Associate Salaries, Biglaw, Money

In Before The Wire -- Another Firm Raises Salaries

What a nice way to start your three day weekend.

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biglaw money surfingIt’s just a few days before July 1, the effective date of most Biglaw firms’ associate raises, and the good folks at Kasowitz, Benson, Torres & Friedman have, at last, stepped up to the plate. In a memo circulated today, associates learned that Kasowitz would raise the associate compensation scale to match the one set forth by Cravath earlier this month.

The firm is fully matching the MoneyLaw raises, starting first-year associates with base compensation of $180,000 and raising more senior associates between $20,000 and $35,000, depending on their class year. Summer associates will also see a raise. Counsel and associates more senior than the class of 2008 will be assessed on an individual basis. The new salary rates will be effective starting Friday — what a nice way to start your three-day weekend.

The one snag in general associate jubilation? Raises are only for the New York office. However, the firm notes that associates outside of New York will receive individualized information about their salary. Fingers crossed it’s good news for them as well.

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.

(Read the full memo on the next page.)

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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