Skaddenfreude: Stroock & Stroock & Lavan
We have confirmed pay raises in the New York and Los Angeles offices of Stroock & Stroock & Lavan. Our understanding is that the information was communicated in meetings, so there's no memo or other official documentation.
We have verified the following pay scales with sources in Stroock's NY and LA offices:
STROOCK & STROOCK & LAVAN
New York:
Class of 2006 - $160,000
Class of 2005 - $170,000
Class of 2004 - $185,000
Class of 2003 - $210,000
Class of 2002 - $230,000
Class of 2001 - $250,000
Class of 2000 - $265,000
Class of 1999 - $280,000
Class of 1998 - $290,000
Los Angeles:
Class of 2006 - $150,000
Class of 2005 - $160,000
Class of 2004 - $175,000
Class of 2003 - $185,000
Class of 2002 - $200,000
As for Stroock L.A. associates in more senior classes, we're told that raises are "discretionary." If you can clarify that opacity, please drop us a line.
Earlier: Previous announcements of law firm associate salary increases (scroll down through "Skaddenfreude" archives)
(12) Comments
so 4th years in nyc get $25k raise; in la, they get a $5k raise? I think they might be trying to send a message to cali-based 4th years: leave.
It's funny, because Strook's higher level associates actually make less than Gibson Dunn & Latham associates do now - and they haven't even raised their salaries yet!
"so 4th years in nyc get $25k raise; in la, they get a $5k raise? I think they might be trying to send a message to cali-based 4th years: leave."
It's also interesting that 4th years in LA are getting less than 3rd years in NYC.
Can you post Covington on the main page if that is confirmed?
11:22, you're psychic. He just put up Covington:
http://www.abovethelaw.com/2007/01/skaddenfreude_the_covington_bu.php
So now first-year associates at Stroock LA make the same base salary as first-year Wachtell associates.
True. But Wachtell associates often get a 100% of base pay as their year-end bonus. Neither Stroock LA nor any other firm even comes close to that.
So now first-year associates at Stroock LA make the same base salary as first-year Wachtell associates.
Where "often" equals "once in the past 5 years and maybe three times in the history of the firm," and "any other firm" equals "any other BIGLAW firm" (see, e.g., Sussman Godfrey).
I think the 4th-year Stroock LA figure should be $190,000, not $180,000. Thus, there is a $15,000 increase from 3rd-year to 4th-year, and $10,000 from 4th-year to 5th-year.
12:59: Thanks. That's a typo -- I will fix. It should be $185K (which makes for even steps of $15K between 3rd and 4th and 4th and 5th years).
There must be more than one typo then. Based on the info above, the step between 3rd and 4th year is $10k (175k to 185k) and the step between 4th and 5th years is $15k ($185k to $200k). Are you sure it's not $190?