Aaron Charney, Biglaw, Money, Skaddenfreude, Summer Associates

Skaddenfreude: S&C Says, “Charney Who?”

100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGSullivan & Cromwell has followed suit. It has tried to distract everyone from the train wreck called Charney v. S&C just announced raises in base salaries for its associates. And its 2007 summer associates will share in the loot, too.
Here’s the memo, from firm chairman H. Rodgin Cohen, which was just sent out by email:
From: Cohen, H. Rodgin
Sent: Tuesday, January 23, 2007 3:59 PM
To: *Associates.Worldwide
Cc: Shenker, Joseph
We are pleased to announce that, in addition to the bonuses awarded to lawyers at the end of last year, which ranged from $30,000 for the class of 2005 to $70,000 for the class of 1998, the Firm will be increasing associate compensation retroactive to January 1, 2007.
The new salary range will start at $160,000 for the class of 2006 and move up to $310,000 for the class of 1998. In accordance with our usual practice, each associate will receive individual notification of her or his salary.
In addition, annual base compensation will be increased to $160,000 for new associates arriving with the 2007 incoming class. The weekly compensation for the 2007 summer associate class will also be increased to be based on the new starting annual salary of $160,000.
The Firm is committed to rewarding our lawyers for their contributions to our continued success by maintaining compensation levels, including year-end bonuses, at the forefront of peer firm compensation.
Update: According to this comment, the compensation figures for S&C’s most senior classes are as follows: class of 2000, $270K; class of 1999, $290K; and class of 1998, $310K. These amounts are higher than Simpson Thacher’s: class of 2000, $265K; class of 1999, $280K; and class of 1998, $290K.
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)

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