With Deadline Looming, Firms Continue To Issue Raises

Keeping your associates in the dark as to their financial futures is not the credited way to improve morale.

Money RainTime continues to tick by, and more and more associates are beginning to wonder if their firms will ever raise their salaries. Please take note, managing partners and compensation committees: For the record, keeping your associates in the dark as to their financial futures is not the credited way to improve morale.

Last week, associates at Seward & Kissel — a firm that recently celebrated its 125th anniversary in September 2015 — wrote to us, begging us to out the firm for not raising salaries. As it turns out, we didn’t need to go that far, because the firm issued raises Tuesday. We hear that the firm is only matching the Cravath salary scale through third-year associates, up to $210,000 (but others have said that the firm has matched Cravath through fifth-year associates, up to $260,000). We do not know the date the raise is effective, but presume it must be July 1, if only to keep up appearances with competitors.

If you have any additional information about the salary increases at Seward, please reach out to us. Congratulations to all Seward & Kissel associates in New York and DC!

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.


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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