Word on the street is that Vinson & Elkins has raised salaries for its Texas and Washington associates. But we haven’t confirmed it directly with someone at V&E. If you can confirm this rumor, please email us.
Update (11:08 AM): That was fast; thanks! It’s confirmed: V&E has raised associate salaries for first- and second-year associates.
Things are more complicated for more senior classes. Basically they’re adopting a deferred compensation system, dependent upon hitting an hours target (2000 “Firm Credit Hours”).
For all the gory details, check out the memo, which is posted after the jump.
VINSON & ELKINS — TEXAS AND WASHINGTON — ASSOCIATE PAY RAISE MEMO