JD Journal » clifford chance llp http://www.jdjournal.com Legal Industry News Wed, 08 Feb 2012 01:14:49 +0000 en hourly 1 http://wordpress.org/?v=3.3 LawCrossing Survey of Lawyer Salaries of Best Law Firms http://www.jdjournal.com/2011/12/28/lawcrossing-survey-of-lawyer-salaries-of-best-law-firms/ http://www.jdjournal.com/2011/12/28/lawcrossing-survey-of-lawyer-salaries-of-best-law-firms/#comments Wed, 28 Dec 2011 20:14:14 +0000 aostler http://www.jdjournal.com/?p=32781 A recent LawCrossing Survey of Lawyer Salaries of Best Law Firms survey asked attorneys about their experiences working for 94 different law firms. While the survey asked a variety of questions regarding associate life, vacation time, benefits, and firm demands, one of the more interesting components involved the salary and bonus assessment. What follows is a concise summary of the survey’s results with regards four separate areas: salary and bonus amounts for 2011; salary scale; the target bonus amounts for 2010; and the factors that go into determining bonuses for each firm.

 

Law Firm Name 2011 Salary & Bonuses Salary Scale 2010 Target Bonus Level Bonus Factors
Akin Gump Strauss Hauer & Feld LLP Akin Gump Strauss Hauer & Feld have salaries that start at $160,000. The salary structure in Houston offices is a year behind market trends. Typically, the firm follows lock-step bonuses, even paying the New York market bonus in December 2010. Some associates also receive a $10,000 merit bonus based on number of hours worked. $160k $7k,
$10k,
$15k,

$20k,

$25k,

$30k,

$35k

 Class year determines bonuses.
Allen & Overy LLP Starting salary is $160,000. Salary and bonus systems are both “lockstep.” Billable hours have no bearing on bonuses. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Class year determines bonuses.
Alston & Bird LLP $160,000 starting salary for new associates. Merit considerations come into play when determining bonus amounts including billable hours. Top performers in first through fourth years can earn up to $25,000 extra. Top performers in fifth year + can earn up to $50,000 extra. $135k,

$140k,

$145k,

$155k

  N/A Billable hours and subjective conditions determine bonuses. Bonuses are 4%, 7.5%, or 12% of salary at the following billable hours markers: 1,900, 2,000, and 2,100.
Arnold & Porter LLP Arnold & Porter uses lockstep salaries based on class year with a base starting at $160,000. Subjective factors and billable hours determine bonus amounts. 2010 bonuses were considered “above-market,” at $10,000 to $50,000 on average with a maximum of $70,000. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses including quality of work and work quality in relation to seniority. Qualifying factors are not transparent but the basics include: 1,800 billable hours and pro bono work.
Baker & McKenzie The Baker & McKenzie firm has a lockstep salary system with some exceptions given for individuals based on performance. Starting salaries are $160,000 except for Miami offices, where it is $130,000. Bonus amounts are considered to be below market. $160k  N/A Billable hours and subjective conditions determine bonuses, though this process is not transparent.
Baker Botts L.L.P. Salary is merit-based at Baker Botts. The four salary categories are determined by number of years with the firm (1, 2-3, 4-6, and 7+), but seniority promotions are not automatic. Starting salary is $160,000.  Texas offices have the highest bonus incentives. Bonuses are paid in March. Federal District and Circuit Court clerkship bonuses are given in the amounts of $35,000 and $50,000 to Texan and non-Texan offices, respectively. $160k,

$170k,

$170k,

$185k,

$185k,

$185k

  N/A Billable hours and subjective conditions determine bonuses, though this process is not transparent.
Baker Hostetler LLP Starting salaries fall between $115,000 and $160,000 then slip into a hybrid lockstep system than combines billable hours, performance, and other factors into consideration. Individual salaries do not always match market levels, nor do bonuses, which are largely discretionary. $160k  N/A 5% bonus administered after completing 1,950 hours. Additional 12.5% bonus is possible, though rare, and based on performance.
Bingham McCutchen LLP Bingham McCutchen follows a hybrid lockstep system that determines base salary levels. Starting salary is $160,000. Bonuses are at market level but not paid out until March. Judicial clerkship bonuses are also available. $160k,
$170k,
$185k,

