The heady days of the “mutual assured destruction” approach to associate compensation by Biglaw firms are behind us. But some associates would still like to see how they are doing in comparison to their colleagues at other firms. A tipster recently wrote us:
Can you do a post requesting commenters to post grade schedules a la greedyassociates back in the day showing salary per year. This would make comparisons easier. I’ll start:
1st year 145K
then it gets vague with a range from 240-265K.
Some of this information is available in the firm profiles on the Above the Law Career Center. But as good greedy Sheppard-ite must know, comparing salaries is much more complicated these days due to some firms instituting merit-based compensation models.
WilmerHale is one of those firms. Yesterday, Wilmer released its projected salary structure for 2011. We’ll see if it’s a merit-based market leader…
This morning, the Lawyer reported that Clifford Chance was changing the requirements for associate bonuses in London:
Clifford Chance is set for a radical overhaul of its associate bonus system, with the maximum award now open only to senior associates and payments no longer based primarily on hours worked….
A spokesperson for Clifford Chance said: “While billable and investment hours continue to be important, the bonus will not be directly linked to achieving a target number of hours. We’ll weigh a number of factors to ensure a balanced and flexible bonus scheme.”
Dear Lord, it looks like the American epidemic of moving towards merit-based compensation just hopped a transatlantic flight.
But don’t worry Clifford Chance New Yorkers, your bonus requirements will not be affected by the changes in London…
We have good news for Morgan, Lewis & Bockius associates. Salary information is in and most people are getting raises. True-up raises at that. The class of 2008 pulled the short straw, but everybody else seems relatively happy. A tipster reports:
Please post that yesterday MLB essentially unfroze salaries (most ’08 grades only went up to 165 though) but otherwise made everyone whole, retroactive January 1, 2010.
The double-bump raise for veteran associates comes a couple of months after MLB announced big time raises for a select few associates — while most of the firm’s associates were left to wait and wonder. In January, we reported this message from Morgan Lewis Chairman, Francis M. Milone:
After considering all of these factors, we awarded base salary increases of up to $25,000 and incentive bonuses of up to $35,000 to our highest performing associates. As I advised in my November video presentation, we did not reduce associate base salaries.
According to the firm, the decision to give true-up raises to mostly everybody is in keeping with MLB’s new merit-based strategy …
Add Dickstein Shapiro to the list of firms that have decided to do away with lockstep associate compensation. As of January 22, Dickstein will adopt a new merit-based compensation system. Like many firms that have abandoned lockstep, Dickstein will be using a three-tiered system, similar to Orrick’s compensation structure.
Starting salary for new Dickstein associates will be $145,000. Or maybe it will be $160,000. Honestly, I can’t tell you with certainty what new associates will be making.
It’s not my fault. I read the original memo and everything. I talked to friends and sources and a spokesperson for the firm. I prayed on it. I just can’t seem to pin down one solid number for first-year associate salaries.
After the jump, why don’t you guys take a look at the memo? Maybe you’ll have more success divining its meaning than I did.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.