Several of you have drawn our attention to this news, from the Texas Lawyer:
Today, Haynes and Boone partners plan to tell the Dallas-based firm’s Texas associates their salary scale will increase, retroactive to Aug. 1, to the new market rate of $160,000 for first-year associates.
Haynes and Boone partner Terry Conner says the new salaries for second- and third-year associates will be $170,000; $180,000 for fourth-years; $190,000 for fifth-years; $200,000 for sixth-years; $205,000 for seventh-years; and $210,000 for eighth-year associates.
The firm plans to increase its associates’ bonuses and alter the basis on which those year-end packages are calculated.
Specifically, Conner says, Haynes and Boone will offer bonuses of as much as $5,000 to first-year associates and as much as $70,000 to eighth-year associates. As in the past Haynes and Boone management will require associate classes, as a group, to achieve certain billable-hour totals for bonuses to be distributed.
More details appear in the full article, by Miriam Rozen. It’s not clear if there will be a memo, but if there is, please send it to us by email. Thanks.
Haynes and Boone Latest to Hike Associate Salaries in Texas [Texas Lawyer]