$210k,

$230k,

$250k

 $7k,
$10k,
$15k,

$20k,

$25k,

$30k,

$35k

 Billable hours and subjective conditions determine bonuses, though this process is not transparent.
Bryan Cave LLP Salary at Bryan Cave in coastal and Chicago offices is $145,000 for the first year, $150,000 for the second year, and $155,000 for the third year. Base salary is lower in all other offices. In general, compensation is determined by lockstep and merit-based factors. Bonuses are also tiered but it is unclear how much members will receive each year. Judicial clerkship bonuses are available in some cases. $125k  N/A Billable hours and subjective conditions determine bonuses, though this process is not transparent. Bonus tiers reside at 1,950, 2,100, 2,250, and 2,400 hours.
Cadwalader, Wickersham & Taft LLP Cadwalader, Wickersham & Taft have a lockstep salary system that starts at $160,000 for all offices except Charlotte, which starts at $130,000. Spring bonuses in 2011 matched the market scale. $160k,
$170k,
$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses, though merit-based factors are only considered after 1,900 billable hours have been logged.
Cahill Gordon & Reindel LLP Cahill offers a lockstep salary system that starts at $160,000 and stays consistent depending on the associate’s class. Bonuses were distributed in payments ranging between $15,000 to $20,000 in December 2010 and another at market scale in January 2011. Mid-year bonuses were also paid in June 2011 for $5,000 to $25,000. $160k  N/A Class year determines bonuses.
Chadbourne & Parke LLP Chadbourne & Parke has a starting salary of $160,000 and bonuses that meet the market scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

  N/A Billable hours and subjective conditions determine bonuses.
Cleary, Gottlieb, Steen & Hamilton LLP A lockstep system is used for setting salaries at Cleary, Gottlieb, Steen & Hamilton with a base of $160,000. They match market scale bonuses across the board. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Bonuses are determined by class year of the associate.
Clifford Chance LLP Clifford Chance uses a lockstep system to determine salaries, which start at $160,000. Bonuses meet the market scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

 $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 The process by which bonuses are determined is not transparent.
Cooley LLP Cooley uses a lockstep system to determine salaries, which start at $160,000 and meet the market level. Bonuses usually meet the market scale but a lack of overall transparency makes it difficult to gauge average amounts. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. Some of these factors are believed to include performance, client relationships, quality, and partnership potential, though the process is not transparent.
Covington & Burling Covington & Burling use a lockstep system to determine salaries, which start at $160,000. Bonuses are lower than similar firms though the firm has a reputation for contributing to a better quality of life for its associates. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses though subjective factors may contribute like pro bono work, recruiting, involvement, performance, etc.
Cravath, Swaine & Moore LLP Cravath, Swaine & Moore use a lockstep system to determine salaries, which start at $160,000. The firm sets and surpasses market bonus amounts for both end-of-year and spring bonuses. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses
Crowell & Moring LLP Crowell & Moring use both a lockstep system and merit-based approach to determine salaries, which start at $160,000. Bonus amounts vary. $160k  N/A Billable hours and subjective conditions determine bonuses. 1,900 billable hours must be logged for bonus eligibility.
Davis Polk & Wardwell Davis Polk & Wardwell use a lockstep system to determine salaries, which start at $160,000. However, paychecks are only administered once a month. Bonuses match the market and came in at the top of the market for spring bonuses in 2011. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses
Debevoise & Plimpton LLP Debevoise & Plimpton uss a lockstep system to determine salaries, which start at $160,000. Bonuses matched market levels in 2009 and 2010, while their spring bonuses for 2011 came in at the top of the market on the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses
Dechert LLP Dechert uses a lockstep system to determine salaries, which start at $160,000 in most markets and at $145,000 for Charlotte, Philadelphia, Princeton, and Hartford offices. 2010 bonuses met the Cravath scale for standard performance and were doubled for those who were extremely productive. $145k,

$152k,

$160k,

$170k,

$180k,

$190k,

$200K,

$210k

  N/A Billable hours and subjective conditions determine bonuses. 1,950 billable hours nets a Cravath-level bonus. More hours increases this amount.
Dewey & LeBoeuf LLP Dewey & LeBoeuf uses a lockstep system for determining salaries, which start at $160,000 and increase each year after that. Bonuses are in keeping with the Cravath scale, but are paid out in March or April. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

 $35K Billable hours and subjective conditions determine bonuses. Associates that billed 2,000 hours qualify for bonuses with additional bonuses available for high performance.
Dickstein Shapiro LLP Dickstein Shapiro has a lockstep starting salary of $160,000. After that, salaries are below market level. By the third year, associates can work for higher hourly pay. Bonuses are paid out in December. $160k,

$165k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. After 2,100 hours, the bonus level increases every 100 hours.
DLA Piper DLA Piper has a lockstep starting salary of $160,000 in most markets and $145,000 in smaller markets.  A newer compensation structure features three tiers that are separated by 2-4 years and accession through the ranks is based on performance. 15% of the salary is awarded at the end of the year, based on a performance review. If no salary is withheld, bonuses are given.  Income and bonuses are generally viewed as below market levels. In previous years, bonuses ranged from $5,000 to $50,000. Top performers now receive market-level bonuses. $160k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. An end of year performance review determines if associates receive their 15% withheld portion of their salary. A rating of 4 or 3 warrants this; a rating of 2 warrants a 5% payment; and a rating of 1 warrants no withheld salary or bonuses.
Dorsey & Whitney LLP Dorsey & Whitney uses a merit-based compensation system. Starting salary is $145,000 in California and New York and $110,000 to $120,000 in smaller markets. Bonuses are behind market scale discretionary. $110k  N/A Billable hours and subjective conditions determine bonuses, though they are mostly discretionary. They are not determined in a transparent way.
Edwards Angell Palmer & Dodge LLP Edwards Angell Palmer & Dodge have a lockstep system for starting salaries at $145,000 in New York and Boston and $125,000 in Providence. Senior associates have a range of salaries, determined by unclear means. 10% of salary relies on meeting the minimum billable hours. Bonuses are less than market scale. $145k  N/A Billable hours and subjective conditions determine bonuses.
Fenwick & West LLP Starting salaries at Fenwich & West are $160,000 at all offices. Bonuses are typically lower than market levels. $160k  N/A Billable hours and subjective conditions determine bonuses. 1,800 and 1,950 billable hour tracks are available for different salary and bonus potential.
Fish & Richardson P.C. Fish & Richardson salaries are lockstep and start at $160,000. Bonuses ranged from $17,500 to above $50,000 in 2009 and even higher bonuses in 2010. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

