Following closely on news of the Vinson & Elkins raise, Andrews Kurth has also raised salaries for first- and second-year associates, to $160,000 and $170,000, respectively. As explained in the memo, the firm is “still working on the details of the compensation structure for other associate classes.” Here’s an article from the Texas Lawyer.
What about other Texas firms? Here’s what we’ve been hearing:
Baker Botts: They should raise later this week or early next week. Prior to the V&E announcement, a Baker source speculated: “[T]hey seem to be waiting on V and E. I think they might be trying to leapfrog them, hoping V and E lowballs.”
Akin Gump: “They had an associates’ committee meeting [yesterday] and said there were working out a few details, but they would be raising in their Texas offices sooner rather than later. Who knows what any of that means.”
The Andrews Kurth memo, in the form of an email from managing partner Robert Jewell, appears after the jump.
ANDREWS KURTH — ASSOCIATE PAY RAISE MEMO
From: Bob Jewell
Sent: Wednesday, July 18, 2007 5:06 PM
To: Associates – Austin; Associates – Dallas; Associates – DC; Associates – Houston; Associates – Woodlands
Cc: Hancock, Amy; Wade, Kendall; Policy Committee; Moore, Connie; Livesay, Bill
Subject: Associate Salaries
To Texas and Washington Associates:
As widely anticipated, associate salaries are increasing in the Texas market and also appear to have settled in Washington, D.C. Today, we can say that the Firm will increase associate salaries across the board in our Texas and Washington offices, effective August 1, 2007. Base salaries will be $160,000 for the class of 2006 and $170,000 for the class of 2005, and we will be competitive for all of our associate classes. We are still working on the details of the compensation structure for other associate classes. We expect those markets will settle quickly and allow us to finalize and announce more details. Before we do so, as we did in 2006, we are seeking input from our associates so that our compensation structure rewards our attorneys and preserves our culture.
Andrews Kurth Raises First- and Second-Year Associates’ Salaries [Texas Lawyer]
V&E Raises Associate Salaries in Texas and D.C. [Texas Lawyer]