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...Friday, January 29, 2010
Vinson & Elkins associates are having their salaries thawed out and returned to where they would have been without the salary freeze. This puts V&E at the top of the muddled salary market. UPDATE: We’ve received tips saying that only New York associates are getting the salary boost. If you have any hard information [...]
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...Wednesday, January 20, 2010
Goodwin Procter is paying 2009 bonuses to its associates who hit their billable hour goal of 1850 hours, maybe. Bonuses will more or less match the Cravath bonus scale, maybe. If the firm feels like it. Associates that billed 1850 hours will be considered for, but not guaranteed a bonus, and the [...]
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 – [...]
Continue reading...Wednesday, January 13, 2010
Kaye Scholer is cutting first year associate salaries to $145k, but unlike many other firms they aren’t doing it under the guise of abandoning lockstep compensation. Additionally, any associate that hits their billable hour target by December will be getting a bonus that should bring them back to or above $160k. In the [...]
Continue reading...Friday, December 18, 2009
I think it’s time for some new terminology. Lockstep compensation referred in the past to associates moving up in pay scale in “lockstep” with their contemporaries. All associates from the same class got the same raise, year after year. But it also holds another connotation – that all biglaw firms move together [...]
Continue reading...Friday, December 18, 2009
In a firm wide email sent out yesterday, Kelley Drye managed to fold what would typically be three different stories into one. Over the next two years, Kelley Drye will move away from lockstep compensation and into a merit based pay scheme. Details have not yet been worked out. As a first step, however, [...]
Continue reading...Thursday, December 17, 2009
Like many firms before it, Seyfarth Shaw is abandoning lockstep starting in 2011. Details haven’t been released, not even to the associates who must now spend next year trying to hit performance goals that have not been announced in order to receive salaries that have not yet been determined but that’s just part of the [...]
Continue reading...Wednesday, December 16, 2009
Good morning everyone! It’s Wednesday, December 16, and here’s a quick look at yesterday’s news… Sonnenschein lays off some staff and abandons lockstep compensation…. WilmerHale also ditches lockstep…. Nixon Peabody associates get a last minute deferral… and the partnerships at Hogan & Hartson and Lovells have approved the merger plans…
Continue reading...
Sponsored by |
Thursday, February 4, 2010
1 Comment