  N/A Billable hours and subjective conditions determine bonuses. 1,900 nets a bonus with every additional 100 hours increasing this amount.
Foley & Lardner LLP Foley & Lardner has a hybrid lockstep system with a tiered system for bonuses. Starting salary is $160,000 in major markets and between $110,000 and $145,000 in smaller markets. Deferred salary payment of $15,000 is made to those who work over 1,950 hours. Lockstep system dissolves after the fourth year. Bonuses vary and ranged from $0 to $50,000 in 2009. $130k  N/A Billable hours and subjective conditions determine bonuses though the process is not transparent and largely discretionary.
Freshfields Bruckhaus Deringer LLP Freshfields Bruckhaus Deringer uses a lockstep system with salaries starting at $160,000. Non-U.S. offices moved to a milestone system in 2011 based on performance only. U.S. office bonuses follow market standards but actually came in at the top of the Cravath scale for spring bonuses in February 2011. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Class year determines bonuses.
Fried, Frank, Harris, Shriver & Jacobson LLP Fried, Frank, Harris, Shriver & Jacobson have a lockstep system with salaries starting at $160,000. Bonuses match market levels and reached up to $35,000 in 2009. Spring bonuses in 2011 matched the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. A minimum of 1,950 hours must be logged to qualify.
Fulbright & Jaworski L.L.P. Fulbright & Jaworski have a lockstep system with salaries starting at $160,000. Bonus amounts vary but fall short of market standards. $160k  N/A Billable hours and subjective conditions determine bonuses. Hourly bonuses are given to those that log 2,000 and above with additional amounts given to those every additional 100 hours. Discretionary bonuses are also awarded based on merit.
Gibson, Dunn & Crutcher LLP A lockstep scale is used to determine salaries at Gibson, Dunn & Crutcher, and start at $160,000. Bonus amounts are in line with market levels for year’s end and in the spring. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. Logging over 1,950 qualifies associates for bonuses. Higher billable hours increase bonus amounts considerably. The process is not transparent.
Goodwin Procter LLP Goodwin Procter uses a hybrid lockstep system to determine base salary levels, which start at $160,000, while including flexibility for merit-based assessments. Bonuses met the Cravath level, though individual associates complained about a lack of transparency in the assessment process. Spring bonuses did match the Cravath level in 2011. $160k,

$170k

 $30k,

$35k

 Billable hours and subjective conditions determine bonuses though the process is not transparent.
Greenberg Traurig, LLP Greenberg Traurig has a lockstep and merit-based system to determine salaries. Both salaries and bonuses are discretionary, leading to a tendency toward the firm playing favorites. Bonuses fall behind market levels and many associates don’t receive a bonus at all.  N/A $160k Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Hogan Lovells LLP Salary is determined by billable hours. Those that bill 1,800 hours receive a below-market salary and those that bill above 1,950 receive a market-level salary. Bonuses match the Cravath scale. $160k,

$165k

  N/A Billable hours and subjective conditions determine bonuses. Those that bill 2,000 hours receive a Cravath-level bonus.
Holland & Knight LLP Holland & Knight has a hybrid lockstep system, with salaries starting at $145,000. After that, salary is determined by seniority, billable hours, profitability, and quality of work. Bonuses were awarded in 2011 for performance at a rate of $2,500 for first through fourth year associates and $5,000 for fifth year and up associates. $145k,

$150k,

$155k,

$160k,

$170k,

$180k,

$190k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Hughes Hubbard & Reed LLP Hughes, Hubbard & Reed has a lockstep salary system that starts at $160,000 and is based on subjective variables after that including billable hours, pro bono work, contribution to the firm, and quality, though the reviews are not very detailed and only sub-par reviews cause an associate to miss out on a salary raise. Bonuses were at above-market levels in 2009 but dropped to market level in 2010. $160k,

