Ed. note: Welcome to our daily feature, Quote of the Day.
I don’t think we’re done yet. If history is any guide, I think there might be a few additional surprises over the next couple of weeks as the firms duke it out.
— Jeff Lowe, of Jeffrey Lowe Partners, in comments given to the American Lawyer on the state of Biglaw’s compensation market in the wake of Cravath’s decision to announce salary raises and bonuses. Many firms have already matched Cravath, but many others have remained silent thus far. Lowe said he’d be surprised if firms through “at least the top 50 firms and further into the top 100” didn’t match Cravath’s salary scale, but that if others tried to keep up, he’d be even more surprised. “Definitely as you move your way down the Am Law 100, there’s just less money to play with,” he said.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.