As several commenters mentioned, Proskauer Rose has raised associate salaries. Here’s the announcement memo (originally posted by an anonymous commenter, but subsequently confirmed for us by multiple Proskauer sources).
To: New York, Los Angeles and Boston Associates
CC: Partners, Senior Counsel
From: The Executive Committee
Date: January 25, 2007
Re: 2007 Salaries
We are pleased to announce that we have increased compensation effective January 1, 2007, as follows:
Class Year Adjusted Base Salary
2006 $160,000
2005 $170,000
2004 $185,000
2003 $210,000
2002 $230,000
2001 $250,000
2000 $265,000
1999 $280,000
1998 and earlier $290,000
This increase is retroactive to January 1, 2007, and will be reflected in the February 15, 2007 payroll. Bonuses for 2007 will be determined at year-end, as usual.
Base salaries and compensation for Senior Counsel will continue to be determined on an individual basis.
We continue to highly value your contributions to the Firm and thank you for your dedication and hard work. We look forward to another successful year.
Money
Here’s the verified Davis Polk memo (which we received by email; it was also previously posted in the comments):
From: Ferrell, Kathleen L. On Behalf Of Management Committee
Sent: Thursday, January 25, 2007 5:33 PM
Cc: all.partners
Subject: Associate Salaries
We are pleased to announce that associate base salaries will be increased as follows, effective January 1, 2007:
Class of 1998 – $290,000
Class of 1999 – $280,000
Class of 2000 – $265,000
Class of 2001 – $250,000
Class of 2002 – $230,000
Class of 2003 – $210,000
Class of 2004 – $185,000
Class of 2005 – $170,000
Class of 2006 – $160,000
Entering Class of 2007 – $160,000
As always, we appreciate your efforts.
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
We received this from multiple tipsters at Kaye Scholer, so consider it confirmed. One of them notes: “They matched retroactively, which they didn’t do last year.”
Barry Willner/NY/US/KSFHH
01/25/2007 05:31 PM
Phone: (212) 836-8421
Subject: 2007 Salaries
We are pleased to advise that the Firm is raising associate salaries for the Classes of 2006 through 1999 to reflect the competitive market . The new salaries in New York are as follows:
Class of 2006–$160,000
Class of 2005–$170,000
Class of 2004–$185,000
Class of 2003–$210,000
Class of 2002–$230,000
Class of 2001–$250,000
Class of 2000- $265,000
Class of 1999–$280,000
We will also be raising associate salaries for offices outside of New York but we have not yet determined what those salaries will be. Once they are determined, the heads of your offices will let each of you know the new salary levels. All salary adjustments for all offices will be effective as of January 1st.
To the extent adjustments are needed in order to raise salaries for junior counsel or senior associates above the 8th year class, any such adjustments will be addressed on an individual basis.
We are looking forward to another record year at the Firm and to your continued commitment to our clients.
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
We have to step away from the computer for a while for a dental appointment. We’d rather be covering associate pay raise developments than undergoing a root canal, but we sadly don’t have much choice in the matter.
Please mention the latest associate base salary news in the comments to this post. We’ll check them out when we get back. Thanks.
P.S. Here’s the Dewey memo from yesterday:
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
Thanks to our tipsters, and sorry for the delay. We’ve been having technical difficulties again (but thankfully not as bad as yesterday).
Here’s the Clifford Chance memo:
We have spoken to multiple sources at Williams & Connolly in the past half hour. The rumor of good news by voice-mail is not true (unless our sources, from different class years at the firm, were somehow left out of the loop).
We think it’s only a matter of time before W&C raises base salaries. Their compensation model is to pay an above-market base salary for D.C., but no year-end bonus.
As of now, though, nothing official has been announced. If you’re at Williams & Connolly, and anything changes on this front, please let us know. Thanks.
One of you asked for an open comments thread, to consolidate the conversation about compensation. Good idea.
Here you go. Please discuss the latest Biglaw associate pay raise news in the comments to this post.
After a flurry of announcements yesterday, things seem to have slowed down a bit. Or is it just that tipsters aren’t being as helpful today?
Look, folks, we can’t do this without your help. If your firm has raised associate base salaries, please let us know, by email. If there’s a memo, please include the memo text or a PDF. Thanks.
From the D.C.-based Legal Times:
Skadden, Arps, Slate, Meagher & Flom said Wednesday it would increase its first-year associate salaries [in Washington] to $160,000, following in the footsteps of New York-based Simpson Thacher & Bartlett.
Skadden is the first law firm with a major D.C. presence to up the ante for associate pay in Washington. The firm has 263 lawyers in the District.
D.C.-based Hogan & Hartson has also announced it is moving associate salaries in its New York office to $160,000, but it doesn’t plan to do the same in Washington as of yet.
So in New York, it looks like all the biggies will be following suit. But expect a divide to open up in D.C. between the “national” firms and the local shops:
[M]ost D.C. firms are staying quiet about whether or not they’ll follow. Karl Racine, managing partner of Venable’s Washington office, which pays first-year associates $135,000, says he “expects that to remain.”
You can read the rest of Nate Carlile and Anna Palmer’s article here.
Skadden Raises Associate Pay [Legal Times]
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
Congratulations to Emily Pataki. It appears that her employer, White & Case, is raising base salaries for its associates. Here’s the memo:
WHITE & CASE LLP
Date: January 25, 2007
To: All New York Associates
From: David N. Koschik
Re: Salary Increases
I am pleased to announce that effective January 1, 2007 the base salaries for New York associates in the following classes will be increased as follows:
Class / 2007 Base Salary
2006 $160,000
2005 $170,000
2004 $185,000
2003 $210,000
2002 $230,000
2001 $250,000
2000 $265,000
1999 $280,000
Increases for associates in the class of 1998 and senior will be determined on an individual basis. All increases, including the retroactive portion to the beginning of the year, will be reflected in your February 14 paycheck. On behalf of the Firm, I would like to personally thank you for all of your dedication and hard work.
cc: New York Partners
Okay, folks, we’re signing off for now. It has been a long and frustrating day (thanks to all the server problems, over which we have no control).
We’ve been at our computer since before 7:00 AM. And we, unlike those of you who toil for Biglaw, don’t get paid to work twelve-hour days.
To recap, here are the law firms that have raised base salaries for (at least some of) their associates:
– Cadwalader, Wickersham & Taft
– Cleary Gottlieb Steen & Hamilton
– Dewey Ballantine
– Fried Frank
– Greenberg Traurig
– Milbank Tweed Hadley & McCloy
– Morrison & Foerster
– O’Melveny & Myers
– Paul Weiss Rifkind Wharton & Garrison
– Quinn Emanuel
– Shearman & Sterling
– Simpson Thacher & Bartlett
– Skadden Arps Slate Meagher & Flom
– Sullivan & Cromwell
– Weil Gotshal & Manges
– Willkie Farr & Gallagher
Feel free to continue the conversation in the comments, which we’ll review when we get back online in the morning. See you tomorrow.
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
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