Biglaw, Money, Skaddenfreude, Sonnenschein, Stroock & Stroock & Lavan

Nationwide Pay Raise Watch: Stroock, Reed Smith, Sonnenschein

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A few more news items concerning associate compensation:

1. Stroock & Stroock & Lavan: Multiple sources confirm that they’ve raised salaries in their Los Angeles office. Effective date of June 1; no changes to the bonus structure. The new scale is 160-170-185-195, plus discretionary raises for year 5 and above, who previously were at $200K plus discretionary raises (small, usually $5K a year).

In addition, we’ve learned that the firm pays associates 10 percent of any business they bring in. Do other large law firms have similar policies? Feel free to discuss in the comments.

2. Sonnenschein Nath & Rosenthal LLP: We haven’t confirmed this (and their NALP form doesn’t reflect it). But according to a memo posted in the comments, the firm is “increasing starting salaries in our Chicago, Los Angeles, San Francisco, Silicon Valley and Washington, DC offices to $160,000. We will be adjusting salaries for all other associate classes in these offices effective July 1, 2007 to take into account the increase in the starting salary.”

3. Reed Smith LLP: Also not confirmed. But according to a memo posted in the comments, the firm “ha[s] decided to increase our starting salary for first year associates in California, Chicago, and Washington, D.C. to $160,000 effective January 1, 2008. In addition, we will accelerate to January 1, 2008 the implementation of the previously announced increase to $145,000 in Philadelphia/Wilmington.”

The firm has also made changes to its bonus program: “In addition to the current bonus thresholds, we will make further payments of $5,000 at each of 2000 and 2100 chargeable hours and $10,000 at 2300 chargeable hours. This means, for example, that associates with 2300 chargeable hours for 2007 will earn additional bonuses of $20,000.”

If you can confirm the Sonnenschein or Reed Smith news, or if you have additional info to share, please drop us a line. Thanks.

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