Saturday Morning Special: Another Firm Raises Compensation, But Do They Beat The Market?
Are these raises worth getting excited on a Saturday?
No rest for the weary or the wicked — which turns out to be a good thing for Baker Botts associates. Even though it is a Saturday, the firm went ahead and announced raises for its associates, which parallel the Cravath scale, set out on Monday.
The raises apply to all U.S. associates, and the summer class as well, which is what we’ve come to expect for firms matching the market. The numbers don’t look exactly the same, as Baker Botts sets compensation based on levels, rather than class years. But according to our tipsters, the result was in line with the market:
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As expected. $20, $25, $30 and $35k raises for each of levels 1-4 respectively. Keeps same amount with respect to NY scale as before.
Whether or not this is better than the Cravath scale overall is a bit of a mixed bag. One tipster noted that at Baker Botts, as a member of the class of 2012, they will now be making $260,000, while a member of the same class on the Cravath scale would be making $235,000. You’ll notice, however, that associate compensation tops out at $305,000 rather than $315,000.
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.
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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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