It’s the Friday before a major holiday — and firms are scrambling to get their pay raise announcements out the door. It’s a nice way to send your
bedraggled and overworked hardworking associates into a three-day weekend (assuming they don’t need to come in on Monday).
We’re about to sign off for the weekend, and we won’t be back until Wednesday. (Billy Merck, who has filled our shoes in the past, will be your guest editor on Tuesday.)
Before we go, here are the latest salary announcements that we’ve confirmed:
But the Manatt “raise” has a catch. Its effective date? January 1, 2008.
HA. That’s kind of funny, in a sick sort of way — provided you’re not at Manatt.
Memos appear after the jump. And we’re out the door. Have a great holiday weekend!
Update (2:50 PM): We’ve verified the Pillsbury Winthrop raise news. Memo below.
Update (3:25 PM): Jeez, you’re going to make us miss our flight to Las Vegas. Memo from the D.C. office of Winston & Strawn, added after the jump.
MCDERMOTT WILL & EMERY ASSOCIATE PAY RAISE MEMO
Date: May 25, 2007
To: All Attorneys
From: Management Committee
Re: Associate Compensation
Consistent with the Firm’s policy of paying our Associates fair and competitive compensation, we are pleased to announce that retroactive to May 1, 2007, we are revising our Associate salary scales in most of our U.S. cities, as follows:
Boston, Chicago, Washington, D.C., 4 California Offices
Class of 2007 $160,000
This change will also affect certain Income Partners’ draws. Except in rare circumstances, the minimum Income Partners’ draw in these offices will be increased to $270,000.
cc: Dave Alexander
MANATT PHELPS & PHILLIPS
ASSOCIATE PAY RAISE MEMO
At the beginning of the year, we implemented base compensation increases for our associates. Since then, major New York based firms again raised associate base compensation levels. Some of the large California-based and national firms met or expressed their intention to meet that adjustment initially, in their New York offices and, more recently, in their national offices.
We are committed to excellence and to being part of a select group of first tier national firms in all aspects of our business. Our associates are integral to our progress and continued success. To attract and retain the best, to consistently deliver excellent client service, and to expect productivity which reflects today’s increasingly competitive legal services environment, we must provide compensation arrangements that are competitive and fair . We must also ensure that our system reflects our values and recognizes the importance to a growing number of our lawyers of maintaining a work schedule that comports with other personal and community commitments.
The Board of Directors and management have considered a range of factors and reviewed our base compensation arrangement for associates with a view toward these objectives and values.
We are pleased to announce that, effective January 1, 2008, associate base compensation levels will be increased in each of our offices as follows:
As associates look forward to this year’s ARC process and bonus/level decisions, I want to emphasize that, as in the past, we will continue to compensate our associates who demonstrate the highest levels of excellence and work effort commensurate with their peers at other first tier firms.”
[Hat Tip: Thanks to the crew at Lateral Link for the Manatt memo.]
PILLSBURY WINTHROP SHAW PITTMAN ASSOCIATE PAY RAISE MEMO
As you are all aware, we have seen a recent movement in associate compensation in several U.S. markets outside of New York, as well as in London. The Board has now had an opportunity to consider that data, as well as valuable input from our associates, partners, and clients. Pillsbury will increase the salaries for first year associates to $160,000 in DC, NoVa and all of our California offices (with the exception of Sacramento, which is still under consideration). Corresponding salary adjustments for other classes will also be made. Salaries for associates in our London office will be adjusted consistent with the UK market. We will continue to monitor developments in Houston. The full salary schedule is attached for your reference. Salaries for counsel will also be reviewed and adjusted, as appropriate.
As part of this program, we will not increase our current billable hour requirement of 1950 billable hours and current overall hour requirement of 2200 hours. We are also retaining our present bonus program which was announced earlier in the year. The salary increases will take effect as of June 1, 2007, and will be reflected in the June 15, 2007 pay period. You will be informed by your Practice Section Leader next week regarding your individual 2007 compensation.
This move by our Firm underscores our continued commitment as a market leading firm, demonstrates our desire to invest in and retain our very talented attorneys and positions us to attract the best new talent to our Firm. Thank you for your contributions toward our success to date, and we appreciate your continued commitment and focus during the remainder of this year.
If you have any questions or comments, please do not hesitate to contact me. Jim
[Jim = Firm Chair James M. Rishwain, Jr.]
WINSTON & STRAWN — WASHINGTON, DC — ASSOCIATE PAY RAISE MEMO
TO: Washington DC Associates
FROM: Tom Fitzgerald
RE: Associate Base Compensation
We are pleased to announce that the Firm is increasing base compensation for Associates in our D.C. office, retroactive to May 1, 2007, as follows:
Class Year Form Base Base Eff. May 1
1st $145,000 $160,000
2nd $155,000 $170,000
3rd $170,000 $185,000
4th $190,000 $210,000
5th $210,000 $230,000
For Associates in the classes 6th, 7th, and 8th year, and above, market increases will be made after consideration of current base, and the maximum in each class will be as follows:
These increases will be reflected in your June 15, 2007 paycheck.
Please contact Tom Fitzgerald or your Office Managing Partner, Tom Mills, with any questions you may have.
Thank you for your hard work and your contributions to our success.