MCDERMOTT WILL & EMERY — MEMORANDUM — 2014 BONUS MEMO
MCDERMOTT WILL & EMERY — MEMORANDUM — NEW BASE SALARY SCALE
The Management Committee is pleased to announce that effective July 1, 2015 the Firm will be revising its base salary scale for US Associates and the vast majority of US Associates will be receiving a base salary increase.
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The most recent bonus cycle in the United States saw a doubling of bonus amounts for Associates at top firms across the country. Consistent with the Firm’s merit-based compensation philosophy and promise to meet or beat the market, the Firm paid bonuses for 2014 that brought most Associates to total market compensation (base and bonus) and many strong performers total compensation that was above market.
However, the increase in the size of the bonuses changes the mix of fixed and variable compensation for our Associates to a point that the Firm believes it needs to re-balance that mix in favor of base compensation. Changing the salary scale will provide a better balance between the two. Accordingly, on July 1, 2015 the following base salary scale will go into effect. All salary changes in accordance with this new scale will be prospective.
Changing our base salary scale will also result in some changes to our bonus levels for next year and beyond as well as our standards for bonus eligibility. In the next month or so we will be providing more detail on the implications of this change but for now we wanted to share this good news with you and the rest of the Firm.
Earlier: Associate Bonus Watch: Building Goodwill at McDermott Will & Emery