Career Center: New Year, New Information

While layoffs dominated the law firm landscape in 2009, the worst of the downsizing seems to be behind us.  But it looks like 2010 will be bringing major changes to compensation structures at law firms.  Check out the ATL Career Center, powered by Lateral Link , for the latest information about which firms are moving away from lockstep compensation and how they are doing it.  In the last week, we have updated the firm snapshots for Kramer Levin, Mayer Brown, Kirkland & Ellis, Weil Gotshal, Cravath, Quinn Emanuel, Hogan & Hartson, Wachtell Lipton, K&L Gates, Cadwalader, Akin Gump, and Jones Day
Below are a few of the latest updates from the Career Center’s firm snapshots:
•   This firm announced it would be moving to a hybrid lockstep compensation structure.  Salaries will no longer be tied to seniority level, but based on a combination of objective and subjective factors.
•   This firm’s new compensation structure regroups associates into three seniority levels rather than class years.  Under the new plan, the firm will also withhold 15% of associates’ salaries until a year-end performance review. 
•   This firm is phasing in a new compensation structure over the next two years in which a larger percentage of each attorney’s total compensation will be in the form of individualized bonuses.
Use the Career Center’s firm snapshots and comparison tool to learn about other bonus news at firms around the country.  And as always, we encourage to send information about your law firm experience to careercenter@abovethelaw.com.



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