$170k,

$185k,

$210k,

$230k

  N/A Billable hours determine bonuses. At least 1,950 hours are required to qualify.
Hunton & Williams LLP Hunton & Williams have a lockstep system and base salaries that start at $145,000 or $160,000 depending on the size of the market. Salary after that is determined by seniority and merit-based factors. Bonuses fall behind the market levels and are not distributed until May or June. $145k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. It is thought that 2,100 to 2,200 hours are required to qualify for bonuses.
Irell & Manella LLP Irell & Manella has starting salaries that start at $160,000. Bonuses fell between $15,000 and $70,000 in 2009 and doubled Cravath-level bonuses in 2010. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours and class year determine bonuses, with a minimum of 2,000 hours required.
Jackson Lewis LLP Jackson Lewis has different base salaries depending on the market, the lowest of which is $125,000. This is way below market levels. Bonuses are also below market levels. $125k,

$130k,

$135k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. A minimum of 1,900 hours is required.
Jenner & Block LLP Jenner & Block has a lockstep starting salary of $160,000 that switches to merit-based after the first year. Salary determinations are highly subjective as are bonuses. Bonuses ranged from $2,000 to $38,000 in 2009 and has fallen behind market levels in subsequent years. $160k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Jones Day Jones Day has a merit-based salary system that includes factors like billable hours, pro bono, contribution, quality of work, and business development. Starting salaries range from $145,000 to $160,000 depending on the market. Bonuses are incorporated into salaries depending on each associate’s contribution. Typically, bonuses fall above market levels. $160k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
K&L Gates K&L Gates has starting salaries that fall between $115,000 and $160,000, depending on market size, then slip into a merit-based system that takes into account billable hours, quality of work, contribution, performance, and other factors. Bonuses are discretionary. $130k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. 1,950 hours are required to qualify for a bonus.
Kasowitz, Benson, Torres & Friedman LLP Kasowitz, Benson, Torres & Friedman has lockstep starting salaries of $160,000. It keeps with market levels for bonus amounts, though does not exceed it. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Factors determining bonus amounts are not clear.
Katten Muchin Rosenman LLP Katten Muchin Rosenman has a lockstep salary system that starts at $130,000 and $160,000 depending on the market. After that, salaries are based on class year, billable hours, and performance. Bonus amounts fall behind market levels, however. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses.
Kaye Scholer LLP Kaye Scholer has a lockstep starting salary of $160,000. Bonus amounts follow market trends. Qualifying associates in 2009 received between $20,000 and $40,000. Cravath-level bonuses were awarded in 2010. $160k,

$170k,

$185k

 $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Billable hours determine bonuses. 1,950 hours (1,800 billable) is the minimum requirement.
Kilpatrick Townsend & Stockton LLP Kilpatrick Townsend & Stockton has a merit-based system to determine salary. Starting salary is $135,000 to $160,000 depending on the market. Bonuses follow market levels. $135k  N/A Billable hours and subjective conditions determine bonuses though the process is not transparent.
King & Spalding LLP King & Spalding has a lockstep system for determining salaries, which start at $135,000 and $160,000 depending on the market. Bonuses lag behind market standards but a lack of billable hours minimum compensates for this fact. 2010 bonuses met the Cravath scale. $135k,

$140k,

$145k,

$155k,

165k,

$175k,

$185k,

$190k

 $22k,

$22k,

$27k,

$30k

 Billable hours determine bonuses, though discretionary factors can come into play. A minimum of 2,050 hours is required
Kirkland & Ellis LLP Kirkland & Ellis has a lockstep system that starts at $160,000. Double the market value bonuses are available to those that bill high hours. $160k,

$170k,

$185k,

$210k,

$230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses. Above 2,200 garners increased bonus amounts.
Knobbe Martens Olson & Bear LLP Knobbe Martens Olson & Bear has a lockstep system to determine starting salaries. Base salaries begin at $140,000. Bonuses lag behind market levels because they’re based on the number of hours billed that fall above the quota. $140k,

$150k,

$160k,

$170k,

$180k,

$190k,

$200k,

$210k

  N/A Bonuses are based on billable hours.
Kramer Levin Naftalis & Frankel LLP Karmer Levin Naftalis & Frankel has a lockstep system that starts at $160,000. Bonuses follow market levels, though they are usually not paid out until February. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours determine bonus amounts. 2,150 hours are needed for a full bonus.
Latham & Watkins LLP Latham & Watkins have a lockstep system that starts at $160,000. Bonuses are typically above market levels, sometimes so much as double. Spring bonuses were also awarded in 2011 that met the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K,

$280k

  N/A Billable hours and subjective conditions determine bonuses. A minimum of 1,900 hours is required to earn the base bonus.
Linklaters Linklaters has a lockstep system with salaries starting at $160,000. Bonuses are lockstep as well, and fall in line with market levels. 2011 spring bonuses fell below Cravath scale level, however. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265K

