Lawyers might need to lower their expectations for salary increases as the M&A market, crucial for Biglaw, is underperforming. The current Cravath scale is between $225,000 and $435,000, but there is reduced pressure on firms for raises. Although M&A activity rose nearly 19% in the first half of the year compared to last year, it fell short of prior expectations from a favorable political climate. Recruiters expect no significant salary movement in base pay for associates in 2025 due to the economic climate's impact on the legal industry.
"M&A work is the engine of the [Biglaw] firms and a bellwether for associate hiring across firms, even in seemingly unrelated practices like litigation."
"New deal flow is not what had been hoped for with a Republican administration... That is kind of a disappointment, and frankly, a surprise."
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