Firm With Big Profits Per Partner Shares The Riches -- In Certain Cities....
A nice Friday afternoon gift of money.
Happy Friday, King & Spalding associates, you’re getting a raise! The Biglaw firm has profits per partner of $2,515,000 — that’s a lot of cheese that is now being shared with the diligent associates toiling away in office buildings around the country. Well, maybe….
You see, K&S decided not to make a general announcement regarding the increases to associate compensation, but instead sent associates in the New York office individualized letters, inside sealed envelopes, letting them know their new base salary rate — what one of our sources called a “stealth announcement.” The raises are effective July 1 and, by all accounts, are consistent with the Cravath scale (up through eighth-year associates, which is where the Cravath scale stops).
No confirmed word, yet, about the other U.S. K&S offices, which include Atlanta (the mother ship), Austin, Charlotte, Houston, Los Angeles, San Francisco, Silicon Valley, and Washington, D.C. If you’re in one of these offices and have raise news to share, please let us know ASAP.
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UPDATE (2:54 p.m.): We hear that K&S has matched in D.C.
UPDATE (2:56 p.m.): It appears that summer associates are getting raises in offices where associates are getting raises.
UPDATE (2:58 p.m.): Houston, we do not have a problem — King & Spalding has matched there too.
UPDATE (3:41 p.m.): Austin is also moving to the Cravath scale. Atlanta associates were told they’d be getting a raise, but it would not match the Cravath scale.
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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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