The New Compensation Scale Is Spreading On The West Coast
This move really amps up the pressure on other West Coast firms, which so far have been slow to act.
Looks like Biglaw firms don’t want to be left in the dust by their peer firms moving to the new MoneyLaw scale. West Coast giant O’Melveny & Myers is getting on board and giving raises to their associates.
The firm has yet to release an official memo or email, instead preferring to leave the information on voicemail — how very ’90s — but we’ve heard from a bevy of tipsters (we <3 you) that the raises are for all U.S. offices, are effective July 1, and fully match the scale set out by Cravath earlier this week.
A tipster does note the compensation grid only goes up to the class of 2008:
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No 2007 pay scale, which is annoying, and a departure from past practice.
UPDATE 7:16pm: We’ve received a little more detail about how those above the class of 2008 will be compensated:
To be fair the firm stated that the higher level counsel (2007 and senior, I think) would be individually determined. At least seems to leave open the possibility of being paid market, but wonder if/when that will be determined for the present year raise.
Still, a welcomed payday for associates. This move really amps up the pressure on other West Coast firms, which thus far have been slow to act.
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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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