Associate Compensation

New York to $180K. I’m Totally Serious.

By

It’s been a while since we’ve had a good New York to 190 post. As we’ve discussed before, associate salaries at New York law firms are long overdue for a raise. Starting salaries have stagnated in New York.

What’s worse, total associate compensation has gone down this year from last year, thanks to Cravath’s low bonus and the absence of spring bonuses. The buying power of a New York associate is pathetic.

But one new firm in New York seems poised to change that. The firm isn’t nearly as big as our salary market leaders, but the firm is leaving the stagnated Cravath salary scale in the dust…

double red triangle arrows Continue reading “New York to $180K. I’m Totally Serious.”

85 Comments

Associate Bonus Watch: Baker Botts Bounty

By

We’re getting back into the Biglaw bonus beat here at Above the Law. Yesterday, for example, we covered Winston & Strawn’s bonus news.

Today we’ll take a look at bonuses over at Baker Botts. Is it true that everything is bigger in Texas?

double red triangle arrows Continue reading “Associate Bonus Watch: Baker Botts Bounty”

7 Comments

Associate Bonus Watch: Bingham McCutchen’s ‘Extraordinary’ Bonuses

By

Congratulations to Bingham McCutchen, which recently earned a spot on Fortune’s best companies to work for — for the eighth year in a row. And congratulations to Bingham’s nine new partners. It’s a very international group: these seven men and two women work out of London (3), New York (3), Hong Kong (1), Boston (1), and Hartford (1).

And congratulations to high-billing associates at Bingham. They were rewarded with “extraordinary” bonuses, as set forth in the firm’s bonus memo….

double red triangle arrows Continue reading “Associate Bonus Watch: Bingham McCutchen’s ‘Extraordinary’ Bonuses”

8 Comments

Quotes of the Day: Mo’ Superior Legal Minds, Mo’ Problems!

By

Antonin Scalia

Society cannot afford to have such a huge proportion of its best minds going into the law.

– Supreme Court Justice Antonin Scalia, commenting on the state of the legal profession at the 2012 Midyear Meeting of the American Bar Association in New Orleans.

(Justice Scalia comments on Biglaw’s flawed compensation system, after the jump.)

double red triangle arrows Continue reading “Quotes of the Day: Mo’ Superior Legal Minds, Mo’ Problems!”

21 Comments

Bonus Season Blues

By

Perhaps you’ve already heard that Cravath announced its 2011 bonus scale on Monday (swiftly followed by Skadden and Milbank) and apparently it’s 2009 all over again. Around here, while Lat shrugged and Elie heaped scorn (“dick move”), the ATL commentariat … well, they were cut to the heart and gnashed their teeth (“ALLCAPS OUTRAGE MEME”).

We can’t help but wonder if this bonus season’s dyspepsia is typical of lawyers and law students generally. What with the growing ranks of JDs who are despairing of ever paying off their debt, shouldn’t there be some significant cohort thinking, “phew…not only do I have a job, but now my firm will be forced to match”?

Well it turns out that’s certainly not the case…

double red triangle arrows Continue reading “Bonus Season Blues”

77 Comments

Associate Bonus Watch: Milbank Matches — or Beats? — Cravath and Skadden

By

Last night, Milbank Tweed matched the Cravath bonus scale for 2011. The news, first reported by Am Law Daily, came on the heels of yesterday’s Skadden match.

But wait — did Milbank perhaps beat the Cravath and Skadden bonus scales? Let’s look at the details of the Milbank bonus announcement….

double red triangle arrows Continue reading “Associate Bonus Watch: Milbank Matches — or Beats? — Cravath and Skadden”

75 Comments

Breaking: Cravath Bonuses Are Out; Welcome to the 2011 Bonus Season!

By

It took a little longer than most of you expected, but Cravath, Swaine & Moore just announced its 2011 associate bonuses (not long after announcing its new partners). Barring something very unforeseen, these bonuses are what many Biglaw firms, in New York and across the land, will pay out this year to their people. Historically Cravath has set the market with respect to year-end associate bonuses at major law firms.

The Cravath bonuses are what you might expect. They are in line with recent years, nothing crazy high or ridiculously low. Both Occupy Wall Street types and law firm associates can put away the pitchforks.

Let’s take a look at the official memorandum, and engage in some analysis….

double red triangle arrows Continue reading “Breaking: Cravath Bonuses Are Out; Welcome to the 2011 Bonus Season!”

389 Comments

Biglaw Starts To Manage Expectations About Bonuses

By

Drums please:

Bonus, bonus, bonus time. Time to sit back and unwind.

The first bit of bonus news has leaked out of Biglaw. We’re not talking about spring bonuses, and we’re not talking about random mid-year bonuses. We’re talking about regular, end-of-the-year, take-it-to-the-champagne-room bonuses.

And sure, the early news is bad, but that’s to be expected. This first report is just what Biglaw wants you to hear.

But if the past year in bonus news proves anything, it’s that Cravath sets the bonus market, even when they do it late….

double red triangle arrows Continue reading “Biglaw Starts To Manage Expectations About Bonuses”

48 Comments

Supreme Court Clerk Bonuses Are Heading Higher

By

Walking the hallways at One First Street.

Last month, the Supreme Court law clerks for October Term 2010 finished their clerkships, turning over their clerkly duties to the October Term 2011 class of clerks. As in past years, many of the OT 2010 clerks are joining private law firms — which welcome them with six-figure signing bonuses. These bonuses are paid on top of base salaries reflecting their seniority (many SCOTUS clerks join firms as second- to fourth-year associates), as well as the usual year-end bonuses.

For the past few years, at least since 2007, law firm signing bonuses for members of The Elect have hovered around $250,000. But this year, at least a few firms are offering even more.

So how much are we talking about?

double red triangle arrows Continue reading “Supreme Court Clerk Bonuses Are Heading Higher”

35 Comments

Nationwide Pay Raise Watch: Schiff Hardin (Plus offer rate news.)

By

In case you haven’t noticed, things have been quiet on the law firm front. And that shouldn’t come as a surprise: it’s August.

Summer associate programs are largely over (although we still want to hear about fun events and offer rates). Many associates and partners are taking vacation (especially if they have children they want to spend time with before school starts again).

On the litigation side, courts are slow because many judges are away. On the corporate side, some deals have been put on hold due to the gyrating stock market and economic uncertainty. We seem to be turning into Europe, where a good chunk of the population takes vacation for a good chunk of August.

But we still have pockets of law firm news to report, here and there. Today’s dispatch comes from Schiff Hardin, which earlier this month announced an associate pay raise….

double red triangle arrows Continue reading “Nationwide Pay Raise Watch: Schiff Hardin (Plus offer rate news.)”

23 Comments
Page 3 of 512345