As a firm, Dickstein Shapiro shared the country’s economic woes in 2009 with revenues dropping by 4.78% and profits dipping 5.17%, but the partnership still managed to do ok. Per partner profits were up 6.76% to just over $1 million. The discrepancy is due to an 11% reduction in the number of equity partners firm [...]
Continue reading...Friday, February 12, 2010
Winston & Strawn froze salaries last year and now it appears that the freeze is still on. Associates received emails today regarding their compensation and across the board, they are still the same as they were two years ago. Third year associates are still making $160k. This might seem like a way to increase business at [...]
Continue reading...Thursday, February 4, 2010
Let’s start with the easy part. Associates in the New York office of Pillsbury are having their salaries restored to the level they would have been at had they never been frozen in the first place, so long as they met their billable hour target of 1,755 hours. Associates that missed their target [...]
Continue reading...Tuesday, February 2, 2010
The salary marketis starting to crystallize now. Mayer Brown today joined other top tier firms in restoring associate salaries back to pre-recession levels. That means everyone is being bumped up two levels, putting all Mayer Brown associates where they would have been had salaries never been frozen in the first place. There [...]
Continue reading...Tuesday, January 26, 2010
If you’re a Chadbourne & Parke associate, we urge you to resist the temptation to gloat a little when talking to friends at other firms today. If you’re friends with a Chadbourne associate, we recommend you change your lunch plans. Starting from the small stuff and working our way up to the good stuff, Chadbourne [...]
Continue reading...Monday, January 25, 2010
Wilson Sonsini is thawing salaries, and using the Cooley Godward model. First years are getting $160k, third years are making $170k (had their been no salary freeze they would be drawing $185k) and to avoid paying second and third years the same, the second year associates are getting $165k. Associates at Wilson Sonsini are also [...]
Continue reading...Monday, January 25, 2010
Hughes Hubbard is thawing out salaries and junior associates are getting a double bump, placing them where they would have been had there been no salary freeze. Senior associates are splitting the difference, with the class of 2004 and beyond getting bumped up but not quite as far. Of course, this further muddies [...]
Continue reading...Friday, January 22, 2010
Cooley Godward has lifted last year’s salary freeze, sort of. First years will continue to make $160k, which puts them ahead of firms that have cut first year salaries, second years move up to $165k and third years jump up to $170k. This isn’t a true up, but Cooley third years are once [...]
Continue reading...Tuesday, January 19, 2010
Drinker Biddle is moving to a merit based pay system, becoming the latest in a string of major law firms to abandon lockstep compensation. Under the new plan associates in their second year and beyond are broken down into four tiers. Each tier has a baseline salary but the firm is quick to [...]
Continue reading...Thursday, January 14, 2010
The lockstep march away from lockstep compensation continues unabated as 2010 gets into full swing. The latest firm to join the thundering herd is Dickstein Shapiro, which will initiate a three tiered merit based system as of January 22. Regulars readers of our page are no doubt familiar with the basic concept – [...]
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Monday, March 1, 2010
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