Cravath Swaine & Moore has raised the cost of its living allowance (Cola) for London office associates from $85,000 (£41,000) to $110,000 (£53,000), The Lawyer can reveal.
The 30 per cent hike at the elite firm takes remuneration for the most junior lawyers in Cravath’s City office to potentially in excess of £150,000.
Newly qualified lawyers at Cravath start on $160,000 (£78,000). On top of the Cola there is also a bonus element to remuneration, which last year ranged from $35,000 (£17,000) to $50,000 (£24,000).
Last month Weil Gotshal & Manges rocked the London recruitment market when it raised its newly qualified salaries to £90,000.
Cravath declined to comment.