 $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Billable hours and subjective conditions determine bonuses.
Manatt Phelps & Phillips Manatt Phelps & Phillips uses a hybrid lockstep system with salaries starting at $125,000 and bonuses that fall below market levels. $125k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Mayer Brown LLP Mayer Brown has a lockstep salary system that starts at $160,000 for the first class year and has a range of salaries for every class year after that depending on billable hours, quality, pro bono, and other factors. Bonuses match market levels. End of year 2010 and spring 2011 bonuses met the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours determine bonus eligibility with a minimum of 2,000.
McDermott, Will & Emery Starting pay at McDermott, Will & Emery is $145,000 though a merit-based system was implemented in 2011 that made it so associates only received their full pay if they worked 2,000 billable hours. Bonus amounts meet market levels and they aren’t awarded until March. $145k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
McGuireWoods LLP McGuireWoods uses a hybrid lockstep system to determine salary amounts. Starting salary is $130,000 with assessments each year after resulting in pay raises based on billable hours, pro bono, quality, performance, and other factors. Bonuses tend to be below market levels though working more hours will garner a higher payout. $130k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Milbank, Tweed, Hadley & McCloy LLP Milbank,Tweed, Hadley & McCloy uses a lockstep system to determine salaries, which start at $160,000. Year-end and spring bonuses for 2010 and 2011 met the Cravath level. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Class year determines bonuses.
Morgan, Lewis & Bockius LLP Morgan Lewis uses a hybrid lockstep system with starting salaries at $145,000 in most markets. Bonuses keep up with market levels but increases are implementing very slowly. End of year bonuses for 2010 were paid in January 2011 for double the Cravath level. $145k,

$150k,

$160k,

$170k,

$180k,

$190k,

$200k,

$210k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Morrison & Foerster LLP Morrison & Foerster has a lockstep system with salaries starting at $160,000. The firm follows market levels for bonuses, with more being awarded to those who bill a high number of hours and perform well. Bonuses ranged from $7,500 to $65,000 in 2010. Spring 2011 bonuses matched the Cravath scale. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours and subjective conditions determine bonuses. 1,950 hours warrants a standard bonus; 1,500 hours, a special bonus.
Munger, Tolles & Olson LLP Munger, Tolles & Olson uses a lockstep system with salaries starting at $160,000. First year associates received a flat $5,000 bonus in 2009 with rates matching market levels for following class years. $160k  N/A Billable hours and subjective conditions determine bonuses, including billable hours, quality of work, and other factors.
Nixon Peabody LLP Nixon Peabody uses a hybrid lockstep system that starts at $145,000. Raises are dependent on performance. Bonus worth 30% of salary is possible. $145k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
O’Melveny & Myers LLP O’Melveny has a lockstep system with salaries starting at $160,000. Bonuses follow market levels and not every associate receives a bonus. Spring 2011 bonuses were on the Cravath scale. $210k,

$230k,

$250k,

$265k,

$280k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. 1,950 hours is the minimum to qualify.
Orrick, Herrington & Sutcliffe LLP Orrick, Herrington & Sutcliffe uses a talent model to determine compensation, with different amounts for associates, managing associates, and senior associates. Advancement is dependent on merit only. 2009 bonuses ranged from $5,000 to $75,000. 2010 bonuses met the Cravath scale. Spring 2011 bonuses met the Cravath scale.  N/A  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. There is no minimum billable hours requirement, though pro bono work factors in.
Patterson Belknap Webb & Tyler LLP Patterson Belknap Webb & Tyler has a lockstep system with salaries starting at $160,000. Bonuses follow market levels. $160k,

$170k,

$185k,

$210k

  N/A Billable hours and class year determine bonuses. Special bonuses given to those that log more than 2,100 hours.
Patton Boggs LLP Patton Boggs uses a hybrid lockstep system to determine salaries with three tiers separated by billable hours: 1,650, 1,800 and 1,950. Bonuses are paid in March and fall behind or meet market levels depending on several factors.  N/A  N/A Billable hours and subjective conditions determine bonuses. Two options are available: 1. Based on billable hours above minimum 2. Based on hours, pro bono, work quality, etc.
Paul, Hastings, Janofsky & Walker LLP Paul, Hastings, Janofsky & Walker use a lockstep system to determine salaries. Bonuses match market levels and are paid out in March. 2010 bonuses matched Cravath scale for top-tier associates. Spring 2011 bonuses met the Cravath level for all associates. $230k,

$250k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. Minimum 1,950 hours to qualify.
Paul, Weiss, Rifkind, Wharton & Garrison Paul, Weiss, Rifkind, Wharton & Garrison uses a lockstep system to determine starting salaries. Bonuses are paid in December and match market levels.  N/A $37k,

$42k

 Class year and subjective conditions determine bonuses.
Perkins Coie LLP Perkins Cole uses a lockstep system to determine starting salaries ranging from $120,000 to $160,000 depending on the office’s location. After that, merit plays a role in class year salary. Bonuses include equity in an investment plan. $120k,

