Elite Law Firm Raises Pay For First Time In Years

Published June 8, 2016 at 1:33 PM EDT

Same-sex couples and their attorneys who had previously challenged the wedding ban celebrate on court steps after Circuit Court Judge Sarah Zabel lifted the stay, allowing same-sex couples to marry January 5, 2015 in Miami, Florida. (Emily Michot-Pool/The Miami Herald/Getty Images)

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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If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

Protect Connecticut Public