Skaddenfreude
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Admin, Announcements, Biglaw, Bonuses, Money, Skaddenfreude
Associate Bonus Watch: An Open Call for News and Memos
As we first reported, Cravath, Swaine & Moore has kicked off the 2007 bonus season, with yesterday’s announcement of “special” and year-end bonuses for its associates. Here’s coverage from the New York Law Journal and the WSJ Law Blog, who actually got Cravath to talk to them. (CSM declined ATL’s request for comment.) Both sources […] -
Associate Bonus Watch 2007, Biglaw, Bonuses, Holy Crap, Money, Skaddenfreude
Cravath Announces Bonuses -- 'Special' and Otherwise!!!
It’s very early, but it’s true: Cravath, Swaine & Moore announced bonuses today!!! Here are the numbers: Class of 2007 — Year end bonus $35,000 (prorated), no special bonus Class of 2006 — Year end $35,000, special $10,000 Class of 2005 — Year end $40,000, special $15,000 Class of 2004 — Year end $45,000, special […] - Sponsored
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Biglaw, King & Spalding, Money, Skaddenfreude
Nationwide Pay Raise Watch: King & Spalding
Earlier today, King & Spalding announced the rest of its new associate pay scale, which will take effect on January 1, 2008. The firm had previously announced a starting salary for first-year associates of $145,000. In terms of base salary, the K&S scale is similar to the Alston & Bird scale, but slightly better from […]
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Biglaw, Money, Skaddenfreude
Nationwide Pay Raise Watch: NYC to 190 175?
Thanks to recent instability in the credit, stock, and real estate markets, don’t look for $190,000 associate starting salaries anytime soon. But a raise to a somewhat lower figure — say, $175,000 — may be possible. In fact, it may be likely. From the ABA Journal: Average starting pay for lawyers is projected to rise […] -
Biglaw, Media and Journalism, Midsize Firms / Regional Firms, Money, Skaddenfreude
Are Midsize Firms Where It's At?
That’s the question posed in this very interesting article, by Leigh Jones for the National Law Journal. It begins: In recent weeks, some midsize firms have implemented drastic reductions to their billable-hour requirements for first-year associates in order to enhance training and to appease clients who are increasingly resistant to paying for new lawyers’ starts […] -
Biglaw, Money, Perks / Fringe Benefits, Skaddenfreude
Biglaw Reversed Perk Watch: The K&L Gates 401(k) Memo
Yesterday’s tip about K&L Gates no longer making contributions to attorney 401k plans has been confirmed. We’ve obtained the memo, which our source introduced as follows: Here’s the memo re: today’s post on K&L Gates. No further materials or communications have since occurred, save a videoconference from firm Chairman [Peter] Kalis, where in response to […] -
Biglaw, Media and Journalism, Money, Skaddenfreude
More MSM Coverage of Lawyer Salaries
Readers of ATL are obsessed with lawyer compensation. But so is the mainstream media, it would appear — even in places outside New York, Washington, and Los Angeles. From a piece by John-Laurent Tronche in the Fort Worth Business Press: While local law firms are staying competitive, it doesn’t always pay to follow the nationwide […] -
Biglaw, Money, Perks / Fringe Benefits, Skaddenfreude
Biglaw Reversed Perk Watch: K&L Gates Cuts off 401(k) Contributions?
When it comes to perks and fringe benefits, Biglaw giveth, and Biglaw taketh away. From a tipster: Did you see the internal memo at K&L Gates announcing that the firm will cease contributions to attorney 401k plans? I found it interesting because it mentioned that similar reductions are occurring at other “major firms.” Which strikes […] - Sponsored
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Biglaw, Bonuses, Layoffs, Money, Skaddenfreude
Nationwide Layoff Normal Associate Review Process Watch: A Rebuttal to the Rumors About Kirkland & Ellis
Some sources at Kirkland & Ellis have been upset by our recent coverage of layoff rumors. These rumors were focused on K&E’s office in Chicago, but New York was also implicated. As we’ve repeatedly noted, these rumors are just that — rumors. We were reporting more on the existence of the rumors, as opposed to […] -
Biglaw, Fenwick & West, Hogan & Hartson, Money, Reader Polls, Skaddenfreude, Thelen Reid & Priest, Thelen Reid Brown Raysman & Steiner
Chapman and Cutler Blazes The Trail of Tiers
What’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 […] -
Biglaw, Bonuses, Clerkships, Money, Skaddenfreude
Clerkship Bonus Watch: Shearman & Sterling Joins the $50K/$70K Club
Sometimes it takes a while. But we usually get results, eventually. Back in July, we published a post entitled Clerkship Bonus Watch: What’s Up With Shearman? Today, at 12:32 p.m., this email went around at Shearman & Sterling: At the last meeting of the Associates Committee in New York, the committee representatives noted that we […] -
Biglaw, Money, Skaddenfreude, Videos
Not Yet at $160K? Seyfarth It Ain't So!