$120k

  N/A Billable hours and subjective conditions determine bonuses, including productivity.
Pillsbury Winthrop Shaw Pittman LLP Pillsbury Winthrop Shaw & Pittman has a lockstep system with salaries starting at $155,000 with raises made each year depending on if associates met a minimum number of billable hours. 2010 bonuses matched the market level at $15,000 for qualifying associates. $155k  N/A Billable hours and subjective conditions determine bonuses, including productivity. Minimum billable hours required is 1,950.
Proskauer Rose LLP Proskauer Rose has a lockstep system that start at $110,000 to $160,000 depending on the location of the office. Bonuses follow the market scale, with 2010 bonuses falling in line with the Cravath scale. $170k $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Class year determines bonus amount.
Quinn Emanuel Urquhart & Sullivan LLP Quinn Emanuel Urquhart & Sullivan falls behind the market scale for salaries. Bonuses were awarded in 2010 at 150% of the Cravath scale plus $5,000 per additional 200 hours past the base level. Spring 2011 bonuses matched the Cravath scale for those billing 2,000 hours and beat it for those billing above 2,100.  N/A $11k,

$15k,

$22k,

$30k,

$37k,

$45k,

$52k

 Class year and billable hours determines bonus amount with a 2,100 hour minimum.
Ropes & Gray LLP Ropes & Gray has a lockstep system for determining base salaries. Bonuses match market levels at were at the Cravath level in 2009 and 2011.  N/A  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. A minimum of 1,900 hours is required.
Schulte Roth & Zabel LLP Schulte, Roth & Zabel has a lockstep system with salaries starting at $160,000. Bonuses match the market levels. Spring 2011 bonuses met the Cravath scale.  $160k  N/A Class and billable hours year determines bonus amount with a 2,000-hour minimum.
Shearman & Sterling LLP Shearman & Sterling have a lockstep salary system. Bonuses match the market level, though deviated slightly in 2010 when merit-based determinations were put in place. Spring 2011 bonuses matched the top of the Cravath scale.  N/A $7k,

$10k,

$15k,

$20k,

$25k,

$30k,

$35k

 Class year, billable hours and subjective conditions determine bonuses, though the process is not transparent.
Sidley Austin LLP Sidley Austin has a lockstep system to determine salaries and advancement. 2010 and 2011 bonuses met or exceeded the Cravath scale.  N/A  N/A Billable hours and subjective conditions determine bonuses, though the process isn’t transparent. Minimum 2,000 hours are needed for full market-rate bonus
Simpson Thacher & Bartlett LLP Simpson Thacher & Bartlett has a lockstep system to determine salaries, which are at the top of the market. Bonuses met the Cravath scale in 2009 and 2010. Spring 2011 bonuses also matched the Cravath scale.  N/A $35k,

$35k

 Class year determines bonus amounts.
Skadden, Arps, Slate, Meagher & Flom LLP Skadden, Arps, Slate, Meagher, & Flom have a lockstep system for determining salaries. Bonuses meet market level in 2010 and were paid in December. Spring 2011 bonuses also met the market.  N/A $35k Class year and billable hours determine bonus amounts.
SNR Denton SNR Denton uses a lockstep salary system that starts at $160,000 with 12-15% of that paid out as a base bonus in the next year. After the first year, a three-tier system allows for raises based on merit. $150k,

$155k,

$157k,

$160k,

$165k,

$179k,

$205k,

$210k

  N/A Billable hours and subjective conditions determine bonuses.
Squire, Sanders & Dempsey LLP Squire, Sanders & Dempsey uses a merit-based system to determine salaries, which start at $117,000 and vary depending on class and performance. $117k  N/A Billable hours and subjective conditions determine bonuses.
Steptoe & Johnson LLP Steptoe & Johnson use a lockstep system with some variable aspects, which start at $165,000. Bonuses falls below the market, though a supplemental bonus system does award additional money to those who bring new business to the firm. $165k  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Stroock & Stroock & Lavan Stroock & Stroock & Lavan uses a lockstep scale and pays at market rates. 2009 bonuses met the Cravath scale for those who met the billable hour minimum.  N/A Class year, billable hours and subjective conditions determine bonuses. 1,900 hours is the minimum requirement.
Sullivan & Cromwell LLP Sullivan & Cromwell uses a lockstep system to determine salaries. Compensation is typically ahead of the market, though it has matched it in 2009 and 2010. 2010 bonuses met the Cravath scale in December for years 1-6 and gave even more than that to years 7-8. Special bonuses are also occasionally awarded in the spring. In 2009 they ranged from $500 to $8,500. $37k,

