We’ve confirmed the news, which surfaced previously in the comments, about the pay raise announcement by Seyfarth Shaw. Here’s what one source told us:
The Chicago office had an all-associate meeting [yesterday]. First- and second-year associates will stay lockstep — $145K for first years, $155K for second years — while third- through eighth-years will get “market” base salary ranges. Not clear where anyone will fall in the ranges yet, since we don’t find out until the week of March 3.
The bonus pool remains the same as last year, which means no “extraordinary” bonuses. (But there seems to be room to reward top performers one way or another.)
The managing partner of the office made a crack about sending him anonymous questions by posting them “on Wikipedia,” so perhaps it’s time for a higher profile for you.
Additional information, including ranges for selected classes, after the jump.
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From a second tipster, information to the same effect, but with more hard numbers:
Classes 1-2 are scaled, trying to be “market-competitve” in all markets, so variance between offices. LA, SF, DC, CH, BO, Houston group all at the same, NY above.
I don’t have all the class ranges, but here is the above group [New York]:
2007: 160
2006: starts at 165
2003: 185-230
2002: 195-250
2001: 205-255
2000: 215-255For above 2000, it’s a case-by-case determination. Previously, there was a top out — now, they are going to assess whether it can be raised on an individual basis. The ranges are based on a number of factors, no formula given, including performance grade. If you are simply getting “meets,” you should expect to be to the left of the range. Basically, in reviews, a summary is made of your grades – if you don’t get a full complement of “exceeds,” you will get a “meets.”
No specific bonus information, but they basically said the amount that could go out was divided up between salaries and bonus, salaries first – so, the bonuses look like they will be light since they feel there was a big chunk given out for the salaries.
This doesn’t sound so fabulous. But in view of the grim economic times, as well as anecdotal reports of widespread slowness in Biglaw, perhaps expectations need to be adjusted.