Biglaw, Money, Skaddenfreude

Nationwide Pay Raise Watch: Kilpatrick Stockton

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One of the firms from this morning’s open thread, Kilpatrick Stockton, recently announced associate pay raises.
We heard the news from multiple sources. Here’s what one had to say:

Kilpatrick Stockton raised salaries on Friday, effective 1/1/08 (in all markets). 145K in Atlanta and all NC offices, 160 in NY, DC and for IP associates firm-wide.

Only first year numbers have been released. Presumably, the NY, DC and IP scale with be the standard uncompressed 160 scale. The firm, like many others, is waiting for things to settle in Atlanta and expects (based on the need to match others) to substantially exceed Alston Bird’s scale.

From a second tipster:

[H]ere is Kilpatrick Stockton’s memo on raises (issued at 4:34 on the Friday before the long weekend). Note that it looks as though the capital markets group will not be getting the same raise as everyone else (they are now 15K/yr ahead of everyone but IP).

The complete memo appears after the jump.


KILPATRICK STOCKTON LLP — ASSOCIATE PAY RAISE MEMO
August 31, 2007
To: All Associates
cc: All Partners and Counsel
From: Diane Prucino
Re: Increases in Associate Compensation
As you know, starting salaries for new associates have recently increased, for the second time this year in some of our markets. Consistent with our philosophy of paying competitive salaries, we are announcing today increases in the starting salaries in some of our offices and markets, to be effective January 1, 2008.
Effective on that date, we will pay a starting salary of $145,000 in Atlanta and North Carolina and $160,000 in Washington, D.C., New York, and IP Patent. The starting salary in Augusta will remain $85,000. As in the past, we will be increasing our compensation scales for associates at all levels to reflect this increase.
We are studying the market in the capital markets practice to determine if any adjustments are warranted with respect to the existing capital markets scale. We remain committed to paying competitive compensation to our lawyers who practice in that area, but are not currently making any changes to the existing capital markets scale.
When we increased salaries for many of you earlier this year, we chose not to increase our minimum billable hours requirements immediately, although we indicated that we might do so later in the year. Currently, our firm requires Level 1 associates to bill 1800 hours (of which 100 can be pro bono and/or training) and requires more senior associates to bill a minimum of 1900 hours (of which 50 can be pro bono). Effective at the beginning of the associate evaluation year beginning on October 1, 2007, we are increasing those minimums to 1900 for Level 1 associates and 1950 for more senior associates (with the same credits for pro bono and training time).
Thanks to all of you for your contributions and hard work on behalf of our Firm. We believe that these new, higher compensation levels will enable us to continue to attract and retain outstanding lawyers who will contribute to our success in 2008 and beyond. If you have any questions regarding these compensation increases, please feel free to contact either of us.

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