Biglaw, Money, Skaddenfreude

Skaddenfreude: The Paul Hastings Memo

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This is the Paul Hastings memo that went out earlier today (and previously posted in the comments). We have verified it with several sources at the firm.
Date: January 29, 2007
To: Stamford and New York Associates
cc: Stamford and New York Partners, All Office Chairs and AD Chairs, All Recruiting & Development
From: Jim Owens and Elizabeth Noe
Co-Chairs, Attorney Development
Subject: FY2008 Compensation Structure for Associates, New York and Stamford Offices
We are pleased to announce the Firm will be increasing base-level salaries for U.S. associates in Stamford and New York effective as of the new fiscal year which commences February 1, 2007.
FY2008 Compensation by Class Year is as follows:
Seniority Year / Class year
Stamford & New York
Entering 2007 160,000
1st / 2006 160,000
2nd / 2005 170,000
3rd / 2004 185,000
4th / 2003 210,000
5th / 2002 230,000
6th / 2001 250,000
7th / 2000 265,000
8th+ / 1999 280,000
These increases reflect the Firm’s commitment to paying at the top tier of the market in New York. The commitment to compete at the top tier extends to all of our markets. We will be making salary determinations in our other markets over the next several days. In all cases, any increase in base salary levels will made retroactive to February 1.
We thank you for and commend your performance, commitment and hard work throughout the year and your contributions to our success.
Please feel free to contact us or your local Attorney Development Committee Chair or Office Chair if you have any questions.

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