Nationwide Pay Raise Watch: Boies Schiller & Flexner to $168K
So yes, it's true. The rumor that Boies, Schiller & Flexner has raised starting salaries to $168,000, which has surfaced here and there in the comments, has been confirmed for us by a knowledgeable source. The news was announced last weekend at the firm meeting in Jamaica.
As for the rest of the scale, second-years make $180,000, and then there are $21,000 jumps each year thereafter (i.e., $201,000, $222,000, etc.). Additional changes to the old Boies compensation system -- primarily relating to contigency cases, which the firm does a fair amount of (and earns major moolah from) -- are being considered, but have not yet been finalized.
Now, as you may recall from this earlier post, BSF is perhaps sui generis when it comes to associate compensation matters. Associate compensation is actually directly tied to the revenue that each associate generates for the firm. So their move to $168K is not as exciting as if, say, a firm with a more traditional compensation structure -- a Cravath or Sullivan or Simpson -- made such a move.
But hey, it's still good news; the new base rates are indeed a raise over what Boies associates previously earned. But recall that, at least in the major (New York / Westchester / D.C.) offices, base salary is just an advance on total compensation, and bonus is the difference. And in the major offices, it's really all about the bonus.
Anyway, stay tuned. If you're at Boies and can provide us with more detail, please feel free to email us. Thanks.
P.S. Sorry for the radio silence. The new servers that we're expecting in 2008 are needed now (as we've repeatedly told our bosses).
Earlier: Associate Bonus Watch: Associate Compensation Overhaul at Boies Schiller?
(82) Comments
Why $168?
Is it worth lateraling over there?
Where did they come up with 168?
Yeah, but from what I learned during interviewing with them, this change will most likely equal a reduction in pay in the bigger picture, for most people, because essentially, (though in a super-complicated way) their bonuses will mostly be smaller as they phase out the (sometimes incredibly lucrative, but also controversial) contingency-based compensation, which is what was really the money maker for go-getting (or should I say go-gunning) young associates.
it is worth lateralling if u are a 2nd year or higher...u would make more...180 for a second year is 10k extra...
sucks im at a v10 and my bonus is lockstep...
I didn't realize that Lat had a boss?
where to i submit my resume?
it is worth lateralling if u are a 2nd year or higher...u would make more...180 for a second year is 10k extra...
sucks im at a v10 and my bonus is lockstep...
what kind of firm has a DC office WAY up Wisconsin ave? barely in DC! strange. perhaps they have a large suburban real estate practice?
BFE: http://maps.google.com/maps?q=5301+Wisconsin+Avenue+NW,+Washington,+DC+20015
5:39, that's inaccurate. The details will I'm sure eventually become public, but the changes under discussion are all pro-associate. I'm confident total comp will be at or above market, particularly next year when the "special bonus" is not paid by most firms.
Agree with 5:47. I'll take a guaranteed, permanent pay hike over a "special" bonus anytime. Now the question is whether the big boys will step up. If this raise had come from Skadden or Simpson, everyone would match, though I suspect either of those firms would have just made it an even 170K. An 8K raise by a smaller firm might just sneak in under the radar, giving Boies bragging rights as above market, at least for a while. Very cunning on Boies' part.
The big boys won't let this stand. NY to 190!
Honestly - can any top firm live with telling their potential laterals and recruits that their base salary is less than Boies?!???!
All we need is one big boy to match the 168 (or even go higher), and we officially have a salary race....
Wait, so how much do associates at Boies after bonuses?
Welcome to 2nd place Skaddenites.
$8k?! what kind of half-assed raise is that?
NY to $190k!
Those 20K jumps are nice. I think most pay scales have 10-15k jumps with 20k jumps only in important retention years.
And so the separation between law firm tiers begins.
What? Boies pays more than Cravath?
Just overheard a member of our comp committee complaining to another partner that a raise is on the unavoidable horizon (though for some reason no earlier than the late spring of 08'). NY to $180k, 190, 205...; DC, Chi, LA, etc. to $170, 180, 195...
Boies is a good firm. Why are people so surprised?
Baker & McKenzie North American chief told the new hires at orientation that raises are coming for first years soon.
And we all know that Baker's "soon" is at least 4 months after Skadden, S&C, etc.....
Pass the Courvoisier
just overheard a member of a V20 associate review team commenting how you are all wasting your time on this site. now go to work
Lawyers are so bad at math. 8k is an even 5% increase.
8K is 8K.
The big boys better match or raise. Come on Simpson, Skadden, etc.--a move to 190k would be a nice holiday gift!
8k is ALSO 5% of 160k, which is what they were probably shooting for.
Does anyone know what percent of 160K is 8K?
AND it's eight thousand dollars, too!!!!
Well, since it is only 5% then I don't want it! I am happy without an extra $8000.
How the hell can Boise pay its associates more than NYC? Are there even major corporations in Idaho??
I like $169k better. It has "69" in it.
8k is ALSO 8000% of 1. You guys are so bad at math!
5:49. I'm sorry. You are right.
Since 100% of 1 is 1, 8000 is actually 800000% of 1.
sucks to be at Boies. now you're certain you won't be bumped to 190k.
leaves plenty of room for the big boys to stru their stuff.
NY to 190k!!!
Oh snap. NY to $180 circa early Feb. I called it.
All your raise are belong to us.
From reading posts on this website it really seems that a lot of lawyers have low self-esteem.
