Biglaw, Money, Skaddenfreude

Skaddenfreude: Paul Weiss Has Matched Simpson Thacher

100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGThat’s what a number of you said in comments.
And then we were emailed this memo (which we have verified with multiple sources at Paul Weiss, so we vouch for it 100 percent):
We are pleased to announce that we have increased associate compensation effective January 1, 2007 as follows:
Class / 2007 Base Salary
2006: $160,000
2005: $170,000
2004: $185,000
2003: $210,000
2002: $230,000
2001: $250,000
2000: $265,000
1999: $280,000
1998 and senior: $290,000
We are very appreciative of your hard work and dedication. The increases will be reflected in your February 15, 2007 paycheck. We expect to determine the bonus portion of your 2007 compensation near year-end as usual.
As you can see, these numbers are completely consistent with the new base salaries announced yesterday by Simpson Thacher. Any firm that wants to play in the same league as PW and STB will have to ante up.
Congratulations to the Paul Weiss and Simpson Thacher folks!
Earlier: Breaking: Simpson Thacher Raises Associate Base Salaries!!!
Skaddenfreude: Who Has Matched Simpson?

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