Top California Law Firm Announces Salary Raises
Which firm has announced raises now?
Biglaw is showing associates some more California love! We’ve seen salary raise news from a bevy of West Coast firms, including but not limited to Irell & Manella, Quinn Emanuel, Cooley, and Morrison & Foerster, and now it’s time for another firm to give in to peer pressure and ante up.
Los Angeles-based Paul Hastings has just over 900 attorneys and the firm made more than $1.05 billion in gross revenue last year. With partners each earning about $2.5 million in profits, it’s no wonder that the firm is extending these raises across all of its U.S. offices in California, Connecticut, Washington, D.C., Georgia, Illinois, New York, and Texas.
In an email sent by Melanie Rupert and Teri O’Brien, co-chairs of Global Talent Development at the firm, they announce that that Paul Hastings has adopted the Cravath salary scale “in recognition of the fact that our associates are among the very best.” We have to wonder: if Paul Hastings knew all along that its associates were “among the very best,” then why did it take one week for the firm to announce these pay raises? We suppose the firm felt as though continuing to hold out on announcing its raises was unbecoming of a Vault Law Top 25 firm.
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Congratulations to all associates at Paul Hastings! Your firm may have kept you waiting for a little too long, but knew you were worth it in the end. We hope you’re satisfied.
Remember, we are covering this trend extensively, 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.
(Flip to the next page for the full Paul Hastings pay raise memo, from Melanie Rupert and Teri O’Brien, co-chairs of Global Talent Development.)
UPDATE (7/15/2016, 2:35 p.m.): Summers at PH are getting raises too; memo on the next page.
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Staci Zaretsky is an editor at Above the Law. Feel free to email her with any tips, questions, or comments. Follow her on Twitter or connect with her on LinkedIn.
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