up with class year, capping at as high as $475,000 for senior associates.

Co-founder at Gjerset & Lorenz, Shauna Lorenz, justified the increase, saying, “Work in the firm is beyond complexity and novelty at Biglaw, and their salary scale need to be different.” Further, commenting on the professionalism and dedication of the firm’s associates, she has said these increases recognize and reward the substantial contribution these associates have made to the success of the firm.

This move could send shockwaves throughout the legal industry. Boutique firms like Gjerset & Lorenz, by definition specialists, are competing more and more with Biglaw, compensation-wise, in their effort to attract top talent who would want to work in a more focused environment. It’s a development that illustrates how strong the finances of boutique firms have been.

If you’ve been contemplating a change from the BigLaw environment, now may be the perfect time to consider the unique opportunities boutique firms offer. Talent Engines specializes in helping attorneys like you explore whether a boutique firm could be the right fit for your career and lifestyle goals.

Please visit Talent Engines to learn more



External links: Above the Law, 2024