More Texas pay raise news. The latest: Gardere Wynne Sewell has raised starting salaries to $160,000, effective September 1. No word yet on more senior classes.
Memo after the jump.
GARDERE WYNNE SEWELL — ASSOCIATE PAY RAISE MEMO
From: GOOD, STEVE
Sent: Tuesday, August 14, 2007 11:15 AM
To: All Associates
Subject: Associate Compensation
We want to thank all of the attorneys in the firm for their valuable input into our review of the many issues related to associate compensation. Having completed our analysis of those issues, the Management Committee has decided to implement the following:
Effective September 1, 2007, the annual base compensation for all first year Gardere associates will be $160,000. Compensation in subsequent years will be adjusted based on each associate’s individual performance and professional development, which will be measured against specific standards that have been developed and will be finalized over the next few weeks.
For associates after their first year, our goal is to remain competitive by meeting or exceeding the salary levels paid by other large Texas law firms. We plan to roll out the complete details of the new associate compensation program by the end of September, but felt it was timely to make this announcement regarding the salary level for associates starting this Fall in light of the law school recruiting schedule.