Another Firm Raises Salaries For First-Year Associates Only
$180,000 for first-year associates does not, necessarily, mean the firm has matched Cravath.
Looks like there is another firm hoping to get a recruiting boost by only raising first-year salaries to $180,000, while older associates are left hopeful they’ll see more money as part of the annual review process.
Boston-based Foley Hoag is the firm making the leap on first-year compensation for their New York, Boston, and DC offices — though it is only effective six months after most firms are raising salaries, on January 1. According to the memo sent to associates from the executive committee, there will be other adjustments made to older associate’s base compensation as part of their yearly review.
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Another reminder to law students tempted by Foley Hoag’s enjoyable summer associate program, understand the $180,000 does not, necessarily, mean the firm has matched Cravath. It is something to be aware of before you’re a third-year associate jealously looking at your friend’s salary at a peer firm.
We are covering this story as market conditions develop, so please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Matches Cravath”) — when you know of another firm making a compensation move. Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file. All sources are kept strictly confidential.
Kathryn Rubino is an editor at Above the Law. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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