To $160K and $170K, for first- and second-years, respectively, effective August 1. Here’s the official table, which was an attachment to the email that just went around:
Update: One commenter notes: “They have taken compression to a whole new level with the $2,500 raise between 3rd and 4th year.”
We agree. Just give the fourth years a gift certificate to the Olive Garden, and call it a day!
Memo from managing partner Walter Smith, after the jump.
From the managing partner of Baker Botts, Walter J. Smith:
I am pleased to announce that, effective August 1, we have increased associate compensation in Texas as described in the attached schedule. The salary adjustment will be reflected in your August paychecks and the revised bonus amounts will be paid on the usual timetable near the end of the year. Please note that the bonus amounts shown on the schedule are the actual amounts that will be paid in 2007 and will not be pro-rated.
We will continue to pay bonuses at the 2,150 and 2,300-hour levels, and those bonuses will have the same dollar differential over the 2,000-hour bonuses as existed under the bonus schedule in effect prior to this announcement. The quality of work, pro bono and management approved time standards for bonuses will continue unchanged. Our 2008 bonuses are currently under review and will be announced in due course.
My partners and I appreciate very much your hard work and dedication to our clients, communities and fellow employees.