$42k

 Class year determines bonuses.
Venable LLP Salaries at Venable vary depending on class and merit, but they start at $145,000. Bonuses fall below the market. $145k  N/A Billable hours and subjective conditions determine bonuses.
Vinson & Elkins L.L.P. Vinson & Elkins uses a lockstep system to determine salaries, which start at $160,000 for first years. A lockstep bonus is also given to first years, but all years after that provide higher bonus amounts depending on billable hours. 2010 bonuses were above the Cravath scale, though spring 2011 bonuses fell below it. $170k  N/A Billable hours and subjective conditions determine bonuses. For senior associates, bonus levels are higher at 1,950, 2,150, and 2,300 hours.
Wachtell, Lipton, Rosen & Katz Wachtell, Lipton, Rosen & Katz uses a lockstep system to determine salaries, which start at $165,000. Bonuses are a percentage of an associate’s base salary. $165k  N/A Bonuses are determined by salary percentage.
Weil, Gotshal & Manges LLP Weil, Gotshal & Manges uses a lockstep system to determine salaries, which start at $160,000. Bonuses meet the Cravath scale. As of 2011, the firm no longer pays a special bonus to particularly high performing members.  N/A Class year determines bonuses.
White & Case LLP White & Case uses a lockstep system to determine salaries, though payment varies from office to office. Bonuses meet market levels and are paid out in January. Spring 2011 bonuses were paid out in April and were highly variable.  N/A Billable hours and subjective conditions determine bonuses, including pro bono, contribution, and quality of work. The process is not transparent.
Williams & Connolly LLP Williams & Connolly uses at lockstep system to determine salaries, which start at $180,00 for first year associates. Bonuses are not awarded and are built into the base salary, instead. $180k,

$190k,

$230k

  N/A No bonuses are awarded.
Willkie Farr & Gallagher LLP Willkie Farr & Gallagher uses a lockstep system to determine salaries in its U.S.-based offices. Bonuses are paid out in December each year to all associates at market levels. 2009, 2010, and spring 2011 bonuses met the Cravath scale. $35k,

$35k

 Class year determines bonuses.
WilmerHale Starting salaries at WilmerHale are $165,000 though the firm is moving to a merit-based structure in 2012, at which time a higher percentage of salary will be paid out in bonuses determined by performance, quality of work, pro bono work, and other factors. Spring 2011 bonuses met the Cravath scale. $165k,

$210k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent.
Wilson Sonsini Goodrich & Rosati Wilson Sonsini Goodrich & Rosati use a hybrid lockstep and merit-based system to determine salaries, which start at $160,000. Bonuses are at the market level, with a few associates getting higher than that. Bonuses ranged from a max of $9,000 for first years to $49,000 for senior associates. $160k,

$170k,

$185k,

$210k,

$230k,

$250k,

$265k

  N/A Billable hours and subjective conditions determine bonuses, though the process is not transparent. Bonuses levels cap at 1,900, 2,100, and 2,400 hours.
Winston & Strawn LLP Winston & Strawn uses a lockstep system to determine salaries, which meet the market levels. 2009 and 2010 bonuses met the Cravath scale. 2011 spring bonuses were not awarded. Billable hours and subjective conditions determine bonuses, including pro bono, quality of work, contribution and other factors. The process is not transparent. Over 2,200 hours nets an additional bonus.

 

This LawCrossing attorney salary survey was first published on LawCrossing.com. If you would like to provide updates to this information, feel free to provide them anonymously by commenting below.

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]]> http://www.jdjournal.com/2011/12/28/lawcrossing-survey-of-lawyer-salaries-of-best-law-firms/feed/ 0 Clifford Chance Partners with a Former Banker http://www.jdjournal.com/2010/12/14/clifford-chance-partners-with-a-former-banker/ http://www.jdjournal.com/2010/12/14/clifford-chance-partners-with-a-former-banker/#comments Wed, 15 Dec 2010 00:33:12 +0000 marvins http://www.jdjournal.com/?p=28436 Clifford Chance Clifford Chance LLP, a UK-based law firm and one of the largest firms in the world, announced the addition of a former investment banker to their firm. Robert F. Masella, a former mergers-and-acquisitions banker at Bank of America Merrill Lynch, is now the latest partner and member of the global law firm’s M.&A. practice. Masella was a former member of Cravath, Swaine & Moore and spent nearly a decade with the New York-based firm. He studied in the University of Pennsylvania where he earned his law and business degrees. He did his undergraduate work at William & Mary.

In an interview, Masella said that his decision to go back to the practice of law is a natural progression for his career. “The business and legal environments have become complex and intertwined. As I reflected on my practice, I became convinced that the demands of this complex environment required legal advisers who can bring both legal and business perspectives to discussions.”

According to Dealbook, a report from the New York Times, Masella’s move was not new in the legal sector. The reports said that some years ago, there have been several big names who went back to the law firms after working in the glamorous big-bonus world of investment banking. James Sprayregen reunited with the Kirkland & Ellis in December 2008, a few years after working as a Goldman Sachs restructuring banker. In 2007, Harvey R. Miller went back to Weil, Gotshal & Manges and led the firm’s prominent bankruptcy practice, after working as a vice chairman at Greenhill & Company.

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]]> http://www.jdjournal.com/2010/12/14/clifford-chance-partners-with-a-former-banker/feed/ 0 Clifford Chance to Spin Off Budapest Office http://www.jdjournal.com/2009/07/09/clifford-chance-to-spin-off-budapest-office/ http://www.jdjournal.com/2009/07/09/clifford-chance-to-spin-off-budapest-office/#comments Thu, 09 Jul 2009 19:14:16 +0000 Erik Even http://www.jdjournal.com/?p=14822 Clifford Chance’s office in Budapest, Hungary will spin off from the firm, to form the new Lakatos, Köves & Partners.

