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...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...Monday, January 4, 2010
At the start of 2009 Arnold & Porter announced that it was freezing salaries but held out the hope that some or all of the difference might be paid out later if economic situations warranted. At the end of December a firm wide memo went out in which Arnold & Porter announced that all [...]
Continue reading...Monday, December 28, 2009
Mayer Brownassociates got the news on Christmas Eve – the firm is matching the Cravath bonus scale. $7500 for first years, $30k for senior associates and the same sliding scale in between. What associates have not yet been told is whether or not they’re getting a pay raise next year. Mayer Brown [...]
Continue reading...Tuesday, December 22, 2009
First a little background: Hogan & Hartson pays associates on a two tier system, where associates can choose to receive higher base salary but with a higher billable hours requirement, or take a lower base salary with lower expectations. This year, salaries were frozen at 2008 levels and in the spring, Hogan & Hartson [...]
Continue reading...Monday, December 21, 2009
Akin Gump has lifted its salary freeze and is planning to pay out bonuses, according to a memo sent out by firm chairman, Bruce McLean. Of course, that’s based on Akin Gump’s compensation system which isn’t strictly a base salary. To earn market level salaries, associates must meet quarterly billed hour quotas. [...]
Continue reading...Monday, December 21, 2009
Good morning everyone! As we wind our way closer to Christmas, we’ll continue to bring you what news there is, but anticipate a bit of a slowdown. In the meantime, it is Monday, December 21, and here’s a look back at Friday’s stories… Holland & Knight is abandoning lockstep…. and so is Kelley Drye, while [...]
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
Stroock is handing out bonuses this year, and like so many before them, they’re paying on the Cravath schedule. That is, any associate that hit their billable hours target of 1900 will get a Cravath size bonus and the firm says that those that “made extraordinary contributions to the firm” will get a bit [...]
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 [...]
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Friday, February 12, 2010
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