And another domino falls. This time it is Weil Gotshal & Manges falling in line with the Cravath scale, joining Milbank, Paul Weiss and Cahill as the Biglaw early adopters.
The scale matches the market for first year associates through the class of 2008, but like Paul Weiss they have included the base pay for the class of 2007 at $325,000. Also important to note is that the Weil memo indicates the pay raise is for all U.S. offices — sure Milbank did that too, but Weil has a lot more offices this impacts. Indeed, they have U.S. offices in Boston, Dallas, Houston, Miami, New York, Princeton, Providence, Silicon Valley, and Washington, D.C. Their generosity is sure to put pressure on these other, non-New York markets now.
Weil associates must be thrilled they are getting what they deserve — remember this is the firm that made a joke out of work / life balance. If you have to sacrifice your personal life to work at a Biglaw firm, at least you should be compensated accordingly.
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Here’s the memo, sent by executive partner Barry Wolf, that puts the cold, hard cash in associates’ hands:
Remember, we are covering this trend extensively, so please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Matches Cravath”) — when you know of another firm making a compensation move. 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. All sources are kept strictly confidential.
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Kathryn Rubino is an editor at Above the Law. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).