Dear Dewey & LeBoeuf,
It's time to play with the big boys...
D&L NY to $190K!!!!!!!!!!!!!!!
6:54: Idaho... you're joking, right?
Um, I mean $180"K"
You go girl!
7:51, agreed.
D&L (formerly LeBoeuf) has seemed flush with cash in recent months, hiring everyone and their uncle from the V20.
Let the beast out. You know you're gonna have to raise to match anyhow. Why not make the same payout by you a little PR by raising first?
D&L to 190K!!!!!!!!!!
This 34k more salary in the first three years than at other firms. The big boys better step up or there are going to be a lot of associates and future associates moving changing jobs. Especially the most motivated associates who could also get a bigger bonus at Boies.
Props to 6:54 -- made me get a dirty look in the library while (not) studying for finals
D&L should be the FIRST to go to $190K.
Reasons:
1) Their associates are pissed at management for screwing them over on meeting the billable hours requirement for the bonus.
2) They keep talking (yadda yadda) about the Skaddens and White & Cases of the world that they're trying to keep up with.
3) The merger hasn't helped with their recruiting for summer associates...this would give them a significant boost.
Any more reasons necessary?
D&L to $190!!!!!!!
lol Do we eat le Beef.
Lets see a salary comparison... !!!
Guess this is settled.
http://www.predictify.com/auctionview.aspx?ID=610
BASE SALARY COMPARE:
YEAR OLD NEW "Boies"
2007 $160,000 $168,000 = +8K
2006 $170,000 $180,000 = +10K
2005 $185,000 $201,000 = +16K
2004 $205,000 $222,000 = +17K
2003 $220,000 $243,000 = +23K
Dewey should raise to $210 first to curb the demoralizing effect of the absurd partnership announcement today.
9:47 -- Thanks. I had misplaced my calculator.
Lat, you have a boss?? i don't get it.
Ya know, ... you have all the little gritty details about how we work (firm structures, compensation, ...) How about a little reciprocation.... who is your "boss," ... and how much exactly are you pulling in from this site? ballpark?
50k... plus all the free porn...
LAT
does this apply to all offices???
How has this thread not reached 100 comments yet!?
I mean seriously.... this IS a base salary raise.
Simpson will be first to raise, followed by Cravath, S&C, and Cadwalader.
This means everyone not working at Boies after 5 years will be down $74,000 + the time value of that 74k
2007 $160,000 $168,000 = +8K
2006 $170,000 $180,000 = +10K
2005 $185,000 $201,000 = +16K
2004 $205,000 $222,000 = +17K
2003 $220,000 $243,000 = +23K
Cravath, Davis, and my fellow brethren follow Boies to the promised land!
This means everyone not working at Boies after 5 years will be down $74,000 + the time value of that 74k
2007 $160,000 $168,000 = +8K
2006 $170,000 $180,000 = +10K
2005 $185,000 $201,000 = +16K
2004 $205,000 $222,000 = +17K
2003 $220,000 $243,000 = +23K
Cravath, Davis, and my fellow brethren follow Boies to the promised land!
I agree that Cadwalader will be among the first when NY does finally raise. They are doing quite well these days, despite the mortgage meltdown fears. Wish I could have been there tonight!
why aren't you there?
Vacation. We do take them now and then, believe it or not.
Who cares who's first? Let's just get it done!
9:55,
Were ANY of the Partner announcements for former-Dewey??????????
Dewey Ballantine was BOUGHT OUT.
I care, and I have faith in CWT.
CWT shed so many associates in subprime/cdo/rmbs aftermath... gotta help profits
What was the Dewey partner announcement? Did they announce their partners for the next year? Were some likely candidates passed over?
Cleveland has gone to $145k, but no post. Lat has coastal bias!!!
No way in hell that includes their far-flung offices. Hanover and Albany to 168? My butt.
Is Boies Schiller AmLaw 100? Everything I saw on the American Lawyer website says they are a "Second Hundred" firm (106 I think). Otherwise, who predicted December in the predictify thing?
D&L needs to raise first. This is the opportunity the firm has been waiting for.
9:49:
You're absolutely right. Do partners read ATL? How can we get the word to them that strategically, raising to $190K (or $210!!!), would be an EXCELLENT move?
Anyone know if that includes Albany?? $168 in Albany is probably like $10M in NYC, and the Egg is there!
How many hours is the $168K based on? That is, at what point do the associates meet their requirement and begin earning more money? How much per hour do they earn once they've hit the minimum threshold? It's a different compensation system, and I'd be interested to know the exact details of how it works.
Did Boise Schiller match the Special Bonus?? Can anyone provide a link to the memo if they did?
Boise pay Albany associates the same salaries as NYC, so yes, 10:55, the raise would apply to Albany as well.
Damn fine living in Albany. Probably what partners are making at other Albany firms.
Boies is 46 on the Vault 100 rankings so this means whoever predictified the first salary raises would be in December wins.
what is going on at cadwalader tonight?
why are the V10 not matching and raising ASAP?! This is embarrassing. HLS/YLS Students still have 2 more days to pick firms, this looks bad!
If you work on contingency cases at BSF, you can make MASSIVE bonuses. You could also lose a huge case, and make a much smaller bonus. It's a risk/reward thing. I went to law school with a guy who is now an associate. He refuses to talk about his bonus, other than admitting that it was "significantly higher than 30k". Also, FYI, people from all their offices (even Albany) work on the big cases together.