Associate Life Survey: Time For That Raise?
We received 1,054 responses to Monday’s ATL / Lateral Link survey on when raises happen at your firms.
As expected, the overwhelming majority of you — almost 80% — said that your firms raise salaries in January.
But the rest of you are probably in for a wait. More than half of the associates who aren’t getting raises in February reported that raises will happen later, not earlier, at their firms.
Results: When Does Your Firm Adjust Salaries
| Month | Percentage |
| January | 79.3% |
| February | 6.5% |
| March | 4.0% |
| April | 1.4% |
| May | Less than 1% |
| June | Less than 1% |
| July | Less than 1% |
| August | Less than 1% |
| September | 1.4% |
| October | 2.2% |
| November | Less than 1% |
| December | 2.9% |
Respondents reporting October raises included associates at Kenyon & Kenyon, Curtis Mallet-Prevost, Quarles & Brady, and a few boutiques. February raisers included Foley & Lardner, MoFo, Paul Hastings, Drinker Biddle, Akerman Senterfitt, and WolfBlock. According to attorneys at K&L Gates, Seyfarth Shaw, and Moore & Van Allen, March is the month for step-ups in salary.
Bear in mind, though, that some firms that announce raises in February or March may apply those raises retroactively to January 1. And, in a tough financial climate, we may see more firms delay raise announcements this year or perhaps, as one commenter predicts, announce raises of zero:
Remember you read it here first. At least 10 AmLaw firms will decide in January 2009 that they will not move salaries up to “the next class.” The stagnation in the market will - when combined with the trough in net earnings cause firms to say “we are holding you where you are - which is better than having to RIF 10-15% of you.” This will be the year the air goes out of the tire of associate raises.
Several firms did indeed freeze salaries during the last recession.
But that’s not to say that billing rates won’t go up. In fact, there’s a good chance they already have. Most respondents receiving raises in January said their rates go up during the fall — or even the summer — before:
Results: When Does Your Firm Adjust Billing Rates
| Month | Percentage |
| January | 48.4% |
| February | Less than 1% |
| March | Less than 1% |
| April | - |
| May | Less than 1% |
| June | Less than 1% |
| July | 5.6% |
| August | 1.7% |
| September | 24.3% |
| October | 14.4% |
| November | 3.6% |
| December | 1.0% |
—
Justin Bernold is a Director at Lateral Link, the sponsor of this Associate Life Survey.
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Comments
First?
When you start to seriously discuss how associates need to cut their salaries about a quarter to retain their jobs, then I will take ATL seriously.
A CWT partner (no, not Bob)
pretzels thirdsty
Michelle Obama just ate my cat.
No Elie. Yesssssssssssssssss.
CMP FTW
Any more info on K&L Gates?
No Raise > No Job
2 = Paralegal
It's 11:30. I've been at work for 2 hours and Elie has yet to get out of bed.
I don't care if Elie's lazy/stupid/incompetent. I just care that he's ruining my favorite blog.
SkaddenDC is looking to convert all of its associates to contract attorneys.
i'm nervous about working in a toll booth this summer and everyone slinging quarters at my face
-nervous T-10 1L
Nervous T-10 1L -- are toll booth workers unionized? May be a solid job in the coming years.
I'd be more worried as a toll booth worker of being caught in the middle of a Mafia killing than of losing my job or having quarters thrown at my face.
12 - I'm chucking a whole roll of quarters at you. Hard. Stop giving Michigan (and 1Ls, and law students, and men) a bad name.
K&L Gates does not apply raises retroactively to January 1.
2, when CWT partners start to seriously share some of the pain inflicted on their associates, then we will take CWT seriously.
A former CWT associate (too many to even speculate)
Sod off, 2. An analysis of (PPP/total revenue) versus (associate compensation/total revenue) over the past ten years shows that partners are taking home a relatively larger slice of the (ever growing) pie each year.
And in case you'd missed it, the increasing size of the annual pie comes largely from high associate billables--not your own skill and experience. If anything, you should thank your lucky stars that we let you pay us as little as you do.
LOL - did 2 forget that rise in associates' salaries in recent years enabled corresponding rise in billable rates charged to clients, thereby contributing to increasing PPP?
If the entire ATL community would kindly chuck quarters at nervous T-10 1L's face that would be great.
Thanks,
The Voice
10: and isnt' that a good thing.
Kenyon rules. Best IP boutique in the city. Completely recovered from prior lean years.
Kenyon and Fitzpatrick should be the only boutiques to look at. (GP firms are not for true patent attorneys).
why are you posting this? this is a report based on a comment? who cares?
Kenyon was mentioned in the body as an example of a boutique that raised salaries in October. Have fun speculating about whether or not you'll get a salary bump in February, c/o 2007 are already 2nd years at these firms.
Wow, some of these firms are the same firms who no-offered huge portions of their summer class.
Thank you Foley, for screwing over your summers but then giving raises to your other associates. Good luck trying to hire in the future