Welcome to this morning’s open thread for associate salary information and news about pay raises.
First, here are a few links to mainstream media coverage of associate compensation from the past few days. We’ve noted which firms are discussed in each article, so you can decide whether you wish to click through and read the whole piece.
1. Three More Firms Raise First-Year Associate Pay [Legal Times]
Firms discussed: WilmerHale, Steptoe & Johnson, and Patton Boggs.
2. Most Calif. Firms Still Not Matching N.Y. Associates’ Pay [The Recorder]
Firms discussed: O’Melveny & Myers; Morrison & Foerster; Sheppard Mullin; Paul Hastings; Quinn Emanuel.
3. Fish & Richardson, Covington & Burling Join Salary-Raise Parade [Legal Times]
Firms discussed: Fish & Richardson; Covington & Burling.
4. The First One Falls [Fulton County Daily Report]
Firms discussed: Troutman Sanders; Morris, Manning & Martin; Sutherland Asbill & Brennan; Kilpatrick Stockton.
Second, after the jump, a verified memo from Hughes Hubbard & Reed. If your firm has a memo or email announcement that hasn’t previously appeared on the main page of ATL, please email it to us. We will then add them as updates to this post, or publish them in a subsequent post. Thanks.
HUGHES HUBBARD & REED
January 31, 2007
To: NY, NJ, DC and LA Associates
From: Candace K. Beinecke
cc: All Partners
Re: Associate Compensation
We are extremely pleased to announce an across-the-board increase in compensation for our associates in the New York, New Jersey, Washington and Los Angeles offices. Thank you for your commitment to the Firm and our clients through the delivery of work of the highest quality and the achievement of great results. These efforts helped the Firm produce another record year in 2006.
The salary increases, which will also pertain to our incoming Class of 2007, are as follows and are retroactive to January 1, 2007:
Class (Year) Salary Increase
2006 (1st Year) $15,000
2005 (2nd Year) $15,000
2004 (3rd Year) $15,000
2003 (4th Year) $20,000
2002 (5th Year) $20,000
2001 (6th Year) $20,000
2000 (7th Year) $20,000
1999 (8th Year) $25,000
1998 (9th Year) $25,000
In addition, we have added an additional tier to our bonus structure for 2007. The range of bonuses for this year will be as follows:
• Class of ’06, ’05 and ‘04
o Tier I bonus ─ up to $ 7,500
o Tier II bonus ─ up to $15,000
o Tier III bonus ─ up to $30,000
o Tier IV bonus ─ up to $45,000
• Class of ’03 and above
o Tier I bonus ─ up to $20,000
o Tier II bonus ─ up to $40,000
o Tier III bonus ─ up to $60,000
o Tier IV bonus ─ up to $80,000
Many thanks to the members of the Associates Committee for their timely input and advice on this subject. We look forward to another banner year in 2007!
Earlier: Prior ATL coverage of associate compensation and pay raises (scroll down)