It’s a Friday afternoon. So of course we have associate pay raise news to report.
First, some West Coast developments, from the Legal Pad:
The only real holdouts now are Bingham McCutchen and Reed Smith, both huge firms with big California presences and fairly high profits that could probably absorb the raise.
Firms lower on the list with lower profits per partner like Littler Mendelson and Sedgwick, Detert, Moran & Arnold likely won’t match.
Thelen Reid Brown Raysman & Steiner and Townsend and Townsend and Crew are the only two firms that could seemingly go either way. Townsend had high profits last year, but the firm said that was due in large part to a big one-time contingency fee. Thelen’s profits per partner last year, $850,000, weren’t bad, but it would become the Cal Law 25 firm with the lowest PPP to raise associate salaries.
Update: From a commenter: “The partnership at Bingham should be embarrassed; even the media is calling you out.”
Second, some news from DLA Piper in Chicago. Memo, plus some commentary, after the jump.
Do the powers-that-be at DLA Piper read Above the Law? Check out these comments from this morning:
And now, a firm email, from this afternoon:
DLA PIPER ASSOCIATE PAY RAISE MEMO — CHICAGO
On behalf of Frank Burch, Lee Miller and Terry O’Malley:
Given the recent changes to associate salaries in the Chicago market, we will make the following changes in Chicago effective today. Salary adjustments will be reflected in the June 8th payroll. We will continue to monitor activity in our markets.
Again, thank you for all you do for the firm and our clients.
* Represents salary for class of 2000 and more senior
Note how this email was sent out “[o]n behalf of Frank Burch, Lee Miller and Terry O’Malley,” instead of signed “Frank, Lee, and Terry,” like past memos. And recall what we had to say about those earlier memos:
We intend no disrespect to the work that Frank Burch, Lee Miller, and Terry O’Malley are doing as joint CEOs of DLA Piper. We just think the informality of signing memos as “Frank, Lee and Terry” is a bit forced.
C’mon, guys. You’re the heads of a major international law firm — not three guys we met down at the track.
Adding the last names of the joint CEOs is a minor but interesting stylistic change. Coincidence?
Morgan, Lewis follows the Salary Leaders [Legal Pad / Cal Law]