During the recession, Mintz Levin froze associate salaries and deferred 2009 summer associates all the way until 2012. Not good times.
But the recession is starting to lift its death grip on law firms and the lawyers who work there, and Mintz Levin is in the mood to share the wealth. We spoke with Mintz Levin Managing Partner Robert Bodian today. He told us that the firm enjoyed a strong fiscal year — which ended this past Saturday:
Revenue and profits per partner were up around 3% [last year].
He said that work was picking up and the second half of last year was good for the firm.
Which means it’s time to give some money back to the hard working Mintz Levin associates…
Bodian told us that, unlike some firms, Mintz Levin decided to hold the line at a $160,000 starting salary. But there’s even better news for Mintz associates: salaries are being thawed out and associates will receive a one-year class bump. And:
All previous salary reductions are terminated.
Cheers to not using recession salaries going forward.
There is a catch for associates that were especially low on hours. Going forward, associates who did not meet 1,500 hours last year will receive a 15% salary cut. That sounds harsh, but Mintz Levin’s fiscal year runs from April to the next March. While things were still pretty slow in April of 2009, it’s not like Mintz is penalizing associates who couldn’t find any work during the terrible winter of 2008/2009.
And the firm will revisit the hours based pay cut in six months. Associates on pace to bill more than 1,500 hours will have their salaries re-adjusted upwards.
To cap off the good news, Mintz Levin told us that — at the top end — associate bonuses were quite healthy. Bonuses ranged up to $28K for second year associates who meet hours requirements and up to $65K for the most senior associates.
After a very difficult 2009, Mintz Levin appears to be on the rebound. In fact, the legal economy itself seems ready to crawl out from under hiding.