This isn’t super-exciting news, since the key point — an increase in starting salaries — was previously announced.
But in case you’re interested, the pay raise (and bonus) memo of Blank Rome — which announced an increase in first-year associate salaries last fall, but said it was still “reviewing the compensation levels for all Associates to make appropriate incremental increases based on class year” — appears after the jump.
Here’s the memo. Alas, we don’t know the numbers for those first three lockstep years, nor do we have numbers for 2007 bonuses (alluded to in the final paragraph of the memo). But if you do, feel free to post in the comments, or email us. Thanks.
BLANK ROME LLP — MEMORANDUM — ASSOCIATE PAY RAISE MEMO
TO: All Attorneys
FROM: Carl M. Buchholz
Managing Partner and CEO
RE: Associate Compensation
We have completed our analysis of associate compensation in our major markets. Based upon that review, and consistent with my previous announcement, we will be adjusting first-year associate base salaries to $145,000 in the Philadelphia region (including Cherry Hill, Princeton and Wilmington), to $150,000 in Washington, DC, and to $160,000 in New York City. Appropriate salary adjustments are also being made (or have been made) in our Boca Raton, Cincinnati and Hong Kong offices.
In addition, there will be a lock-step system for the first three years in each of these markets, and adjustments to our mid- and senior-level associate classes as well based upon market conditions and individual performance. We believe these adjustments recognize and reward performance for all associates, and particularly recognize and reward the increased responsibilities, development and contributions of our mid – and senior – level associates. The adjustments that have been made to our base pay scale, coupled with the Firm’s bonus system, are aimed at ensuring that Blank Rome remains very competitive in each of our markets.
The adjustments to base pay are effective as of January 1, 2008, and will be reflected in the February 15 payroll. Our Practice Group Leaders will meet with each associate over the next several days to advise them of their new base pay and 2007 bonus amounts if applicable.
We appreciate the efforts of our associates on behalf of the Firm.
Earlier: Nationwide Pay Raise Watch: Blank Rome Raises