London’s Clifford Chance says it is dropping the office as part of a reorganization of international resources.

All of Clifford Chance’s lawyers and staff in Budapest will transfer to the new firm by the end of this month. The new firm will be headed by managing partner Peter Lakatos.

Clifford Chance LLP is the largest law firm in the world by number of lawyers, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

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]]> http://www.jdjournal.com/2009/07/09/clifford-chance-to-spin-off-budapest-office/feed/ 5 Clifford Chance Loses 50 Partners http://www.jdjournal.com/2009/07/09/clifford-chance-loses-50-partners/ http://www.jdjournal.com/2009/07/09/clifford-chance-loses-50-partners/#comments Thu, 09 Jul 2009 19:05:41 +0000 Erik Even http://www.jdjournal.com/?p=14820 According to sources, Clifford Chance has lost almost 50 partners since March of this year, most from New York City and the London headquarters office.

Eighteen partners have left the firm in London, and another 18 in New York. Twelve have jumped ship in Europe.

Clifford Chance is restructuring, and expects to lose 90 further partners, or 15%, between now and April 2010.

Last week, the firm reported that average profits per equity partner dropped 37% to £733,000 ($1.2 million) in the last fiscal year.

Clifford Chance LLP is the largest law firm in the world by number of lawyers, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

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]]> http://www.jdjournal.com/2009/07/09/clifford-chance-loses-50-partners/feed/ 1 Profits Plummet at Clifford Chance http://www.jdjournal.com/2009/07/01/profits-plummet-at-clifford-chance/ http://www.jdjournal.com/2009/07/01/profits-plummet-at-clifford-chance/#comments Wed, 01 Jul 2009 17:15:30 +0000 Erik Even http://www.jdjournal.com/?p=14479 Magic Circle law firm Clifford Chance saw average profits per equity partner drop 37% to £733,000 ($1.2 million) in the last fiscal year.

Revenue fell 5% to £1.26 billion, which means Clifford Chance is no longer the world’s largest law firm by revenue.

The firm recently saw a mass defection of New York litigation partners and associates to Gibson Dunn. The firm cut 24 associates in New York in March, and 20 more positions in April.

Also in March, Clifford Chance announced a redundancy consultation targeting 115 support staff in London.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

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]]> http://www.jdjournal.com/2009/07/01/profits-plummet-at-clifford-chance/feed/ 0 Fates to Be Decided for Clifford Chance Litigation Associates http://www.jdjournal.com/2009/06/17/fates-to-be-decided-for-clifford-chance-litigation-associates/ http://www.jdjournal.com/2009/06/17/fates-to-be-decided-for-clifford-chance-litigation-associates/#comments Wed, 17 Jun 2009 17:30:11 +0000 Erik Even http://www.jdjournal.com/?p=13872 Clifford ChanceWe have been reporting on the saga of Clifford Chance’s US litigation practice. Group head Mark Kirsch jumped ship to Gibson Dunn, leaving the fates of 29 New York litigation associates in doubt.

Now the futures of those associates are coming into focus.

Seven associates are going to Gibson Dunn with Kirsch and partners Joel Cohen and Christopher Joralemon. Up to 10 associates will be laid off this week; the rest will remain on the New York litigation team, which will be headed by Juan Morillo of the DC office.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and part of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office in London.

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]]> http://www.jdjournal.com/2009/06/17/fates-to-be-decided-for-clifford-chance-litigation-associates/feed/ 0 Clifford Chance Partners Defect to Start New Italian Firm http://www.jdjournal.com/2009/04/28/clifford-chance-partners-defect-to-start-new-italian-firm/ http://www.jdjournal.com/2009/04/28/clifford-chance-partners-defect-to-start-new-italian-firm/#comments Tue, 28 Apr 2009 16:45:40 +0000 Erik Even http://www.jdjournal.com/?p=11600 Clifford ChanceThree capital markets partners in Clifford Chance’s Milan, Italy office are leaving to set up shop on their own.

Paolo Calderaro, Michele Crisostomo and Silvio Riolo will bring at least one Clifford Chance associate along for the ride. Calderaro was head of structured finance in Milan.

No details about the new firm have been announced. If you know anything, please send us a confidential tip!

After the defections, Clifford Chance’s Italian practice has 23 partners and 117 other lawyers.

Last week Clifford Chance cut 20 positions at its New York office.

Clifford Chance LLP is the largest law firm in the world, both by number of lawyers and revenue, and a component of the UK’s “Magic Circle” of leading law firms. It is a prestigious international practice with its principal office at Canary Wharf in London.

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]]> http://www.jdjournal.com/2009/04/28/clifford-chance-partners-defect-to-start-new-italian-firm/feed/ 0