None of these items is new. But as we were going through our overflowing inbox — if we owe you an email, we apologize for our delinquency (or blame our spam filter) — we came across some associate pay raises not previously mentioned here:
1. King & Spalding: We provided extensive coverage of their recent raise in Atlanta. But we forgot to mention that they also raised starting salaries in Houston, to $160,000 for first-year associates (effective August 1). Memo after the jump.
2. Hunton & Williams: This news surfaced in the comments, but we also received it by email: “Hunton in DC raised to $160k. Memo is floating around, though unfortunately I don’t have a copy.” (If you have the memo, please email us.)
3. Allen Matkins: We weren’t familiar with this 200+ lawyer, California-based firm. But since a tipster sent us their pay raise memo, we’re happy to post it (also after the jump).
As always, we rely upon you, our readers, to keep us updated on associate salary developments. If you have news and/or a memo that we haven’t previously posted, please email us. Thanks.
KING & SPALDING — HOUSTON — ASSOCIATE PAY RAISE MEMO
From: Tracie Renfroe
To: [Houston Associates]
Cc: All Houston Partners; Hays, Robert; Arnold, Scott; Reichman, Courtland; Kelley, J.
Sent: Thu Aug 09 19:01:50 2007
Subject: Houston Partner-Track Associate Compensation
We are pleased to announce that, consistent with our commitment to attract and reward top talent, base salaries for first-year associates will be increased to $160,000, effective August 1, 2007. We are continuing to evaluate compensation for other partner-track associates in Houston and will communicate with you further as additional decisions are made. We appreciate all that you do for the firm and for our clients.
ALLEN MATKINS — ASSOCIATE PAY RAISE MEMO
From: Brian Leck
Cc: ML_Partners; Connally, Lorraine; Lent, Keith
Subject: Associate Compensation
The Management Committee of the Firm met this morning and discussed our Associate Compensation structure. As you know, in addition to the raises enacted by many firms, including Allen Matkins, shortly after of the beginning of 2007 whereby 1st year associate base compensation was raised to $145,000, many firms subsequently have raised 1st year associate base compensation to $160,000.
Consistent with our commitment to provide the highest quality legal services to our clients and to have the best attorneys to produce those services, Allen Matkins will raise the base compensation if its 1st year associates to $160,000 and will increase the base compensation of associates in the classes of 2005 through 1998 by $15,000, as well. Lawyers who are not compensated in these classes will be considered separately and communications will be made to them. Our bonus structure will not change as a result of the these increases. The new base compensation will be effective September 1, 2007.
Our clients, our people and our culture are our most important assets, and we believe that these increases are consistent with the importance we give to them. We appreciate the professionalism and the commitment our attorneys possess and we look forward to continuing to demonstrate these qualities to our clients and to each other.
If you have any questions, please let me know. bcl
ASSOCIATE COMPENSATION – 2007
Class Year: Base, Bonus @ 2,050 hrs., Bonus @ 2,150 hrs.
2006: 160, 7.5, 7.5
2005: 170, 7.5, 7.5
2004: 185, 10, 10
2003: 200, 10, 10
2002: 215, 10, 10
2001: 225, 12.5, 12.5
2000: 235, 12.5, 12.5
1999: 240, 12.5, 12.5
1998: 245, 12.5, 12.5
* In addition to hours, associates must also meet expectations of the Firm regarding quality of work, commitment to clients, teamwork, citizenship and other ingredients of our core values, and be employed by the Firm when the bonuses are payable in December.
** Associates in the class of 2006 will be eligible for the first tranche at 1,950 hours and the second tranche at 2,050 hours.