Or maybe it is. From a tipster: Several offices of Seyfarth Shaw met yesterday and today to discuss the results of the Am-Law Mid-Level Associate Survey, as well as those from an internal survey distributed. [T]he data revealed in these surveys reflected a considerable level of dissatisfaction from associates regarding a variety of areas, and […] -
Alston & Bird, Biglaw, Bonuses, Money, Skaddenfreude
Who Else Is Paying Senior Associate Bonuses? Bueller, Bueller...
After Sullivan & Cromwell announced its new bonus program for senior associates, we received a bunch of messages like this one: Can you please do a thread to see if other NYC firms have matched or plan to match the S&C recent bonus pool system for senior associates? Seems like there’s been no reaction to […]
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Biglaw, Bonuses, Money, Skaddenfreude
Year-End Bonus Watch: Philadelphia
In terms of our associate compensation coverage, we’ve been on a bit of a Philly kick recently. We recently covered the pay raise announcements of Ballard Spahr and Blank Rome. We’re happy to continue this theme. In response to requests from several ATL readers, here’s a bonus thread dedicated to PHILADELPHIA. In the comments to […] -
Biglaw, Money, Skaddenfreude
Nationwide Pay Raise Watch: Ballard Spahr Raises
From a Philadelphia tipster: “Since you posted the Blank Rome raise, you might as well post this raise regarding Ballard Spahr as well.” Ballard Spahr is an Am Law 100 firm. So sure, we’re happy to post their associate pay raise memo. Check it out, after the jump. -
Biglaw, Blank Rome, Money, Skaddenfreude
Nationwide Pay Raise Watch: Blank Rome Raises
Yesterday Blank Rome announced associate pay raises, of varying sizes, that will take effect in 2008. The firm will move to a starting salary of $160,000 in New York, but not in Washington. In the Philadelphia mother ship, starting pay will be $145,000. The billable minimum at Blank Rome is 2000 hours. Here’s the memo: […] -
Biglaw, Howrey LLP, Money, Skaddenfreude, Weirdness
Nationwide Pay Raise Watch: Howrey Postpones Weirdness
As you may recall from our prior coverage, in posts titled Howrey Is Planning Something Weird and More About the Howrey Weirdness, the law firm of Howrey LLP was planning to ditch lockstep compensation for its associates — in favor of something weird (or innovative, or both). Starting in 2008, Howrey was going to employ […] -
Biglaw, Money, Skaddenfreude
Nationwide Pay Raise Watch: Bryan Cave to $160K
In “selected U.S. offices.” Here’s the memo, which was issued yesterday: From: Professional ResourcesSent: Tuesday, October 02, 2007 12:31 PMTo: LAWYERSCc: NBRECSubject: Selected US Offices – Associate Salary Increases Consistent with the Firm’s effort to attract top tier talent in each of our markets, the Firm continuously monitors each market to determine if our compensation […] -
Biglaw, Bonuses, Money, Skaddenfreude
Year-End Bonus Watch: Atlanta
In our most recent open thread about year-end bonuses, devoted to Texas, there were some requests for an Atlanta post in the comments. But there was also some dissent: There is no need for an ATL bonus thread because the bonus structure there is so simple. For everyone billing less than 2400 hours, nothing. For […] -
Biglaw, Job Searches, Legal Times, Money, Partner Profits, Skaddenfreude
D.C. Pay Raises: Separating the Men from the Boys? (Plus Rumors of Skadden NY Raises)
Law school can be thought of as a Harry Potter-style “sorting hat” for law students (as Dave Hoffman suggests). Similarly, the recent round of pay raises can be thought of as a sorting hat for law firms. Nathan Carlile has this excellent article in the current issue of the Legal Times: Call it a near […]