Following closely on news of the Vinson & Elkins raise, Andrews Kurth has also raised salaries for first- and second-year associates, to $160,000 and $170,000, respectively. As explained in the memo, the firm is “still working on the details of the compensation structure for other associate classes.” Here’s an article from the Texas Lawyer.
What about other Texas firms? Here’s what we’ve been hearing:
Baker Botts: They should raise later this week or early next week. Prior to the V&E announcement, a Baker source speculated: “[T]hey seem to be waiting on V and E. I think they might be trying to leapfrog them, hoping V and E lowballs.”
Akin Gump: “They had an associates’ committee meeting [yesterday] and said there were working out a few details, but they would be raising in their Texas offices sooner rather than later. Who knows what any of that means.”
The Andrews Kurth memo, in the form of an email from managing partner Robert Jewell, appears after the jump.
Word on the street is that Vinson & Elkins has raised salaries for its Texas and Washington associates. But we haven’t confirmed it directly with someone at V&E. If you can confirm this rumor, please email us. Update (11:08 AM): That was fast; thanks! It’s confirmed: V&E has raised associate salaries for first- and second-year associates.
Things are more complicated for more senior classes. Basically they’re adopting a deferred compensation system, dependent upon hitting an hours target (2000 “Firm Credit Hours”).
For all the gory details, check out the memo, which is posted after the jump.
Time for an installment of ATL’s legal celebrity sightings column, The Eyes of the Law. This one is especially juicy.
We hear that last week, embattled Attorney General Alberto Gonzales was sighted in the Houston office of Vinson & Elkins — the firm where he was once a partner. His presence was not kept a secret, since he walked right past the offices of several summer associates.
Was AGAG just paying a friendly visit to some of his former partners? Or could his drop-by signify that he might be resigning as Attorney General and returning to his former stomping grounds (a la Harriet Miers, who returned to Locke Liddell after stepping down as White House Counsel)?
If you think we’re getting carried away, we’d like to remind you: office visits can be very revealing. Remember when a bunch of Weil Gotshal bankruptcy partners defected to Cadwalader back in March? A week before their move was announced, the ex-Weil partners were sighted in the Cadwalader offices, on an evening tour led by CWT chairman Robert Link and bankruptcy chairman Bruce Zirinsky.
If you have any scuttlebutt to add about Gonzales and V&E, please email us. Thanks. Update: According to this comment, “He was there for the funeral of a former partner — Rush Record.” This explanation sounds plausible to us, since Mr. Record did pass away last week.
Two more firms drop off the LIST OF SHAME. First, we received this information about Nixon Peabody, on Friday afternoon:
Email came out today, but i do not yet have access to scan it. NYC was bumped to 160, Boston/Wash/CA bumped to 145, Long Island bumped to 115.
Second, over the weekend, Vinson & Elkins announced:
Vinson & Elkins New York matches market. V&E DC adjusts salary in DC for fourth through eighth year associates. Texas offices stay the same. No memo. A voicemail on Sunday.
Sorry, Texans: It’s looking like BigTex is staying put, at least of now. But hey, look on the bright side: in light of your low cost of living and state taxes (or lack thereof), you make out like bandits.
Now that V&E, Dickstein Shapiro, and Hunton & Williams have matched, here’s the latest, official LIST OF SHAME (ranked by Vault 100 placement; AmLaw 100 placement indicated parenthetically):
43. Baker & McKenzie (3)
50. Fulbright & Jaworski (36)
77. Bryan Cave (56)
82. Reed Smith (33)
83. Dorsey & Whitney (68)
86. McGuireWoods (65)
90. Baker & Hostetler (73)
92. Mintz Levin (91)
100. Seyfarth Shaw (66)
Yes, this list is New York-centric (because we have to draw the line somewhere; NYC generally leads the charge on pay raises, and we can’t write about every legal market under the sun). Please feel free to discuss other cities in the comments to this post.
As always, if you see any errors in this list, please email us (with supporting documentation, if any). Thanks.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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 six years. You can reach them by email: email@example.com.
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