King & Spaulding has revealed its new 2010 pay scale and bonuses according to law.com and the Fulton County Daily Report. Associate pay ranges from $135,000 for a first year to $190,000 for an eighth year in the new pay scale. Each associate class is receiving $10,000 less than the old pay scale of 2008. The firm still uses a lockstep system. Associates will receive bonuses for 2009 and the 2008 bonus system remains the same.
In the new pay scale associate salaries are updated from September 1. At that time King & Spaulding cut annual salaries by $10,000 to $23,000. The new pay scale restores some associate salaries to their prior levels and lessens the pay cuts for others depending upon associate class year.
Founded in 1885, King & Spaulding is an Atlanta based firm with approximately 880 attorneys and 14 offices globally.