Biglaw, Bonuses, Money, Skaddenfreude, Venable, Weirdness

Nationwide Pay Raise Watch: Venable to $160K

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Some good news from a tipster over at Venable:

You can finally remove D.C.’s Weirdest Law Firm from your List of Shame. (Does the List even exist now, or is it being revamped for $190K?)

A memo was just issued announcing that first-year salaries at Venable will be raised to $160,000 effective July 2008. Sure, we’re a tad bit behind the times, but at least we finally came through. The firm also mistakenly upped first-years’ salaries for the pay period that ended this week, but in a move that shows their infinite generosity, they decided the first-years could keep this “bonus” money, with the next paychecks going back to the $145K level (until July 2008).

Memo after the jump.
Earlier: Venable: DC’s Weirdest Law Firm?


VENABLE LLP — MEMORANDUM — 2008 ASSOCIATE COMPENSATION
To: [Associate]
RE: Compensation
Date: January 24, 2008
Your compensation information is listed below:
[redacted]
The firm will increase the salaries of 1st year associates to $160k effective the first full pay period in July 2008.
For all other associates, the salary stated in the compensation memo will be your salary for all of 2008 and includes a 2008 merit increase where warranted, and an additional upward adjustment where warranted that takes into account changes in associate salaries that have occurred in the last several months. Our guiding principle has been pay for performance.
2008 salaries will be reflected in your next paycheck on January 25.
Bonus checks, if applicable, will be mailed directly to your home address and will also be dated January 25.
In keeping with our past practice, [the managing partners] will hold meetings in the next few weeks to review associate compensation and talk generally about the state of the firm. In the meantime, if you have any questions please feel free to call me directly. Thank you for your efforts on behalf of the firm.

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