While layoffs dominated the law firm landscape in 2009, the worst of the downsizing seems to be behind us.  But it looks like 2010 will be bringing major changes to compensation structures at law firms.  Check out the ATL Career Center, powered by Lateral Link , for the latest information about which firms are moving away from lockstep compensation and how they are doing it.  In the last week, we have updated the firm snapshots for Kramer Levin, Mayer Brown, Kirkland & Ellis, Weil Gotshal, Cravath, Quinn Emanuel, Hogan & Hartson, Wachtell Lipton, K&L Gates, Cadwalader, Akin Gump, and Jones Day. 
Below are a few of the latest updates from the Career Center’s firm snapshots:
•   This firm announced it would be moving to a hybrid lockstep compensation structure.  Salaries will no longer be tied to seniority level, but based on a combination of objective and subjective factors.
•   This firm’s new compensation structure regroups associates into three seniority levels rather than class years.  Under the new plan, the firm will also withhold 15% of associates’ salaries until a year-end performance review. 
•   This firm is phasing in a new compensation structure over the next two years in which a larger percentage of each attorney’s total compensation will be in the form of individualized bonuses.
Use the Career Center’s firm snapshots and comparison tool to learn about other bonus news at firms around the country.  And as always, we encourage to send information about your law firm experience to careercenter@abovethelaw.com.



We received over 1,000 responses to last week’s Career Center survey on whether your vacation plans have been affected by the economic downturn.  The results reveal that almost 70% of associates are still taking vacation time, regardless of whether they have met their billable hours or not.  Less than 10% of respondents say that they are not taking vacation because they worry it might look bad.  However, almost a quarter of respondents report that they are actually too busy to use their full vacation time this year.
Check out the full survey results after the jump — and visit the Career Center, powered by Lateral Link — for more on which firm has deferred start dates again, which firm recently announced a mega-merger with a London-based firm, and which firm reportedly awarded 2009 bonuses of up to $90,000.
Full survey results, after the jump.

Continue reading “Career Center: Holiday Survey Results”

With the holidays approaching, associates find themselves facing a quandary. Since work is still slow at many firms, associates may be tempted to take vacation before the economy bounces back and brings 70 hour work weeks with it.
On the other hand, does taking vacation in a recession send the wrong message?  This week, our ATL / Lateral Link survey asks what you think about using vacation time while the chips are still down.  We’ll use the information to update the ATL Career Center and bring you the results next week.

If you have information about your firm that you want to share with other career center users, please email us at careercenter@abovethelaw.com. Thanks!

The bar has been set for 2009 bonuses by Cravath, and most firms are falling in line.  Check out the ATL Career Center, powered by Lateral Link, for the latest information from the legal markets and updates from users about bonuses and everything else you wanted to know about top law firms.  In the last week, we have updated the firm snapshots for Davis Polk, Orrick, Schulte Roth, Debevoise, Simpson Thatcher, Milbank Tweed, Patton Boggs, Willkie Farr, Skadden Arps and Paul Weiss.  Below are a few of the latest updates from the Career Center’s firm snapshots:

• This firm announced that that it would not only be continuing its pay freeze and keeping 2010 salaries at 2008 levels, but it would be further cutting salaries for those associates who fail to meet their billable hour goal by more than 300 hours.  
• This firm debuted its new compensation structure: associates will be grouped into three levels, and advancement from one level to the next will be based on merit, not class year. 
• This firm matched Cravath for first- through sixth-year associate bonuses, but is giving seventh-year associates a $5,000 bump up from Cravath levels. 

Use the Career Center’s firm snapshots and comparison tool to learn about other bonus news at firms around the country. 

After the jump, we reveal the most popular firms on the Career Center last month.

Continue reading “Career Center: Associate Bonus and Compensation Updates”