You can forgive a firm that’s been around since 1876 for being a little cautious and slow when it comes to issuing raises. You don’t get to be this established with knee-jerk reactions.
But at this point, all but the most dense firms recognize this as the new normal. So it’s time for partners to dig in and figure out how to get the job done.
This afternoon, Stroock & Stroock & Lavan decided that if it can afford an unnecessary ampersand on its letterhead, it can afford to pay its associates Cravath’s scale. The memo, attached on the next page, matches the Cravath scale through the Class of 2008 making $315K. The raises take effect on July 1. Our screenshot cuts off at that point, so it’s unclear if summers are included, but we’ll update when we know for sure. UPDATE (6/21/16 4:41 p.m.): Yep, summers matched.
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UPDATE (6/21/16 4:33 p.m.): The memo is addressed only to the New York and D.C. offices. While it’s not unusual to see a Miami office left off a matching memo, the Los Angeles office is another story. Apparently the memo received just cropped off the other offices. Miami is getting case-by-case compensation, while L.A. matches NY/D.C. through the Class of 2012 and then moves to a case-by-case determination. Both of these announcements match Stroock’s prior status.
But for the New York and D.C. associates at least, we offer our hearty congratulations, as always.
Full memo available on the next page….
So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Cravath”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.