ATL Idol, Bonuses, Money, Skaddenfreude

Wachtell Associates Receive Money and Like It

avatar Sophist ATL Idol.jpg[Ed. note: This post is by SOPHIST, one of the finalists in ATL Idol, the “reality blogging” competition that will determine ATL’s next editor. It is marked with Sophist’s avatar (at right).]
On Tuesday, American Lawyer published a follow-up report to their overall associate satisfaction survey, released last Friday. This report ranks midlevel associates’ satisfaction with their pay packages. Not surprisingly, Wachtell, Lipton, Rosen & Katz midlevels were most satisfied with their overall compensation, thanks in part to bonuses which ranged from $175,000 to $215,000.
Meanwhile, back on Earth, associates still lucky enough to have jobs were less than thrilled with their pay. Overall, midlevel salary satisfaction has only risen 1% annually since 2006.
The new numbers are surprising to some because top firms in other major markets are now matching the base compensation awarded in New York, while New York associates still receive higher bonuses to keep their landlords at bay.
According to American Lawyer, midlevel associates understand that extra compensation results in longer hours, less partner contact, and decreased job security. As one Jenner & Block associate put it, “They’re not raising because they value us. We’re just the collective beneficiary because the firm needs to keep up in the market. It’s a back-handed compliment.”
Perhaps it is time to use the lysine contingency to control the law student population in order to make firms care about associate retention.

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