Biglaw, Money, Skaddenfreude

Skaddenfreude: Bingham, McDermott, End of Day Open Thread

100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGThis will probably be our last salary-related post of the day, so you can treat it as the end-of-day open thread. We’ll post any memos we receive later today sometime tomorrow morning (unless they’re extraordinary for some reason).
Here’s a good short item about D.C. pay developments, by Nate Carlile of the Legal Times. According to Carlile, the firms that have raised to $145,000 for first-year in Washington are as follows:
1. Akin Gump
2. Arnold & Porter
3. Covington & Burling
4. Gibson Dunn
5. Hogan & Hartson
6. Latham & Watkins
7. O’Melveny & Myers
8. Patton Boggs
9. Sidley Austin
10. Steptoe & Johnson
11. WilmerHale
After the jump, confirmed pay raise announcements from Bingham McCutchen and McDermott Will & Emery.

From: Carbone, Anthony J.
Sent: Friday, February 02, 2007 7:10 PM
To: zz associates all; zz counsels all
Cc: zz partners all; zz of counsels all; Zimmerman Jay S.
Subject: 2007 Associate & Counsel Compensation
As you are all aware, there has been significant market activity related to associate and counsel compensation at many major law firms. Following careful study of the available market information, we will be increasing 2007 base compensation firm-wide. Our new base compensation model is as follows:
New York & London
Class Salary
Class I $160,000
Class II $170,000
Class III $185,000
Class IV $210,000
Class V $230,000
Class VI $250,000
Counsel I $265,000
Counsel II $280,000
Counsel III $290,000
All Other Offices
Class Salary
Class I $145,000
Class II $155,000
Class III $170,000
Class IV $190,000
Class V $210,000
Class VI $225,000
Counsel I $240,000
Counsel II $250,000
Counsel III $260,000
Base increases, including market adjustments and class promotions, will be paid at the conclusion of the firm-wide evaluation meetings in the March 2nd payroll run and will be retroactive to the beginning of the year. Of Counsel compensation will be determined individually.
The firm is committed to being competitive when determining compensation for all of our attorneys so that we can continue to recruit and retain the best legal talent. If you have any questions regarding our new compensation structure, please do not hesitate to reach out to me or other members of the COA leadership / Attorney Development team.
Date: February 5, 2007
To: U.S. Associates
From: Management Committee
Re: Associate Compensation
Our Associates play vital roles in the success of the Firm. In recognition of that, the Firm endeavors to pay our Associates fair and competitive competition. We are pleased to announce that retroactive to January 1, 2007, we are revising our Associate salary scales in most U.S. cities, as follows:
New York: Class of 2007 $160,000
2006 160,000
2005 170,000
2004 185,000
2003 210,000
2002 230,000
2001 250,000
2000 265,000
1999 (and more senior) to be established individually
Boston, Chicago, Washington, D.C., 4 California Offices
Class of 2007 $145,000
2006 145,000
2005 155,000
2004 170,000
2003 190,000
2002 210,000
2001 225,000
2000 240,000
1999 (and more senior) to be established individually
It should be noted that the Miami Associate scale was increased earlier this year.
cc: U.S. Partners
U.S. Counsel
Dave Alexander
William Norris
Nancy Berry
Associates Call and Law Firms Respond [Legal Times]

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