Add RSS RSS

Fenwick & West

Chapman and Cutler Blazes The Trail of Tiers

Chapman Cutler LLP AboveTheLaw Above the Law blog.jpgWhat's the hot new trend in Biglaw? Two-track systems for associates. They're regarded as a sensible way for law firms to address the twin challenges of (1) higher associate salaries and (2) associate attrition (often due to a frustration with long hours).

Here's word of the latest law firm to join the party, from NYLawyer.com (reg. req'd):

Chapman and Cutler, a Chicago-based firm with three offices and about 220 attorneys, has joined the parade of firms boosting first-year associate pay to $160,000, but the firm is taking a new path once associates reach their second year.

Second-year associates can opt for one of two compensation tracks at the firm under a new system that took effect last month, said Rick Cosgrove, who is chief executive partner at the firm. They can choose to work fewer hours at a lower pay level or more hours at a higher salary level, he said.

Cosgrove declined to specify the hours required and related pay rates under the new pay program for competitive reasons.

If you have info on the Chapman and Cutler scale that you'd be willing to share, please email us. According to a poster at Greedy Chicago:

The higher track is essentially Biglaw market, so long as you hit 2000 billables/year. The lower track is compressed to about $5k-$10k/year, depending on class year, and you need to hit 1850.

Other firms with two-track systems (click on each firm's name for a memo and/or details): Hogan & Hartson, Wiley Rein, Fenwick & West, and Thelen (formerly Thelen Reid, and FYI, "Thelen" rhymes with "wheelin'"; see here).

Do you have an opinion about this two-tiered approach? If so, vote in our reader polls, after the jump.

Continue reading "Chapman and Cutler Blazes The Trail of Tiers"

Fall Recruiting Open Thread: Vault 96-100

We hope you enjoyed the Labor Day holiday and long weekend. Alas, now it's back to work -- for you and for us.

We're still digging ourselves out from an email avalanche, as well as trying to figure out what's going in the world (and what we should write about today). This may take us a little while, so please be patient.

In the meantime, let's conclude our series of open threads on Vault 100 law firms. Here are the firms to talk about today:

96. Dickstein Shapiro LLP (4.595)
97. Fenwick & West LLP (4.545)
98. Kilpatrick Stockton LLP (4.538)
99. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC (4.496)
100. Manatt, Phelps & Phillips, LLP (4.459)

Please discuss these firms in the comments. Thanks!

The Vault Top 100 Law Firms [Vault]

Earlier: Vault 1-5; Vault 6-10; Vault 11-15; Vault 16-20; Vault 21-25; Vault 26-30; Vault 31-35; Vault 36-40; Vault 41-45; Vault 46-50; Vault 51-55; Vault 56-60; Vault 61-65; Vault 66-70; Vault 71-75; Vault 76-80; Vault 81-85; Vault 86-90; Vault 91-95

Nationwide Pay Raise Watch: Go to Fenwick & West, Young Man

Fenwick West LLP Above the Law blog.JPGIf you want to get a raise to the $160K pay scale, but without a corresponding "adjustment" to your bonus. Or if you want to bill only 1800 hours a year, and still make a decent living.

From a source at the firm:

Fenwick & West raises. Keeps bonus structure the same.

I know the partners are relishing embarassing our biggest competitor WSGR with this move.

Check out the memo, after the jump.

Continue reading "Nationwide Pay Raise Watch: Go to Fenwick & West, Young Man"