MCDERMOTT WILL & EMERY — Q&A ABOUT ASSOCIATE COMPENSATION
I’m currently at a salary that is higher than my class. Will my salary be reduced?
No. If your January 1, 2016 salary is higher than your class, your salary will be grandfathered until your class catches up with you and then you will follow your class.
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What impact will this change have on bonuses?
The focus of the Firm’s merit-based approach will continue be an Associate’s total compensation for a year (base salary and bonus combined). Based on an Associate’s performance and the market, the Firm will determine the appropriate amount of total compensation for the Associate. At that point, the Associate’s bonus is simply the difference between the Associate’s base salary and the level of total compensation set for the Associate.
Will the Firm continue to pay bonuses based on the New York market?
Yes. The Firm’s philosophy to pay market compensation will not change. Accordingly, in setting bonuses each year, the Firm will continue to follow the New York market.
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How does this change impact the Firm’s career progression and professional development system for Associates?
There will be no change to the Firm’s career progression and professional development system for Associates. As you may recall, the career progression and professional development system is designed to build professional skills and attributes that advance an Associate’s career either with the Firm or in any alternative career path an Associate might choose. Within the Firm specifically the system is designed to enhance excellence and provide a clear path to partnership. Accordingly, an Associate’s progression to partnership will continue to be charted against a series of specific performance criteria in the form of competencies and an Associate will progress through three levels of competencies before being considered for partnership. In addition, an Associate’s performance as measured against the competencies in the annual evaluation process and reflected in the Associate’s CPA will continue to play a significant role in determining bonus amounts.
If I progress more quickly than my class can I still expect a larger bonus?
Yes, if you advance more quickly than your class and essentially jump ahead a class, in assessing comparable market compensation the Firm would look to your “market class” and determine your bonus based on that class and your own performance. If that class is at a higher base salary with a higher bonus, you could expect to receive a higher bonus, again depending on your performance. However, if you don’t keep pace with your class you could also find yourself being moved down a class for purposes of bonus determination.
If I fall behind my class in level advancement, will the Firm lower or freeze my salary?
No, your salary will always be determined by your class.
What happens after my 6th year?
Salaries after an Associate’s 6th year will be set individually. Factors in setting the salary will include the market salary for the Associate’s class, the draw level of our newest Income Partners and the Associate’s individual performance. In no case will the salary level be less than the salary for a 6th year.
Earlier: Associate Bonus Watch: Mixed Feelings — Plus Changes To Base Salaries — At McDermott Will & Emery