Good morning everyone! Today is Monday, March 1, and here’s a quick look back at Friday’s news… Profits and revenue decline at Debevoise & Plimpton… Ogletree Deakins open a new office in Orange County, California… Donchess & Notinger claim in a court filing that a bankruptcy case is creating a financial hardship for the firm… Seyfarth Shaw releases details [...]
Continue reading...Friday, February 26, 2010
Seyfarth Shaw has released more details about its move to a merit-based associate compensation plan. This plan will be phased in over several months in 2010 and place associates in three different tiers or “bands”. The tiers are the rough equivalent to junior, mid level and senior associate positions at big firms. Instead of seniority [...]
Continue reading...Wednesday, January 20, 2010
Good morning! Today is Wednesday, January 20, and here’s a look back at Tuesday’s news. Jones Walker picks up a former US Attorney… Gibson Dunn has launched an E-Discovery practice… Patton Boggs expanded its international arbitration group… Drinker Biddle announced its new merit based compensation plan… Mischon de Reya opened its doors in NYC… Jackson Lewis added six attorneys in [...]
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 – [...]
Continue reading...Tuesday, January 12, 2010
McDermott Will & Emery is moving to a merit based compensation system beginning in 2011. Like several other merit based plans we’ve detailed on these pages, this is a three tiered system. Some firms have moved to a merit based plan that holds the line on starting salaries, while others have cut base [...]
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...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...Tuesday, December 15, 2009
WilmerHale is abandoning lockstep compensation and adopting a merit based three tiered system that should look familiar to anyone that’s read these pages over the past few months. The new compensation plan, cleverly titled “career advancement program” or “CAP” will take effect in 2012. But not to worry, WilmerHale has found another time [...]
Continue reading...Monday, November 23, 2009
Atlanta based Sutherland is joining the rush to abandon lockstep compensation and is moving to a merit based system similar to the one other top firms have adopted or are planning to adopt. Associates will be classified as junior, mid-level and senior, with the levels roughly corresponding to their time in the firm. [...]
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Monday, March 1, 2010
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