It’s November 1. That’s supposed to mean it’s time for Biglaw bonus season. Here at Above the Law, we’re ready for it. Not only are we expecting emails to flow in about bonuses which should be better than last year (firstname.lastname@example.org), we’re also using our Google Voice account (646-820-TIPS) to accept text messages about bonuses.
We expect bonus season to get rolling in earnest soon. Last year, Cravath announced on November 2nd.
But while we wait for bonuses, it seems we still have some firms that are trying to catch up in regards to base associate compensation. After spending most of the year as salary stragglers, Foley & Lardner seems ready to come back to the pack…
Back in August, we told you that Foley & Lardner was lagging behind the market for associate salaries in major cities. At the time, we reported:
While New York associates will start at $160K, associates in other big-market Foley offices (like D.C., California, and Chicago) remain stuck at $145K.
Well, tipsters report that Foley’s salary shenanigans will stop in 2011. From a Foley source:
Beginning February 2011, Foley & Lardner’s rejoining the market at $160K in its major market offices (Chicago, Boston, DC, California offices). New York is already at $160K.
Better late than never? It’s interesting that this Foley news is coming out right around the time law students are trying to make their decision about whether to summer at the firm.
But new recruits might want to check out what’s happening higher up the salary scale at Foley. Our tipster also reports:
Salary schedules for higher-level associates – some of which are currently below $160 – will be announced around the new year.
If Foley is making good in regards to starting salaries, it bodes well for bonuses season. At least for the junior associates. More senior people might have to wait a little longer before they get paid.