Elite Law Firm Raises Pay For First Time In Years

The New York law firm Cravath, Swaine & Moore announced in a memo this week that it is increasing the annual salary it pays to first-year lawyers, from $160,000 to $180,000, for the first time in nearly a decade.

Salaries for other associates are also increasing, in what is being seen as an unusual move that is a bellwether for the industry.

Here & Now‘s Jeremy Hobson speaks with CNN’s Maggie Lake about why the firm is increasing pay right now.

Guest

• Maggie Lake, host of CNN Money with Maggie Lake. She tweets @maggielake.

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